Arbitration Mechanism
Arbitration Forms
Fees Structure
Arbitrators Panel and Profile

With a view to ensuring speedy and effective resolution of claims, differences and disputes between non-Trading Members and Trading Members and Trading Members inter-se, BSE has laid down an Arbitration Mechanism. This mechanism is duly embodied in the Rules, Bye-laws and Regulations of BSE, and duly approved by the Government of India/SEBI, under the Securities Contracts (Regulation) Act, 1956.

BSE has started following Regional Investor Service Centres at following locations, to provide Investor Grievance Redressal (IGRC) and Arbitration Mechanism; to the Investors.

Name of Centre Operations Effective From
Mumbai, Delhi, Kolkatta and Chennai
31st January, 2009
Hyderabad, Ahmedabad
01st October, 2012
Indore and Kanpur
01st October, 2012
Bangalore, Jaipur and Pune
31st December, 2013
Vadodara, Lucknow and Patna
30th June, 2014
Bhubaneshwar, Kochi, Dehradun, Goa, Guwahati, Jammu, Ranchi, Raipur
18th October 2016
25th October 2016
22nd November, 2016

The investors shall approach the nearest Regional Investor Service Centre, the most recent address / registered office address of the constituent, as duly communicated in writing to the Trading Member in accordance with regulatory requirement is located. The hearings shall be held in the concerned Regional Investor Service Centre where the Applicant has filed the Application for Arbitration.

Regional Investor Service Centres

BSE Investor Service Centre

203/204,' Abhishree Avenue'
Near Nehru Nagar Circle
S. M. Road,Ambawadi
Ahmedabad - 380 015

Telephone No.: 079-2640 2992 / 2646 2992/ 8657432127
Fax No.: 079 - 2640 2992
Contact Person : Jigar Gadesha

E-mail Id:


BSE Investor Regional Service Centre
Shree Raghavendra Complex No. 184,
3rd Cross, link Road,
Bengaluru - 560003

Telephone No. 080 – 23568444 / 9987976090
Contact person - Mr. Thilakraj Rai

E-mail Id

BSE Investor Service Centre
1st floor, UCCI - Utkal Chamber Of Commerce
And Industry Building,
N/6, IRC Village, Nayapalli,
Bhubaneshwar – 751 015.

Tele No.: 0674-2361029 / 7978704644
Contact person - Soumya Ranjan Sahoo

E-mail Id :

BSE Investor Service Centre
1st floor, office No-107,
SCO No – 40, Sector 26,
Madya Marg, Chandigarh – 160 019

Tele No. : 0172-2790259/ 9416772259
Contact person: Mr. Hari Das Kaushal /Ms. Uma 

E-mail Id :

BSE Investor Service Centre

The Stock Exchange Investors Protection Fund,
Imperial, 8th Floor,
610, 610A & 612,
Anna Salai, Teynampet,
Chennai - 600 018

Tele. No.: 044 46088585 / 8939560821

Contact Person : Ms. Vasudha Sykam

E-mail Id:


BSE Investor Service Centre
Shop No 4 and 5, 1st Floor,
Shiva Palace Shopping Complex 57/19
(Old No 57), Rajpur Road,
(New No.264 part of Rajpur Road – 1)
Dehradun, Uttarakhand -

Tele. No.: 8826799907
Contact person: Mr. Jitender Nautiyal

E-mail Id :

New Delhi

BSE Investor Service Centre

101, 1st Floor, Aggarwal Corporate Tower,
Plot No. 23, District Center,
Rajendra Place,
New Delhi - 110 008

Tele. No. 011 - 25782116 – 18 / 9971510386 / 8585967634
Contact Person : Mr. Poonam Chand

E-mail Id :


BSE Investor Service Centre
Kay M Plaza, Room No. 5,
2nd Floor, GS Road,
Ganeshgiri, Dispur,
Guwahati – 781006

Cell. No : 7035736585
Contact person: Mr. Munna Paul

Email ID:


BSE Investor Service Centre
Flat no. 302, Marigold Pavani Estates,
Dwarkapuri Colony,
Hyderabad - 500082

Telephone No.: 040-40038477 / 7337592923
Contact person - Mr. Aditya Reddy

Email ID:


BSE Investor Service Centre

405, 4th Floor,
Apollo Square, Near Janjeerwala Square,
Indore -452001

Tele No.: 9977069237
Contact Person : Mr. Amit Keshri

E-mail Id:


