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Some Frequently asked questions by Investors
G u i d i n g L i g h t
Introduction
National Stock Exchange of India is India's leading stockexchange set up as a company limited by shares andrecognised in the year April 1993. NSE has set upinfrastructure that serves as a role model for thesecurities industry in terms of trading systems, clearingand settlement practices and procedures. The standardsset by NSE in terms of market practices, products andtechnology have become industry benchmarks and arebeing replicated by many other market participants. Itprovides screen-based automated trading system witha high degree of transparency and equal access toinvestors irrespective of geographical location. The highlevel of information dissemination through on-line systemhas helped in integrating retail investors across thenation. The Exchange has a network in more than 350cities (March end 2003) across the geographical areaof the country and reports an average daily turnover ofabout Rs. 2,158 crores and 8.85 lakh trades in the cashmarket per day. The Wholesale Debt Market Segmentof NSE, which provides a trading platform forGovernment Securities, also has been reporting recordturnover and at times surpasses the volume in the cashmarket. The Derivatives Market has been on adeveloping trend with introduction of Index Futures,Stock Futures, Stock and Index Options on individualsecurities. The Exchange has also introduced retailtrading in government securities.
At NSE, we strive to continuously upgrade our servicelevels and make the system more investor friendly. Sinceinvestors are the backbone of the securities market,awareness among investors is the foremost concern. Itis of paramount importance to all concerned to protectthe interest of the investors. However, the endeavour tosafeguard the interest of the investors will have limitedeffect unless investors exercise certain precautions whilemaking investment decisions. This booklet is meant toeducate the investors in respect of the various marketpractices and serve as a quick reference guide.
Topics
Pg. Nos.
1. Queries pertaining to Issues
prior to trading on NSE 8
• Dealing through NSE trading
member/SEBI registered sub-broker 8
• Registration as a client 10
• Performance of Companies 12
2. Trading related Issues 13
• Giving purchase /sale instructions 14
• Price at which traded 14
• Contract Note 15
• Brokerage 17
• Documents to be given by
TM/Registered Sub Broker 18
3. Clearing and Settlement
related Issues 19
• Rolling settlement 20
• Pay-in/Pay-out of securities and funds 20
• Settlement Guarantee Fund 22
• Demat Settlement 23
• Auction of shares 26
4. Redressal of Complaints 27
• Complaints to be addressed to 28
• Investor Protection Fund 33
5. Investors Rights and Obligations 34
6. Forms and Proforma of
Contract notes 35
7. Investor Service Centres 43
Some Frequently AskedQuestions by Investors
Queries pertaining to Issues prior to trading on the NSE
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Queries pertaining to Issuesprior to trading on the NSE
Dealing through NSE trading member/SEBI registered sub-broker
1. Where do I go for buying/selling ofshares?
To buy or sell securities you could approach eitherSEBI registered trading member of the NSE, orSEBI registered sub-broker of a trading memberof the NSE
2. What care should I take while investing?
Before making any investment, you must ensurethat you:
1. obtain written documents explaining theinvestment,
2. read and understand such documents,
3. verify the legitimacy of the investment,
4. find out the costs and benefits associated withthe investment,
5. assess risk-return profile of the investment,
6. know the liquidity and safety aspects of theinvestment,
7. ascertain if it is appropriate for your specificgoals,
8. compare these details with other investmentopportunities available,
9. examine if it fits with other investments youare considering or you have already made,
10. deal only through an authorised intermediary,
11. seek all clarifications about the intermediaryand the investment,
12. explore the options available to you if some
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thing goes wrong, and then, if satisfied, makethe investment. We call this the Twelve Stepsto Investing.
3. Why should I trade on a Stock Exchange?
Any trade in securities outside stock exchangesother than spot transactions, are illegal. Henceyou do not get any protection if you trade outsidean exchange. Besides, the stock exchange likeNSE offers a ready market for your securities. Ifyou are trading outside an exchange, you have towaste considerable time to find out the right personwho is willing to undertake a correspondingtransaction with you. Other benefits of trading onan exchange include: you have the right to receivethe best price prevailing at that time for the trade;you do not take counterparty risk which isassumed by a clearing corporation; you haveaccess to the investor grievance redressalmechanism of stock exchanges; you haveprotection upto a limit from the Investor ProtectionFund and you have access to all company relatedinformation to enable an informed decision, etc.
4. Is it necessary to deal with a SEBIregistered broker/sub-broker/NSEtrading member ?
You are advised to deal only with registeredintermediaries as it ensures speedy settlement aswell as a speedy dispute resolution mechanism.The exchange can ensure the settlement andhandle disputes/claims arising out of only thosetrades which are executed on NSE throughregistered trading members/ or registered sub-brokers. Thus, in case of any trade executedthrough a non-NSE entity, the investor may notbe able to approach the investor grievance cell ofthe exchange in case of non-settlement or adispute arising out of the same.
5. How do I verify the authenticity and theconduct of the trading member/sub-broker ?
All the SEBI registered trading member/sub-brokers get the SEBI registration certificate/number. You may ask the trading member tofurnish the same documents to verify theantecedents of the person. You may verify theauthenticity and the validity of the registration withthe exchange, or from the Exchanges websitew w w . n s e i n d i a . c o m / c o n t e n t / m e m b e r s /mem_directory.htm. General reputation of atrading member/sub-brokers can be known fromthe existing clients. Besides, the Exchange issuespress releases as and when it approves thesurrender application of any trading member andalso when it expels any trading member ordeclares any trading member a defaulter.
6. What are my general rights andobligations?
As an investor, you have the right to receive alldocuments evidencing your investment. If you aretrading on NSE, you should get the best price atthat point of time and receive money and securitiesin time. Your general obligations are to remaininformed about the intermediary and securities youare dealing with/in, to pay/deliver funds/securitiesas and when called upon, to exercise all rightsconferred on you and to remain vigilant.
