SEBI-Composition of Arbitration Committee

CIR/MRD/DSA/04/2012 January 20, 2012


The Managing Director/Executive Director
of all Stock Exchanges.

Dear Sir / Madam,

Subject: Composition of arbitration committee

1. SEBI, vide its various communications has mandated all stock exchanges that not be more than twenty percent of the members of the arbitration committee shall be trading members.

2. It has now been decided to do away with the representation of trading members on arbitration committee/panel of all stock exchanges. It is, henceforth, stipulated that the arbitration committee/panel shall not comprise of any trading members.

3. The stock exchanges are advised to:-

a. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately;

b. bring the provisions of this circular to the notice of the members of the stock exchange and also to disseminate the same through their website; and

c. communicate to SEBI, the status of implementation of the provisions of this circular in the Monthly Development Reports to SEBI.

4. This Circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956, with a view to protect the interests of investors in securities and to promote the
development of, and to regulate the securities market and shall come into effect immediately.

5. This Circular is also available on SEBI website at

Yours faithfully,
Harini Balaji
Deputy General Manager

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