BSE Investor Service Centre

Office No. 401, Situated on 4th floor,
Durga Business Center,

Opp. Hotel Gangaur, M.I.Road, Jaipur - 302001

Tele No.: 0141- 2370877 / 2378077 / 9772007555
Contact Person : Atul Kumar Sharma

E-mail Id:

BSE Investor Service Centre
Hall No. 104, 1st floor, B1, North Block,
Bahu Plaza, Gandhi Nagar, Jammu.
Pin Code 180004

Tele No.: 0191-2477688 / 9086321641
Contact Person: Mr. Wasim Akhtar

E-mail Id:

BSE Investor Service Centre
263, Second Floor, Padam Towers 14/113,
Civil Lines Kanpur - 208001

Tele No.: 9336330705
Contact Person : Mr. Jitendranath Shukla

E-mail Id:

BSE Investor Service Centre
2nd Floor, Sree Lakshmi Tower,
Ravipuram Road, Ravipuram,
Cochin - 682016

Tele. No. : 0484 -2356143 / 44
Cell No. 9349754075
Contact person - Mr. Sumith C. S.

E-mail Id:

BSE Investor Service Centre

Units No. A1 (ii) & (iii),
1st Floor of Block "A",
22 -Camac Street,
Kolkata - 700 016

Tele. No. :033-22821375/ 08657418466
Telefax No.:033-22821376
Contact Person : Mr. Anirban Guha

E-mail Id :


BSE Investor Service Centre, Lucknow

A-19, Mirai Tower,
Adjacent to Utsav Lawn,
Nirala Nagar, Near- Ram Krishna Math,
Lucknow - 226020

Tele No. 0522 - 2788380 / 9415669872
Contact Person : Mr. Sanjeo Tripathi

E-mail Id :


BSE Investor Service Centre

Cama Building, 1st floor,
Dalal Street,
Fort, Mumbai – 400001.

Tele. No.: 022-22728513 / 7506056379
Fax No.: 022-22723677

Contact Person: Ms. Sneha Nimbalkar

E-mail Id: /


BSE Investor Service Centre
Flat No. 205, 2nd Floor,
A Wing, Rizvi Towers, Caculo Circle,
St Inez, Panaji,
GOA – 403001,

Tele. No.: 9168465838
Contact person: Mr. Jason Dias

Email ID:


BSE Investor Service Centre, Patna

611A, 6th floor,
Ashiana Plaza,
Budh Marg,
Patna – 800001.

Tel. No. : 8651036680 / 82
Contact Person: Mr. Gagankumar Singh

E-mail Id:


BSE Investor Service Centre

Unit / Shop No. SW / G-2,
Ground Floor, North Block,
Sacred World, Wanorie,
Pune - 411040.

Tele. No. : 9152728151
Contact person - Mr. Siddharth Dixit

E-mail :

BSE Investor Service Centre
3rd Floor, T- 17,
Raheja Tower Fafadi Chowk,
Jail Road Raipur – 492001

Tele. No. : 0771 - 2883359 / 9575136146
Contact person: Mr. Tanmay Acharya

E-mail :

BSE Investor Service Centre
Ram Naresh Prasad Sharma 4TH Floor,
Vasundhara Mega Mart,
Argora Chowk
RANCHI – 834012

Tele. No. : 0651 -2244138 / 9470309858
Contact person: Abhishek Kumar Sharma

Email ID :

BSE Investor Service Centre,
No. 1, Vishnu Chambers,
Kashi Visheswar Township Flat,
Vishnu Bhawan,
The Mall, Shimla – 171001

Cell. No. : 1772 - 805362 / 8101001081
Contact person - Mr. Karan Sharma
E-mail :

BSE Investor Service Centre, Vadodara

701 – A, 7th floor, Mid-Town Heights,
Jetalpur Road, Alkapuri,
Vadodara – 390 007

Tel. No. : 0265 - 2341969 / 9909941969
Contact person - Mr.Anoop Dwivedi
E-mail :

Jurisdiction of courts

The Courts in Mumbai shall have exclusive jurisdiction in respect of all proceedings to which the Exchange is a party, and in respect of all other proceedings, the Courts having jurisdiction over the area in which the respective regional Investor Service Centre is situated, shall have jurisdiction.