Registration as a Client
7. What are the formalities for registrationas a client for NSE trading member/registered sub-broker ?
You (clients) should register yourself withregistered trading member/sub-brokers by:
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• Filling a client registration form,
• Signing a member-constituent agreement
• Signing a sub-broker-client agreement, ifdealing through a sub-broker
• Obtaining a copy of the above agreement forones' own records
The member-constituent agreement/sub-brokerclient agreement contains the terms andconditions including order/trade confirmation,brokerage charged by a trading member/registered sub-broker, delivery of securities andfunds and therefore helps reduce the chances ofdisputes. This agreement is mandatory for allpersons registering as a new client of a NSEtrading member/SEBI registered sub-broker. Onregistration with a trading member or a sub-broker,an uniform and unique client-id needs to beobtained which is required to be incorporated inall transactions on NSE.
8. What check points/precautions shouldone take before signing the member-constituent agreement/sub-brokers-client agreement ?
a. One should read the various terms andconditions carefully and understand theirimplications before entering into thisagreement with the trading member/registeredsub-broker.
b. A check should be done whether theagreement is on the stamp paper of requisitevalue and whether the stamp paper is valid.Date of agreement should be within the validityperiod of the stamp paper.
c. The Clients name and the name of the tradingmember/sub-broker should be clearlymentioned in the agreement. All the pages ofthe agreement should be duly signed by the
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trading member as well as the client (investor).The witnesses should also put their namesand addresses against their signature.
d. The investor (client) should check whether thetrading member/registered sub-broker or theirrepresentatives have the authority (such asboard resolution, power of attorney etc.) tosign the member-constituent agreement/sub-broker-client agreement.
Performance of companies
9. How do I know of the performance ofcompanies whose securities I want totrade in?
There are a number of sources where informationabout the company can be received. In terms oflisting agreement, the companies are required tomake continuous disclosures about the pricesensitive information. These disclosures aredisseminated through the websites of theexchanges. Besides, SEBI provides EDIFAR(Electronic Data Information Filing and RetrievalSystem), which contains information about (i)financial statements comprising of balance sheets,profit and loss account and full version of theannual report, half yearly financial statements ,(ii) corporate governance reports (iii) shareholdingpattern and (iv) action taken against the companyby a regulatory body. Apart from the above, thedetails of a company are also available with thevarious market participants and numerous publiconline sites. News magazines also carry outanalysis of the companies periodically.
Trading RelatedIssues
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Giving purchase/sale instructions
10. How do I give sale/purchase instructionsto my trading member/registered sub-broker?
A trading member will have to be communicatedthe order instructions in writing. The orderinstructions should clearly indicate the securityname, whether the order is for buy or sell, thequant i ty for each of the secur i ty, ratespecifications, and other relevant instructions.This reduces chances of miscommunicationbetween the client (investor) and the tradingmember/registered sub-broker at the time ofplacing the deals on behalf of the client. Youare advised to quote your uniform and uniqueclient id, while communicating with the tradingmember or the sub-broker.
Price at which traded
11. What is price-time priority?
The system arranges all orders in the priority ofprice and within price by time. You have, let ussay placed a buy order for 100 shares of companyA at Rs.285 and another investor has placed abuy order at Rs.290, then anyone who places asell order in company A will be first matched withthe buy order of second investor as he has givena better price. This is price priority. Let us say bothof you have quoted Rs.285 as the price at whichyou want to buy shares of company A, then sellorder which comes into the system at this pricewill be matched against the order which wasplaced first.
12. How do I know my TM has given me thebest price?
The NSE trading system matches orders in sucha way that the order gets executed at a price whichis either equal to or better than the specified pricebut never worse than it. Therefore, if you havegiven an order for selling 100 shares at the rate ofRs.50, your order will be traded in the system insuch a way that you will get a sale price of Rs.50or more but never less. Similarly, if you have givenan order for buying 100 shares at the rate of Rs.50,your order will be traded in the system in such away that you will get a buy price of Rs.50 or lessbut never more.
13. How do I know that the broker has givenme the correct price ?
Regulations provide that the client receives acontract note indicating details like order number,trade number, time, price, brokerage, etc. within24 hours of the trade. In case of any doubts aboutthe details of the contract note, you (investor)can avail the facility provided by NSE, whereinyou can verify the trades on our websitew w w . n s e i n d i a . c o m / c o n t e n t / e q u i t i e s /eq_trdverify.htm. The Exchange generates andmaintains an audit trail of orders/trades for anumber of years and you can counter check detailsof order/trade with the Exchange.
Contract Note
14. What is a contract note? What is theneed for it? What is important in acontract note?
Contract Note is a confirmation of trades done ona particular day on behalf of the client. It
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establishes a legally enforceable relationshipbetween the client and the trading member withrespect to the settlement of the trades. It also helpsto settle disputes/claims/differences in terms ofthe contract note. It is a prerequisite for filing acomplaint or arbitration proceeding against thetrading member/sub-broker in case of a dispute.A valid contract note should be in the prescribedform, contain the details of trades, stamped withrequisite value and duly signed by the authorisedsignatory.
Contract notes are made in duplicate, the tradingmember and the client should keep one copy each.After verifying the details contained therein, theclient keeps one copy and returns the second copyto the trading member duly acknowledged by him.
15. Will a contract note be issued even ifthe trade has been executed through aregistered sub-broker?
In case of a deal executed through a registeredsub-broker, the sub-broker is required to issuepurchase/sale notes to the client (investor).However, the trading member would issue to theregistered sub-broker back-to-back contract notesgiving details of all transactions done by the sub-broker through the trading member's terminal.
16. What if the details contained in thecontract/purchase/sale notes areincorrect or the notes include sometransaction not pertaining to my orders/trades?
