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62. In every case when a claim, difference or dispute required to be referred to arbitration under the Rules, Bye-laws and Regulations of the Exchange arises between a member and non member, any of the parties concerned may refer to the Arbitration Sub-Committee of the Association such dispute in terms of the provisions of the contract relating to such transactions.

Application for Arbitration

63. An application for arbitration between a member and non-member shall be accompanied by:-

  • a concise statement of the case in triplicate including a statement of account in triplicate; and
  • Institution and Arbitration Fees.

Reply to Arbitration Application and Counter-claim

64. On receipt of an application for arbitration the Exchange shall forward the notice of appointment of the Arbitration Sub-Committee together with a copy of the statement of the case including a copy of the statement of account to the other party or parties to the claim, difference or dispute. The other party or parties shall within seven days after service of written notice of appointment or within such extended time as the Arbitration Sub-Committee or the President may on application of the other party or parties allow forward to the Exchange a reply to the application accompanied by :-

    • A statement in triplicate of the case in answer,


  • A statement in triplicate of the set-off or counterclaim if any.

Reply to Counter-Claim

65. A copy of the statement of the case in answer and of the set-off or counter-claim if any shall be forwarded by the Exchange to the party making the application for arbitration who shall submit his reply to the set off or counter-claim if any within the time specified by the Exchange.

Notice of Hearing

66. The Arbitration Sub-Committee shall fix the date, time and place for each hearing, notice of which will be given to the parties by the Exchange.

Adjournment of Hearings

69. The Arbitration Sub-Committee may adjourn the hearing from time to time upon the application of any party or at their or his own instance.


68. Parties to the reference shall attend at the time and place appointed for the hearing of the reference either in person or by any of their office employees acquainted with all the matters in dispute or in question and shall answer all material questions relating to the dispute or question.

Further Information

69. The Arbitration Sub-Committee shall have general authority to require from either or both of the parties to the reference such further statements, explanations and other information, evidence and materials as they may consider necessary for the adjudication of the dispute or question.

Duties of Parties and Witnesses

70. The Parties to the reference and any witness on their behalf shall :

  • submit to be examined by the Arbitration Sub-Committee on oath of affirmation in relation to the matter in dispute;
  • produce before the Arbitration Sub-Committee all books, deeds, papers, accounts, writings and documents in their possession or power which may be required or called for; and
  • generally do all other things which during the pendency of the reference the Arbitration Sub-Committees may require.

Application To Civil Court to Issue Process to Parties or Witnesses

71. If the Arbitration Sub-Committee at any stage of an arbitration be of the opinion that it is desirable to examine either party or any witness who may not be willing to give evidence before the Arbitration Sub-Committee or may be resident of a distant place, the Arbitration Sub—committee may apply to the Civil Court having jurisdiction in that behalf to issue process to such party or witness including the issue of summonses and commission for the examination of witnesses and summonses to produce documents and may require one or both of the parties to deposit such fee or fees to cover the cost of any such process as the ARBITRATION SUB-COMMITTEE shall consider necessary and in the event of any party who has been called on to deposit such fees failing to do so may dismiss such party’s case or deal otherwise with the matter as the Arbitration Sub-Committee may think just.

Penalty for Obstruction

72. The parties to a reference shall do all acts necessary to enable the Arbitration Sub-Committee to make a just award and shall not willfully do or cause or allow to be done any act to delay or to prevent the arbitrators from making an award and if any party shall do or cause or allow to be done any act to delay or to prevent the arbitrators from making an award and if any party shall do or cause or allow to be done any such act that party shall pay the other party or parties such costs as are deemed reasonable by the Arbitration Sub-Committee.

Power of Arbitration Sub-Committee

73. The Arbitration Sub-Committee may :

  • retain or return any or all of the books, documents or papers produced in any proceedings and may direct at any time that the books, documents or papers produced be returned to the parties or any of them on such terms and conditions as may in the absolute discretion of the Arbitration Sub-Committee be deemed proper;
  • Administer oath or affirmation to the parties or witnesses appearing and giving evidence;
  • admit such evidence only as may in the absolute discretion of the Arbitration Sub-Committee be deemed proper.
  • administer to any party to the reference such interrogatories as may in the opinion of the Arbitration Sub-Committee be necessary;
  • make an interim award;
  • make any award conditional or in the alternative;
  • correct or award any clerical mistake or error arising from any accidental slip of omission.


74. The Arbitration Sub-Committee may at any time or times before making the final award consult and adopt the advice of counsel, attorney or advocate upon any question of law, evidence, practice or procedure arising in the course of the reference. The remuneration of such counsel, attorney or advocate shall be paid in advance by the parties to the reference and it shall be borne by them in the proportion stated in the award.

Ministerial Assistants

75. Unless the Committee or the President specifically permits no person other than the Secretary or an employee or employees of the Exchange acting under his authority shall be present to assist the Arbitration Sub-Committee in a ministerial or any other capacity during the hearing of determination of a reference.

Scale of Arbitration Fees and Charges

76. The fees, cost, charges and the expenses of and incidental to the reference and the award (if any) shall be such as are prescribed herein or such other as the Committee may from time to time determine.

Institution & Arbitration Fees

77. (a) the party instituting a reference shall have to pay to the Exchange an Institution Fee of Rs. 100/- upto claim amount of Rs. 25000/- and Rs. 500/- for claims above Rs 25000/-.

(b) The members of the Arbitration Sub-Committee dealing with the reference will receive fee per meeting per Arbitrator @ Rs. 25/- which will be payable by the parties concerned equally.

Withdrawn Cases

78. In cases where the party instituting a reference desires to withdraw before a meeting of the Arbitrators has been summoned the Institution Fee only will be charged. Otherwise the full Institution Fee and Arbitration Fees will be payable.

Fees for Filing Award

79. A party requiring an a award to be filed shall pay a fee of Rs. 10/- to the Exchange in addition to the Court Fees on the scale for the time being in force.

Other Charges

80. In addition to the fees mentioned in Sub-Clauses 77, 78 and 79 the parties shall pay as and when demanded by the Exchange all other fees or charges incurred during the arbitration.

Fees and Charges Payable in Advance

81. All fees and charges shall be payable in advance and when there is a failure, neglect or refusal on the part of a party of a party or parties to pay accordingly, the other party shall be responsible for making such payment in advance without prejudice however to his right, if any, to recover the same from such party or parties failing, neglecting or refusing to pay. It shall be a condition precedent to the hearing of any reference that the prescribed fees and charges shall have been paid in advance to the Exchange by the party or parties to the reference.

Collection & Payment of Fees & Charges

82. The Exchange shall collect all fees and charges and make disbursements in connection with the reference provided always that no larger sum shall be paid than actually collected.