The Securities Exchange Board of India (“SEBI”) vide its Circular No. SEBI/LAD–NRO/GN/2023/137 dated July 03, 2023, notified the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023. Pursuant to said Regulation it has amended the following regulations for insertion of resolution of disputes through Alternate Dispute Resolution (ADR) mechanism such as mediation and/ or conciliation and/ or arbitration:
- SEBI (Merchant Bankers) Regulations, 1992
- SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
- SEBI (Debenture Trustees) Regulations, 1993
- SEBI (Mutual Funds) Regulations, 1996
- SEBI (Custodian) Regulations 1996
- SEBI (Credit Rating Agencies) Regulations, 1999
- SEBI (Collective Investment Schemes) Regulations, 1999
- SEBI {KYC (Know Your Client) Registration Agency} Regulations, 2011
- SEBI (Alternative Investment Funds) Regulations, 2012
- SEBI (Investment Advisers) Regulations, 2013
- SEBI (Research Analysts) Regulations, 2014
- SEBI (Infrastructure Investment Trusts) Regulations, 2014
- SEBI (Real Estate Investment Trusts) Regulations, 2014
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI (Foreign Portfolio Investors) Regulations, 2019
- SEBI (Portfolio Managers) Regulations, 2020
- SEBI (Vault Managers) Regulations, 2021
This step of SEBI will help in faster, easier, and more efficient disposal of disputes between the parties under various resolution. However, the ADR Mechanism shall be initiated post exhausting all actions for resolution of complaints including those received through SCORES Portal.
Further, SEBI vide its Circular No. EBI/LAD–NRO/GN/2023/138 dated July 03, 2023 has repealed Securities and Exchange Board of India (Ombudsman) Regulations, 2003 which earlier dealt with a mechanism for filing any grievances against the listed entity and intermediaries regulated by SEBI.