Counter-check the details contained in thecontract note/purchase/sale notes with those onthe order and trade confirmation slip. Checkwhether the order number, trade number and
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other details on the trade confirmation slip matchwith those on contract/purchase/sale notes. Incase of discrepancy, bring the same to thenotice of the trading member /registered sub-broker immediately by way of wr i t tencommunication.
17. What are the points to be checked by aninvestor to check the validity of acontract note?
To ensure that the contract note issued to youby the trading member is a valid one, you mustverify the following details:
(a) The contract note should be in theprescribed format (annexure)
(b) Name and address of the trading member
(c) SEBI registration no. of the trading member
(d) Details of trades like order no., trade no.,trade time, security name, quantity, price,brokerage, client code etc.
(e) The trade price should be separately shownfrom the brokerage charged
(f) Signature of the authorized person.
Brokerage
18. What is the brokerage chargeable ?
As stipulated by SEBI, the maximum brokeragechargeable by a trading member in respect oftrades executed on the Exchange is fixed at 2.5%of the trade value. This maximum brokerage isinclusive of the brokerage charged by a sub-brokerwhich shall not exceed 1.5% of the trade value.
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Apart from the above, the trading member cancharge statutory levies.
Documents to be given by the TM/Registered Sub Broker
19. What documents should I receivefrom the trading member in respectof trade ?
After the order/trade is placed/executed you(investor) should receive an order/tradeconfirmation slip from the trading member. Within24 hours of the execution of the trade, you shouldalso receive a contract note from the tradingmember. Receipts of all the monies paid to thebrokers, specifying the nature of payment shouldalso be obtained from the trading member.
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Clearing and Settlementrelated Issues
Rolling settlement
20. What is rolling settlement?
Under rolling settlement, all open positions atthe end of the day mandatorily result in payment/delivery 'n' days later. This ensures certainty oftrades, reduces risk and delay in settlementand keeps excessive speculation under control.Currently trades in rolling settlement are settledon T+2 basis where T is the trade day. Forexample, a trade executed on Monday ismandatorily settled by Wednesday (consideringtwo working days from the trade day). The fundsand securities pay-in and pay-out are carriedout on T+2 day.
Pay-in and Pay-out of securities andfunds
21. When and how do I pay/receive paymentfor the securities that I have bought/sold?
You should pay for your purchases within 24hours of trade. It is advisable to make paymentby way of account payee cheque/demand draftin the name of the trading member/sub-brokeronly. A proper receipt should be collected fromthe intermediary. You should receive paymentfor securities within 24 hours of declaration ofpay-out by the Stock Exchange.
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22. When and how do I deliver and receivesecurities?
In case of a sale transaction, you should deliversecurities within 24 hours of trade. For this,instructions should be given to the DP totransfer securit ies from your beneficiaryaccount to the pool account of your tradingmember. In case of purchase, you shouldreceive securities (in your beneficiary accountwith DP), within 24 hours of the securities pay-out of the Exchange. For this, instructionsshould be given to the DP to receive securitiesin your beneficiary account from the poolaccount of your trading member.
23. What are the margins payable onsecurities and transactions?
Exchange prescribes margin rules from time totime and such margining rules are posted onthe website of the Exchange. Currently theExchange calculates margins on the basis ofValue at Risk principles as well as Mark toMarket basis. The margins are charged on clientlevel positions. The investors are advised toeducate themselves about the marginingprinciples.
24. Do I need to keep any deposit with thetrading member /sub-broker?
The regulations do not mandate any suchrequirement. It depends on your understanding
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with the trading member /sub-broker. You are, however,required to pay upfront margin to the tradingmember before the trade is executed.
Activity Day
Trading Rolling SettlementTrading T
Settlement Securities and Funds T+2 workingpay in days
Securities and Funds T+2 workingpay out days
Post Auction T+3 workingSettlement days
Auction settlement T+5 workingdays
Settlement Guarantee Fund
25. What is Settlement Guarantee Fund?
The Clearing Corporation (NSCCL) has set upthe Settlement Guarantee Fund (SGF) that isintended primarily to guarantee completion ofsettlement upto the normal pay-out for tradesexecuted in the regular market and does not actas guarantee for company objection case. TheSGF, therefore, ensures that the settlement isnot delayed on account of failure of tradingmembers to meet their obligations and all othertrading members who have completed their partof the obligations are not affected in any mannerwhatsoever.
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26. Is an investor affected, in case a countertrading member fails to pay-in funds asper his obligation ?
No, the investor is not affected in case thecounter trading member fails to meet hisobligation since National Securities ClearingCorporation Limited (NSCCL) guarantees thenet sett lement obl igat ions. The clearingcorporation guarantees completion of settlementthrough SGF in case of any default by the tradingmember towards his obligation.
Demat Settlement
27. What is a depository ?
A depository is like a bank wherein the depositsare securities (viz., shares, debentures, bonds,government securities, units etc.) in electronicform. Besides holding securities, a depositoryalso provides services related to transaction insecurities.
28. Who is Depository Participant?
Depository provides its services to investorsth rough i t s agen ts ca l led depos i to rypar t i c ipan ts (DPs) . These agents a reappointed by the depository with the approvalof SEBI. According to SEBI regulat ions,amongst others, three categories of entitiesi.e. Banks, Financial Institutions and Membersof Stock Exchanges registered with SEBI[TMs] can become DPs.
29. What is dematerialisation?
Dematerialisation is the process by whichphysical certificates of an investor are convertedto an equivalent number of securit ies inelectronic form and credited in the investor'saccount with his depository Participant (DP).
30. What is the procedure fordematerialization ?
In order to dematerialize certificates, you willhave to first open an account with a DP andthen request for the dematerialization ofcertificates by filling up a dematerializationRequest Form (DRF), which is available withDP and submitting the same along with thephys ica l ce r t i f i ca tes . Ensure tha t thecer t i f i ca tes a re de faced by mark ing :Surrendered for Dematerialisation" on theface of the certificate before the certificatesare handed over to the DP.
