The arbitrator will now be selected from a centre-wise common pool through an automated process and all parties will be sent a system-generated text message or email
Market regulator Securities and Exchange Board of India (SEBI), starting 1st April, has automated the process of selecting an arbitrator from a centre-wise common pool.
SEBI had asked all stock exchanges with nation-wide trading terminals to create a common pool of arbitrators according to the centre instead of having exchange-wise pools.
”The selection of arbitrators by stock exchanges as done currently is now replaced by an 'automatic process'. In order to bring more transparency and fairness, the 'automatic process' entails a randomized, computer-generated selection of arbitrator, from the list of arbitrators in the 'common pool'. The 'automatic process' sends a system generated SMS or email to all entities involved in the particular case," SEBI said in a release.
Currently, arbitration facilities at stock exchanges with nation-wide trading terminals are available at eight centres, in Ahmedabad, Chennai, Delhi, Hyderabad, Indore, Kanpur, Kolkata and Mumbai.
Arbitration process generally refers to resolving disputes through an out-of-court settlement. Last year, SEBI exempted investors seeking arbitration reference for claims of up to Rs10 lakh from deposits with the stock exchanges and said expenses on such applications would be borne by the bourses.
Already, investors complain that stock exchanges routinely hustle investors into filing arbitration, instead of resolving through mediation and conciliation. Investors are always at a disadvantage in arbitration proceedings, because they struggle to understand the rules, while the broker is easily able to handle arbitration, is usually present with qualified staff and lawyers, and maintains a friendly equation with stock exchange officials and often the arbitrators themselves.
Moneylife has repeatedly pointed out that it is such unthinking policies that are largely responsible for India's investor population shrinking from around 20 million when India started its economic liberalisation programme to a mere 8 million today (Swarup Committee report).
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While vacating a stay on DoT's order, the HC allowed Bharti Airtel to offer 3G roaming services till 8th May
The Delhi High Court on Thursday lifted the stay on department of telecommunications (DoT) notice to Bharti Airtel, directing it to stop 3G services outside its licensed zones and pay a penalty of Rs350 crore.
In 2010, Bharti Airtel won 3G spectrum in 13 of 22 telecom circles through auction and entered into a quid pro quo agreement with Vodafone and Idea Cellular for offering 3G services outside its licensed area.
Last month, telecom minister Kapil Sibal reportedly approved the recommendation of a DoT committee to impose Rs50 crore penalties each on seven licenses of Bharti Airtel for the Haryana, Kolkata, Uttar Pradesh East, Maharashtra, Gujarat, Kerala and Madhya Pradesh circles. Airtel was offering 3G services in these circles through agreements with other operators.
Last month, Bharti Airtel had major relief with the Delhi High Court ruling that it can continue its 3G intra-circle roaming services until its final order.
The court had posted the matter for 8th May while Airtel can keep the earnings from 3G services in a separate account.
Bharti Airtel, Vodafone and Idea had won licenses for 13, nine and 11 circles, respectively. These three GSM operators then entered into agreement with each other for offering 3G services by using each other's airwaves.
In December 2011, the government declared 3G roaming pacts 'illegal'.
The decline in India's domestic air traffic is an exception, as the global traffic grew 3.7%
After cancelling the mutation of the land deal, Khemka had alleged that he had received a number of threatening calls.
Four Haryana deputy commissioners conducted an inquiry into the deals after Khemka's order and gave a clean chit to Vadra, saying that there was no "undervaluation" or loss of revenue to the government in the land deals involving him in the state.
During his 21-year-long career, the 47-year-old IAS officer has been transferred over 40 times.