All dealings, transactions and contracts which are subject to the Rules, Byelaws and Regulations of the Exchange and every arbitration application shall be deemed in all respects to be subject to the Rules, Bye-laws and Regulations of the Exchange and shall be deemed to be and shall take effect as wholly made, entered into and to be performed in the city of Mumbai and the parties to such dealings, transactions, contracts and agreements shall be deemed to have submitted to the jurisdiction of the Courts in Mumbai for the purpose of giving effect to the provisions of the Rules, Bye-laws and Regulations of the Exchange. Provided however that upon the amendments to the Rules, Bye-laws and Regulations with regard to Regional Arbitration Centers and other incidental and consequential matters in connection therewith or relating thereto coming into force, the Courts in Mumbai shall have exclusive jurisdiction in respect of all proceedings to which the Exchange is a party, and in respect of all other proceedings, the Courts having jurisdiction over the area in which the respective regional Arbitration Centre is situated, shall have jurisdiction.

The disputing parties, namely the Trading Member and Non-Trading Member are expected to send documentary proof like contract notes, bills, Ledger account, statement of accounts and other relevant documentary proof along with the prescribed Arbitration Form, duly filled in to the respective Regional Arbitration Centre.

Arbitration between Non-Trading Members and Trading Members:

Bye-laws under Chapter XIII of the Rules, Bye-laws and Regulations of BSE deal with the procedure regarding arbitration between Non-Trading Members and Trading Members of BSE.

Period for filing Arbitration: The period for filing the claim in Arbitration is governed by the Law of Limitation Act, 1963.

An Arbitral Tribunal of one arbitrator is appointed, in case the value of the disputed claim is upto Rs. 25 lakhs, If the value of claim is greater than Rs. 25 lakhs, an Arbitral Tribunal of three arbitrators is appointed.

Arbitral Tribunals constituted, comprise of only non-trading Member/s to decide such arbitration references. A party dissatisfied with the Award given by the Lower Bench can file an Appeal with the Appellate Bench within one month from the date of receipt of the arbitral award under the Rules, Bye-Laws and Regulations of the Exchange. In case if appeal is preferred in, the same is decided by the Appellate bench of three Arbitrators and the Award passed by the Appellate Bench is final and binding on the parties subject to challenge u/s 34 of Arbitration and Conciliation Act, 1996.

The arbitrator(s) shall conclude the arbitration reference within four months from the date of their appointment by pronouncing the award. However, on an application by either party or arbitrator(s) and for sufficient cause in recorded in writing, an extension for a maximum period of 2 months may be considered by the Exchange on case to case basis.

Process of Arbitration:

Applications may be filed by non -Trading Members against Trading Members and vice-versa. The disputing parties are advised to refer to Bye Law under Chapter XIII (3) of BSE, relating to 'Limitation', while filing an Arbitration application with BSE.

Documents to be submitted:

Following are the documents to be submitted for filing an application for arbitration alongwith fees, as applicable:
  • Statement of the case explaining brief history of the relationship of applicant with the respondent, details about the dispute and the nature of transaction/s and bifurcation of the claim amount into claim on account of genuine delivery based transaction and square off transaction/s.
  • Contract Notes pertaining to the transaction in dispute
  • Bills issued/ received by the applicant
  • Copy of the Statement of Accounts given by the Trading member.
  • Documents pertaining to receipt / delivery of shares
  • Any other documents in support of the claim
  • An accurate list of the documents produced
  • PAN / GIR No. of the applicant
  • Certified copy of the Balance Sheet of the applicant showing the dues
  • Copy of acknowledgement of the latest Income Tax Return

The applicant will have to file the requisite form depending upon whether the claim amount is upto Rs. 25 lakhs or above.

Appointment of Arbitrators:

An applicant has to provide the names of three arbitrators with preferences and the respondent will also have to provide the names of three arbitrators with preferences. The proposed names are entered in the Centralised Arbitrator Appointment Process (CAAP) as per SEBI circular dated March 18, 2013. In case of claims below Rs. 25 lacs, one arbitrator is appointed and in case of claims above Rs. 25 lacs, three arbitrators are appointed.

The system selects the name/s of the arbitrator/s and neither the Exchange officials nor the parties to the arbitration are directly involved in the appointment process.

Deposit of the fees for Arbitration will be exempted for applicant client in case where the claim amount is up to Rs. 10 Lakhs.