31. Why should I hold securities indepository and is it compulsory for everyinvestor to open a depository accountto trade in the capital market ?
Holding securit ies in depository enablesimmediate transfer of securities in case ofpurchases. The stamp duty to be paid ontransfer of securities is not needed, all risksassociated with physical certificates like fakesecurities, forgery, bad delivery etc. is notinvolved. Also, since more than 99% of thesettlement at the stock exchanges is taking
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place in the demat form, it is advisable thatsecurities be held in demat form with anydepository participant (DP).
32. How do I receive demat shares in myaccount towards my purchasetransaction and pay-in demat sharestowards my sale obligation ?
For receiving demat securities in case ofpurchases made, you may give a one-timestanding instruct ion to your Deposi toryParticipant. This standing instruction can begiven at the time of account opening or later.Alternatively, you may choose to give a separatereceipt instruction to your depository participantfor receiving every credit.
For pay-in obligations, you should instruct yourDP to give 'Delivery Out' instructions to transferthe shares from your beneficiary account to thepool/principal account of your trading memberthrough whom you have sold the shares. Thedetails of the pool/principal account of yourtrading member/clearing member to whichshares are to be transferred, security, quantityetc. should be mentioned in the 'Delivery Out'instructions given by you to your DP.
The instructions should be given well before theprescribed securities pay-in day. SEBI hasadvised that the 'Delivery Out' instructionsshould be given at least 24 hours prior to thecut-off time for the prescribed securities pay-into avoid any rejection of instructions due to dataentry errors, network problems etc.
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Auction of Shares
33. What is an auction ?
On account of non-delivery of securities, by thetrading member, the securities are put up forauction by the Exchange. This ensures that thebuying trading member receives the securitieson time. Non-delivery by the selling tradingmember can arise on account of short deliveryand bad deliveries not rectified. The Exchangepurchases the requisite quantity in auctionmarket and gives them to the buying tradingmember.
34. Can I avail the benefit of the auctionmechanism, if I have shares to deliver ?
Yes, you can direct your trading member to sellyour securities in the auction. However, youshould ensure that the securities are readilyavailable for delivery. Securities not deliveredon auction pay-in day are directly squared offat a price specified by the Exchange/ClearingCorporation.
35. What happens if the shares are notbought in the auction ?
If the shares are not bought in the auction, thetransactions are squared up as per SEBIguidelines.
Redressal of Complaints
Complaints to be addressed to
36. Whom should I approach if I have agrievance against a sub-broker/company?
You should bring it to the notice of the broker withwhom the sub-broker is affiliated. In case the sub-broker/broker fails to resolve the dispute and incase of complaints against a broker/ company, youshould take up the matter with Investor GrievanceCell of the exchange. The Cell takes up complaintsfor redressal in respect of trades executed on theexchange or trades pertaining to companies tradedon the exchange. You should lodge the complaintsin the prescribed form with all associateddocuments such as contract notes, purchase/salenotes, bills, statement of accounts and themember-client agreement.
37.37.37.37.37. Who should I approach for RedressalWho should I approach for RedressalWho should I approach for RedressalWho should I approach for RedressalWho should I approach for Redressalof my Complaints ?of my Complaints ?of my Complaints ?of my Complaints ?of my Complaints ?
Despite all the precautionary measures takenby you and the Exchange, there might be somegrievances. The Exchange tries to solve and sortout all the grievances, in addition to this you alsohave the freedom to take up the grievance withSEBI, Consumer forum and Court of law.
38. Whom should I address my complaintagainst a trading member/registeredsub-broker or against company tradedon NSE
You should address the complaint to the Mumbaioffice or the Regional office of NSE based on
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State in which dealing office of thetrading member is located wheretrade was executed
Complaint to be addressed to
Maharashtra, Gujarat, Goa, Daman,Diu, Dadar & Nagar Haveli, MadhyaPradesh, Chattisgarh
Investor Grievance CellNational Stock Exchange of India Ltd.Exchange Plaza,Bandra-Kurla Complex,Bandra (East), Mumbai 400051.Tel. No. (022) 26598100-114Fax No. (022) 26598191email : [email protected]
Delhi, Haryana, Punjab, UttarPradesh, Uttaranchal, HimachalPradesh, Jammu & Kashmir,Chandigarh, Rajasthan
National Stock Exchange of India Ltd.“Thapar House”, Western Wing,Mezzanine Floor, Janpath Lane,124 Janpath, New Delhi - 110 001.Tel No.: (011) 2334 4313 to 23344327Fax No.: (011) 2336 6658
West Bengal, Bihar, Jharkhand,Orissa, Assam, Arunachal Pradesh,Mizoram, Manipur, Sikkim,Meghalaya, Nagaland, Tripura,Jharkhand
National Stock Exchange of India Ltd.Ideal Plaza, 11/1, Sarat Bose Road,Kolkatta - 700 020.Tel No.: (033) 2280 1202-05, 2280 5950-55Fax No.: (033) 2240 9783, 2280 5957
Andhra Pradesh, Karnataka, Kerala,Tamilnadu, Andaman & Nicobar,Lakshwadeep, Pondicherry
National Stock Exchange of India Ltd.7th Floor, Arihant Nitco Park, 90,Dr Radhakrishanan Salai, Mylapore,Chennai - 600 004Tel No.: (044) 2847 5100 / 2847 3670Fax No.: (044) 2847 3633
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the dealing off ice where the deals wereexecuted as given below:
39. What complaints are taken up forredressal by the IGC ?
The IGC takes up complaints for redressal inrespect of:
� Trades executed on the NSE through its NEATterminal and routed through the NSE tradingmember or SEBI registered sub-broker of NSEtrading member.
� Trades pertaining to Companies traded on theNSE.
