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SEBI has issued clarifications on the recently issued guidelines on the online resolution of disputes in the Indian Securities Market.
It said that investors will have to first complain directly with the concerned market participants like mutual fund companies and RIAs and in the case of unsatisfactory redressal, they may escalate through the SCORES Portal. If the dissatisfaction continues, they may initiate dispute resolution through the online resolution of disputes (ODR) Portal.
Also, the dispute should not be pending before any arbitral process, court, tribunal or consumer forum and is non-arbitrable in terms of Indian law, clarified SEBI.
SEBI said that market participants like fund houses and RIAs will have to enrol on the Online Dispute Resolution Portal (ODR Portal) within the stipulated timelines. The enrolment process also includes executing electronic terms/agreements with Market Infrastructure Institutions (MIIs) and ODR Institutions.