A copy of the documents filed by the applicant along with Forms 3, 4 and 5 / 3A, 4A and 5A (as applicable) are sent to the respondent advising him / her / them to submit the details of counter claim, if any, consent to the proposed arbitrator / appointment of arbitrator (as applicable), payment of arbitration fees (as applicable). Both parties are intimated by BSE regarding the appointment of arbitrators.

Subsequently, Notice of Hearing is sent to the parties. The hearings are then arranged as decided by the Arbitrators. Minutes of every hearing is prepared and taken on record. Advocates may appear on behalf of each party subject to permission from the Arbitral Tribunal.

As per the provisions of Bye-laws under Chapter XIII 13 (c) and (d) of the Rules, Bye-laws and Regulations of BSE, the Arbitral Tribunal shall make the award within four months from the date of appointment of Arbitrators or within an extended time, if approved, which shall not be more than two months. The award has to be a speaking award. The final award is printed on stamp paper and signature(s) of Arbitrator(s)s are obtained on the final award. The award is forwarded to the applicant as well as to the respondent.

Any party to the arbitration, within 15 days from the date of receipt of Award, may request the Arbitral Tribunal to correct any computational / arithmetical / clerical / typographical / any similar error in the award or to give an interpretation of a specific point or part of the Award.

Appeal provision in the Bye-laws pertaining to Non-Trading Member V/s Trading Member Arbitration

Time Limit: Appeal against the Award of the arbitrators is to be filed within one month from the date of receipt of the award.

Fees for Appeal: A party appealing against an award is required to pay the necessary appeal fees as decided from time to time.

Appeal Memo: A party desiring to prefer an appeal against an award of the Arbitrator(s) is required to submit five sets of Memorandum of Appeal.

Appeal Bench: The Appeal filed by a party against a Lower Bench award will be heard and decided by an Appeal Bench of three Arbitrators as appointed through CAAP system. The Appeal Bench decides the appeal within three months from the appointment of Arbitrators. However, on an application by either party or arbitrator(s) and for sufficient cause in recorded in writing, an extension for a maximum period of 2 months may be considered by the Exchange on case to case basis.

Settlement of awards:

If an Award is given against a Trading Member of BSE, the member is advised to deposit the awarded amount with the Exchange or make the payment directly to the award holder, within specified time period. If the member fails to do so, the awarded amount is set aside from the deposits of the trading member with the Exchange. If there are no funds available, a show cause notice is issued by BSE to the Trading Member. If the member still do not make the payment, matter is placed before the Disciplinary Action Committee (DAC) for suitable directions in the matter, including declaring the trading member, as defaulter.

Unless challenged by either of the parties, an arbitration award becomes a decree after expiry of the relevant period as applicable in law and a decree can be executed through a competent court of law.

Settlement of awards against defaulter members:

A claim received against a Defaulter Trading Member is placed before the Defaulters' Committee (DC). The Defaulters' Committee may recommend to the trustees of Investors Protection Fund (IPF), payment to the award holder from the IPF to the extent of award amount or maximum permissible amount from the fund, whichever is lower. At present the maximum amount payable from the IPF, per client per defaulter is Rs. 15,00,000/-, which shall be applicable to the clients of the Trading Member of the Exchange, who will be declared Defaulter after 5th December, 2009. In case the DC rejects the claim, the client may approach the Exchange for Arbitration. The Awardholder may enforce the Arbitration Award passed in such case outside the Exchange system against the private assets of the stock broker. IPF will not be available for this purpose. The Committee in its periodical meetings considers the various assets available in the account of the defaulter and appropriate the same as per the order of priority specified under the Rules, Bye-laws and Regulations of the Exchange.

Priority of Disbursement of assets of defaulter member:

Once a Trading Member has been declared a defaulter, his liabilities are settled in the following order of priority as provided under the Rules, Bye-laws and Regulations of the Exchange. (kindly refer to the relevant Provisions of Rules, Bye-laws and Regulations of the Exchange):

  • Dues to BSE or to Clearing House or to SEBI.
  • Dues to the extent of principal amount to other related Trading Members and constituents of the defaulters.
  • Dues to the Investor Protection Fund (IPF).
  • Dues of the other Stock Exchanges, if any
  • Dues of the clearing banks for clearing the dues
  • Surplus assets refunded to defaulter

Further details are available in the Exchange Notice Number

20100826-24 dated 26th August 2010
20100907-26 7th dated September 2010
20110223-26 dated 23rd February, 2011
20120928-31 dated 28th September, 2012
20121109-5 dated 9th November, 2012.