� The investors are therefore required to furnishrelevant contract or purchase/sale notes forreferring their case to the Investor GrievanceCell.
40. How do I lodge a complaint with theIGC ? What documents do I need toenclose for the same ?
You are requested to use the following forms forlodging complaints:
Investor Complaint Form - I (ICF-I) for lodgingcomplaints against trading members/registeredsub-brokers.
Investor Complaint Form - II (ICF-II) forcomplaints in respect of companies traded onNSE.
• The complaint forms are available at NSEILwebsite (www.nseindia.com/content/assist/assist_invcentre.htm).
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Following documents needs to be enclosed whenlodging a complaint against trading members/registered sub-broker:
� Copies of contract or purchase/sale notes
� Copies of member-client agreement/registered sub-broker client agreement
� Statement of accounts
� Certificate from your bankers giving detailsof the cheque/pay-order no., date, amount,encashment details etc. issued by you infavour of the trading member/registeredsub-broker
� Transaction statement issued by your DPreflecting transfer of securities from youraccount to the account of the trading member/registered sub-broker
� Acknowledgement of securities delivered tothe trading member in case of physicalcertificates
� Copies of previous correspondence with thetrading member with regards to the dispute
� Other documents as listed on the reverse ofICF-I
Following documents needs to be enclosed whenlodging a complaint against a company:
� Copies of contract or purchase/sale notes
� Copies of previous correspondence with thecompany/registrars
� Other documents as listed on reverse of ICF-II
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41. What steps are taken by the IGC toensure speedy redressal of thecomplaints by the trading members/registered sub-brokers and companies ?
Complaints against trading members/registeredsub-brokers
Complaints received from the investor i faccompanied by relevant documents asment ioned above are forwarded to therespective trading member/registered sub-broker asking them to provide their commentsor for resolving the case. The trading membersare expected to file their replies within 15 days.
In case of the trading member/registered sub-broker disputes the claim of the investor, theresponse of the trading member is forwardedto the investor. If required both the parties arecalled for a joint meeting. Most of the complaintsare resolved in this manner. In cases where thedisputes remain unresolved in IGC, the partiesmay refer the matter for arbitration if they sodesire.
(Complaints against Companies)
Complaints received from the investors areforwarded to the respective Companies/ShareTransfer Agents for necessary action at theirend. In case no response is received from theCompany/Share Transfer Agents within 21 days,a follow up by way of letters, telephone callsand
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personal meetings is undertaken to expeditetheir replies.
Investor Protection Fund
42. What protection is available fromInvestor Protection Fund?
The Exchange maintains an Investor ProtectionFund to make good investor claims, which mayarise out of non settlement of obligations by thetrading member, who has been declared adefaulter, in respect of trades executed on theExchange. The maximum amount of claimpayable from the Fund is Rs. 10 lakh in respectof trades on NSE.
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Investor – Rights and Obligations
Investor Rights Investor Obligations
Right to get
* The best price
* Proof of price/brokeragecharged
* Money/shares on time
* Shares through auctionwhere delivery is notreceived
* Square up amount wheredelivery not received inauction
The obligation to
* Sign a proper member-constituent/sub broker-clientagreement
* Possess a valid contract orpurchase/ sale note
* Deliver securities with validdocuments and propersignatures
Right for redressal against
* Fraudulent price
* Unfair brokerage
* Delays in receipt of moneyor shares
* Investor unfriendlycompanies
The obligation to ensure
* To make payment on time
* To deliver shares on time
* To ensure that securitiespurchased are received inthe client's beneficiaryaccount
* To send securities for transferto the company on time
* To deal only with SEBIregistered trading membersand sub-brokers
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iver
y / C
lear
ing
Ord
erT
rad
eT
rad
eN
o.
No
.T
ime
Qu
anti
tyK
ind
of
Pu
rch
ase
Bro
ke-
Rat
e P
lus
Am
ou
nt
Sec
uri
tyR
ate
rag
eB
roke
rag
eR
s.N
et R
ate
Qu
anti
tyK
ind
of
Sal
eB
roke
-R
ate
Min
us
Am
ou
nt
Sec
uri
tyR
ate
rag
eB
roke
rag
eR
s.N
et R
ate
YO
UR
CH
EQ
UE
RE
QU
ES
TED
FO
R T
HE
CO
ST
SH
OW
N H
ER
EIN
PLE
AS
E P
AY
IMM
ED
IATE
LY F
OR
YO
UR
PU
RC
HA
SE
S/ D
EB
ITY
OU
AR
E R
EQ
UE
STE
D T
O S
EN
D S
HA
RE
/ DE
BE
NTU
RE
CE
RTI
FIC
ATE
ALO
NG
WIT
H T
RA
NS
FER
DE
ED
S D
ULY
SIG
NE
D IM
ME
DIA
TELY
No
te :
Sel
ling
rat
ein
clu
sive
of
Div
iden
d, i
f an
y.O
TH
ER
LE
VIE
S, I
F A
NY
:B
roke
rage
has
bee
n ch
arge
d as
sta
ted
and
has
been
at r
ates
not
exc
eedi
ng t
he o
ffic
ial
scal
e o
f br
oker
age
and
indi
cate
d se
para
tely
.T
his
co
ntr
act
is s
ub
ject
to
th
e R
ule
s, B
ye-l
aws
and
Reg
ula
tio
ns
and
usa
ges
of
Nat
ion
al S
tock
Exc
han
ge
of
Ind
ia L
imit
ed, M
um
bai
.In
mat
ters
whe
re t
he E
xcha
nge
is a
par
ty t
o th
e di
sput
e, t
he C
ivil
Cou
rts
at M
umba
i sha
ll ha
ve e
xclu
sive
juris
dict
ion
and
in a
ll ot
her
mat
ters
, pr
oper
cou
rts
with
in t
he a
rea
cove
red
unde
r th
e R
egio
nal A
rbitr
atio
n C
entr
e sh
all h
ave
juris
dict
ion
in r
espe
ct o
f the
arb
itrat
ion
proc
eedi
ngs
falli
ng u
nder
or
cond
ucte
d in
that
Reg
iona
l Arb
itrat
ion
Cen
tre.
