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24-Apr-2024

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Online Dispute Resolution


 

SEBI vide circular No. SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2023/195 dated July 31, 2023 (updated as on December 28, 2023), has issued a master circular on Online Dispute Resolution in the Indian Securities Market (hereinafter referred to as “Master Circular”). 

The MIIs, under guidance of SEBI, have established and developed a common Online Dispute Resolution Portal (‘SMART ODR Portal”) for resolving disputes between the parties. The link for the Online Dispute Resolution Portal is https://smartodr.in/.
 
Initiation of the dispute resolution process:

The investor/client shall first take up the matter with the Market Participant. If the investor/client is not satisfied with the resolution provided by the Market Participant or no action initiated by the Market participants, then the investor/client may register the complaint/dispute in SCORES/ SMART ODR Portal.
 
It may be noted that in case the investor/client has filed the dispute on SMART ODR Portal, while the complaint is pending on SCORES, then the complaint shall be treated as disposed on SCORES. If the investor/client has filed the dispute on SMARTODR Portal, then subsequently, it cannot file the same complaint on SCORES. 

Upon registration of complaint/dispute by the investor/client on SMARTODR Portal, the complaint/dispute will be assigned to the MII through the SMARTODR Portal. The MII will aim for amicable resolution of complaint/dispute between the investor/client and the Market Participant within 21 calendar days from the date of filing of complaint/ dispute ("Pre-Conciliation Period”).

In case the investor/client is not satisfied with the resolution/complaint not resolved during Pre-Conciliation Period, it may initiate conciliation through the SMARTODR Portal. 

Market Participant may also initiate online dispute resolution through the SMART ODR Portal after having given due notice of at least 15 calendar days to the investor/client for resolution of the dispute which has not been satisfactorily resolved between them. 

Online Dispute Resolution Mechanism 

The dispute resolution process under the ODR Mechanism shall have two levels of resolution i.e., Conciliation and Arbitration.

The said mechanism shall be applicable to all the investors/clients/Market Participants who register and lodge their complaint/dispute through SMART ODR Portal.

The Complaint/Dispute lodged through SMART ODR Portal shall mandatorily follow the process of Online Conciliation first and in case of unsuccessful conciliation, the same may be taken up for online Arbitration. In case the investor/client/Market Participant is aggrieved with the arbitration award, it may file an appeal before a competent Court of law under section 34 of the Arbitration and Conciliation Act, 1996.
 

Updated on: 21/03/2024