Arbitration is a quasi judicial process of settlement of disputes between Trading Members, Investors, Sub-brokers & Clearing Members and between Investors and Issuers (Listed Companies).
The arbitrator conducts the arbitration proceeding and passes the award normally within a period of 4 months from the date of initial hearing. The arbitration award is binding on both the parties. However, the aggrieved party, within 15 days of the receipt of the award from the arbitrator, can file an appeal to the arbitration tribunal for re-hearing the whole case.
On receipt of the appeal, the Exchange appoints an Appellate Bench consisting of 5 arbitrators who re-hear the case and then give the decision. The judgment of the Bench is by a 'majority' and is binding on both the parties. The final award of the Bench is enforceable as if it were the decree of the Court. Any party who is dissatisfied with the Appellate Bench Award may challenge the same only in a Court of Law.
Contract Notes are made in duplicate, and the Trading Member and Client, both are provided one copy each. The Client is expected to sign on the duplicate copy of the Contract Note, confirming receipt of the original.
types of contract notes - Contract Note - Form A - Contract Note issued where Member is acting for constituents as brokers/ agents. Contract Note - Form B - Contract Note issued by Members dealing with constituents as principals
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