In t
he e
vent
of a
ny c
laim
(whe
ther
adm
itted
or n
ot )
diff
eren
ce o
r dis
pute
ari
sing
bet
wee
n yo
u an
d m
e/us
out
of t
hese
tran
sact
ions
the
mat
ter s
hall
be re
fere
d to
arb
itrat
ion
as p
rovi
ded
in th
e R
ules
, Bye
-law
s an
d R
egul
atio
ns o
f Nat
iona
l Sto
ck E
xcha
nge
of In
dia
Lim
ited,
Mum
bai.
Thi
s co
ntra
ct c
onst
itute
s an
d sh
all
be d
eem
ed t
o co
nstit
ute
as p
rovi
ded
over
leaf
an
agre
emen
t be
twee
n yo
u an
d m
e/us
tha
t al
l cl
aim
s (w
heth
er a
dmitt
ed o
r no
t),
diff
eren
ces
and
disp
utes
in r
espe
ct o
f any
dea
lings
, tra
nsac
tions
and
con
trac
ts o
f a d
ate
prio
r or
sub
sequ
ent t
o th
e da
te o
f th
is c
ontr
act (
incl
udin
g an
y qu
estio
n w
heth
ersu
ch d
ealin
gs, t
rans
actio
ns o
r con
trac
ts h
ave
been
ent
ered
into
or n
ot) s
hall
be s
ubm
itted
to a
nd d
ecid
ed b
y ar
bitr
atio
n as
pro
vide
d in
the
Rul
es, B
ye-la
ws
and
Reg
ulat
ions
of N
atio
nal S
tock
Exc
hang
e of
Indi
a Li
mite
d, M
umba
i.T
he
pro
visi
on
s p
rin
ted
ove
rlea
f fo
rm a
par
t o
f th
e co
ntr
act.
Yo
urs
fait
hfu
lly,
Mum
bai
Dat
eM
emb
er o
f N
atio
nal
Sto
ck E
xch
ang
e o
f In
dia
Ltd
.P
.T.O
.
Nam
e o
f P
artn
er/
Pro
pri
eto
r/A
uth
ori
sed
Sig
nat
ory
Dea
ling
Off
ice
Add
ress
/Tel
. no.
/Tlx
no.
/Fax
no.
35
EX
TR
AC
TS
FR
OM
TH
E B
YE
LA
WS
& R
EG
UL
AT
ION
S P
ER
TA
ININ
G T
O A
RB
ITR
AT
ION
(1)
All
clai
ms,
diff
eren
ces
or d
ispu
tes
betw
een
the
Tra
ding
Mem
bers
inte
r se
and
bet
wee
n T
radi
ng M
embe
rs a
nd C
onst
ituen
ts a
risi
ng
out o
f or
in r
elat
ion
to d
ealin
gs,
cont
ract
s an
d tr
ansa
ctio
ns m
ade
subj
ect t
o th
e B
ye-L
aws,
Rul
es a
nd R
egul
atio
ns o
f the
Exc
hang
e or
with
ref
eren
ce to
any
thin
g in
cide
ntal
ther
eto
or in
pur
suan
ceth
ereo
f or
rela
ting
to th
eir
valid
ity, c
onst
ruct
ion,
inte
rpre
tatio
n, fu
lfillm
ent o
r th
e ri
ghts
, obl
igat
ions
and
liab
ilitie
s of
the
part
ies
ther
eto
and
incl
udin
g an
y qu
estio
n of
whe
ther
suc
h de
alin
gs,
tran
sact
ions
and
con
trac
ts h
ave
been
ent
ered
int
o or
not
sha
ll be
sub
mitt
ed t
o ar
bitr
atio
n in
acc
orda
nce
with
th
e pr
ovis
ions
of
thes
eB
yela
ws
and
Reg
ulat
ions
.(2
)In
all
deal
ings
, con
trac
ts a
nd tr
ansa
ctio
ns, w
hich
are
mad
e or
dee
med
to b
e m
ade
subj
ect t
o th
e B
yela
ws,
Rul
es a
nd R
egul
atio
ns o
f the
Exc
hang
e, th
e pr
ovis
ions
rela
ting
to a
rbitr
atio
n as
pro
vide
d in
thes
e B
yela
ws
and
Reg
ulat
ions
sha
ll fo
rm a
nd s
hall
be d
eem
ed to
form
par
t of t
he d
ealin
gs,
con
trac
ts a
nd tr
ansa
ctio
ns a
nd th
epa
rtie
s sh
all b
e de
emed
to h
ave
ente
red
into
an
arbi
trat
ion
agre
emen
t in
wri
ting
by w
hich
all
clai
ms,
diff
eren
ces
or d
ispu
tes
of th
e na
ture
ref
erre
d to
in c
laus
e (1
)ab
ove
shal
l be
subm
itted
to a
rbitr
atio
n as
per
the
prov
isio
ns o
f the
se B
yela
ws
and
Reg
ulat
ions
.(3
)A
ll cl
aim
s, d
iffer
ence
s or
dis
pute
s re
ferr
ed to
in c
laus
e (1
) abo
ve s
hall
be s
ubm
itted
to a
rbitr
atio
n w
ithin
six
mon
ths
from
the
date
on
whi
ch th
e cl
aim
, diff
eren
ce o
r dis
pute
aros
e or
sha
ll be
dee
med
to h
ave
aris
en. T
he ti
me
take
n in
con
cilia
tion
proc
eedi
ngs,
if a
ny, i
nitia
ted
and
cond
ucte
d as
per
the
prov
isio
ns o
f the
Act
and
the
time
take
nby
the
Rel
evan
t Aut
horit
y to
adm
inis
trat
ivel
y re
solv
e th
e cl
aim
, diff
eren
ces
or d
ispu
tes
shal
l be
excl
uded
for
the
purp
ose
of d
eter
min
ing
the
perio
d of
six
mon
ths.
