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Tuesday, Sep 14, 2004

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Stock market

At present, disputes between clients and their stock brokers (trading members) and between one stock broker and another in respect of share deals put through on the National Stock Exchange or the Bombay Stock Exchange are settled under the provisions of the Arbitration and Conciliation Act, 1996. The awards are enforceable through the High Courts.

On account of the heavy pressure of pending cases, the decision on arbitration awards referred to the High Courts takes time.

Consequently, the parties have to wait for long periods for redressal of their grievances. In this context, it is suggested that the powers of the High Court in matters of arbitration cases related to transactions on the exchanges may be transferred to the Securities and Exchange Board of India (SEBI).

SEBI is fully competent and eminently suited to take over the function of the High Court in dealing with arbitration awards related to share transactions .

N. Ganga Ram

Mumbai

Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in

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