(4)
Sav
e as
oth
erw
ise
spec
ified
by
the
Rel
evan
t Aut
hori
ty, t
he s
eat o
f arb
itrat
ion
for
diff
eren
t reg
ions
sha
ll be
as
follo
ws:
Sea
ts o
f A
rbit
rati
on
– R
EG
ION
AL
ST
AT
ES
CO
VE
RE
D B
Y T
HE
RA
CA
RB
ITR
AT
ION
CE
NT
RE
S (R
AC
)
DE
LHI
Del
hi, H
arya
na, U
ttar P
rade
sh, U
ttara
ncha
l, H
imac
hal P
rade
sh, P
unja
b, J
amm
u &
Kash
mir,
Cha
ndig
arh,
Raj
asth
an
KO
LKA
TA
Wes
t Ben
gal,
Biha
r, Jh
arkh
and,
Oris
sa, A
ssam
, Aru
nach
al P
rade
sh, M
izor
am, M
anip
ur, S
ikki
m, M
egha
laya
, Nag
alan
d, T
ripur
a
CH
EN
NA
IAn
dhra
Pra
desh
, Kar
nata
ka, K
eral
a, T
amiln
adu,
And
aman
& N
icob
ar, L
aksh
adw
eep,
Pon
dich
erry
MU
MB
AI
Mah
aras
htra
, Guj
arat
, Goa
, Dam
an, D
iu, D
adra
& N
agar
Hav
eli,
Mad
hya
Prad
esh,
Cha
ttisg
arh
(5)
Sav
e as
oth
erw
ise
spec
ified
by
the
Rel
evan
t Aut
hori
ty, t
he c
rite
ria
for
sele
ctio
n of
sea
t of a
rbitr
atio
n fo
r a
part
icul
ar m
att
er is
as
follo
ws:
Par
ties
to D
ispu
teP
lace
of f
iling
the
App
licat
ion
for
Arb
itrat
ion
Pla
ce o
f hea
ring
T M
* V
/s T
Ma)
If t
he d
ealin
g of
fices
of
both
Tra
ding
Mem
bers
fro
m w
here
the
dea
ling
was
car
ried
is s
ituat
ed in
any
one
of t
he s
tate
s co
vere
d by
a p
artic
ular
RA
C th
en th
e A
pplic
atio
n fo
r A
rbitr
atio
n sh
all b
e fil
ed b
y th
e A
pplic
ant-
Tra
ding
Mem
ber
in th
at R
AC
.b)
If t
he d
ealin
g of
fices
of
both
Tra
ding
Mem
bers
fro
m w
here
the
dea
ling
was
car
ried
out
are
situ
ated
in s
tate
s co
vere
d by
diff
eren
t RA
C th
en th
eA
pplic
atio
n fo
r A
rbitr
atio
n sh
all b
e fil
ed in
the
RA
C c
over
ing
the
stat
e in
whi
ch th
e R
espo
nden
t -T
radi
ng M
embe
r's d
ealin
g of
fice
is s
ituat
ed.
The
hea
ring
sha
ll be
hel
d at
the
RA
C w
here
the
App
lican
t-T
radi
ng M
embe
r ha
s fil
ed th
e A
pplic
atio
n fo
r A
rbitr
atio
n an
dth
e R
espo
nden
t-T
radi
ng M
embe
r sh
all a
tten
d th
e he
arin
g in
that
par
ticul
ar R
AC
.
TM
V/s
C*
&C
V/s
TM
The
App
licat
ion
for
Arb
itrat
ion
shal
l be
file
d by
the
App
lican
t at
the
RA
Cco
veri
ng t
he s
tate
in w
hich
the
dea
ling
offic
e of
the
Tra
ding
Mem
ber
from
whi
ch th
e de
alin
g w
as c
arri
ed o
ut is
situ
ated
.
The
hea
ring
sha
ll be
hel
d in
tha
t R
AC
whe
re t
he A
pplic
ant
has
filed
the
App
licat
ion
for
Arb
itrat
ion
and
the
Res
pond
ent
shal
l att
end
the
hear
ing
in th
at p
artic
ular
RA
C.
* “T
M”
stan
ds
for
“Tra
din
g M
emb
er”
and
“C
” st
and
s fo
r “C
on
stit
uen
t.”
For
mor
e de
tails
ple
ase
refe
r to
Cha
pter
XI
of t
he B
yela
ws
and
Cha
pter
5 o
f C
apita
l M
arke
t T
radi
ng R
egul
atio
ns a
nd C
hapt
er 7
of
Who
lesa
le D
ebt
Mar
ket
Tra
ding
Reg
ulat
ions
of N
atio
nal S
tock
Exc
hang
e of
Indi
a Li
mite
d.C
LIE
NT
S W
ILL
HO
LD T
HE
SE
CU
RIT
IES
BLA
NK
AT
TH
EIR
OW
N R
ISK
36
CO
NT
RA
CT
NO
TE
(Reg
ulat
ion
3.5)
CO
NT
RA
CT
NO
TE
IS
SU
ED
BY
ME
MB
ER
S A
CT
ING
FO
R C
ON
ST
ITU
EN
TS
AS
PR
INC
IPA
LS
Nam
e o
f th
e M
emb
erA
dd
ress
of
the
Mem
ber
SE
BI R
egn
. No
. of
the
Mem
ber
Tra
ding
Cod
e N
o. o
f the
Mem
ber
Con
trac
t No.
To,
Con
stitu
ent N
ame/
Uni
que
Clie
nt C
ode
No.
/ C
onst
ituen
t Ord
er R
ef. N
o.
Sir
/ Mad
am,
I / W
e ha
ve th
is d
ay E
NT
ER
ED
INT
O fo
llow
ing
tran
sact
ions
with
you
as
PR
INC
IPA
L(S
) T
O P
RIN
CIP
AL(
S)
:
Tel
.no.
Tlx
. no
.F
ax n
o
Sta
mp
as
req
uir
ed u
nd
ersc
hed
ule
1 t
o t
he
Ind
ian
Sta
mp
Act
Dat
e :
SE
TT
. NO
. :S
ET
T F
RO
M :
T
O:
Sec
uri
ties
SO
LD
TO
YO
U f
or
Del
iver
y / C
lear
ing
Sec
uri
ties
BO
UG
HT
FR
OM
YO
U f
or
Del
iver
y/C
lear
ing
Ord
erT
rad
eT
rad
eN
o.
No
.T
ime
Qu
anti
tyK
ind
of S
ecu
rity
Rat
eA
mo
un
t Rs.
YO
UR
CH
EQ
UE
RE
QU
ES
TED
FO
R T
HE
CO
ST
SH
OW
N H
ER
EIN
PLE
AS
E P
AY
IMM
ED
IATE
LY F
OR
YO
UR
PU
RC
HA
SE
S/ D
EB
ITY
OU
AR
E R
EQ
UE
STE
D T
O S
EN
D S
HA
RE
/ DE
BE
NTU
RE
CE
RTI
FIC
ATE
ALO
NG
WIT
H T
RA
NS
FER
DE
ED
S D
ULY
SIG
NE
D IM
ME
DIA
TELY
No
te :
Sel
ling
rat
ein
clu
sive
of
Div
iden
d, i
f an
y.O
TH
ER
LE
VIE
S, I
F A
NY
:B
roke
rage
has
bee
n ch
arge
d as
sta
ted
and
has
been
at r
ates
not
exc
eedi
ng th
e of
ficia
l sca
le o
f bro
kera
ge a
nd in
dica
ted
sepa
rate
ly.
Th
is c
on
trac
t is
su
bje
ct t
o t
he
Ru
les,
Bye
-law
s an
d R
egu
lati
on
s an
d u
sag
es o
f N
atio
nal
Sto
ck E
xch
ang
e o
f In
dia
Lim
ited
, Mu
mb
ai.
In m
atte
rs w
here
the
Exc
hang
e is
a p
arty
to
the
disp
ute,
the
Civ
il C
ourt
s at
Mum
bai s
hall
have
exc
lusi
ve ju
risdi
ctio
n an
d in
all
othe
r m
atte
rs,
prop
er c
ourt
s w
ithin
the
are
aco
vere
d un
der
the
Reg
iona
l Arb
itrat
ion
Cen
tre
shal
l hav
e ju
risdi
ctio
n in
res
pect
of t
he a
rbitr
atio
n pr
ocee
ding
s fa
lling
und
er o
r co
nduc
ted
in th
at R
egio
nal A
rbitr
atio
n C
entr
e.In
the
even
t of a
ny c
laim
(whe
ther
adm
itted
or n
ot) d
iffer
ence
or d
ispu
te a
risin
g be
twee
n yo
u an
d m
e/us
out
of t
hese
tran
sact
ions
the
mat
ter s
hall
be re
ferr
ed t
o ar
bitr
atio
n as
prov
ided
in th
e R
ules
, Bye
-law
s an
d R
egul
atio
ns o
f Nat
iona
l Sto
ck E
xcha
nge
of In
dia
Lim
ited,
Mum
bai.
Thi
s co
ntra
ct c
onst
itute
s an
d sh
all b
e de
emed
to c
onst
itute
as
prov
ided
ove
rleaf
an
agre
emen
t bet
wee
n yo
u an
d m
e/us
that
all
clai
ms
(whe
ther
adm
itted
or
not)
, diff
eren
ces
and
disp
utes
in r
espe
ct o
f any
dea
lings
, tra
nsac
tions
and
con
trac
ts o
f a d
ate
prio
r or
sub
sequ
ent t
o th
e da
te o
f thi
s co
ntra
ct (
incl
udin
g an
y qu
estio
n w
heth
er s
uch
deal
ings
,tr
ansa
ctio
ns o
r con
trac
ts h
ave
been
ent
ered
into
or n
ot) s
hall
be s
ubm
itted
to a
nd d
ecid
ed b
y ar
bitr
atio
n as
pro
vide
d in
the
Rul
es, B
ye-la
ws
and
Reg
ulat
ions
of N
atio
nal S
tock
Exc
hang
e of
Indi
a Li
mite
d, M
umba
i.T
he
pro
visi
on
s p
rin
ted
ove
rlea
f fo
rm a
par
t o
f th
e co
ntr
act.
Yo
urs
fait
hfu
lly,
Mum
bai
Dat
eM
emb
er o
f N
atio
nal
Sto
ck E
xch
ang
e o
f In
dia
Ltd
.P
.T.O
.
Nam
e o
f P
artn
er/
Pro
pri
eto
r/A
uth
ori
sed
Sig
nat
ory
Dea
ling
Off
ice
Add
ress
/Tel
. no.
/Tlx
no.
/Fax
no.
Qu
anti
tyK
ind
of S
ecu
rity
Rat
eA
mo
un
t Rs.
37
EX
TR
AC
TS
FR
OM
TH
E B
YE
LA
WS
& R
EG
UL
AT
ION
S P
ER
TA
ININ
G T
O A
RB
ITR
AT
ION
(1)
All
clai
ms,
diff
eren
ces
or d
ispu
tes
betw
een
the
Tra
ding
Mem
bers
inte
r se
and
bet
wee
n T
radi
ng M
embe
rs a
nd C
onst
ituen
ts a
risi
ng
out o
f or
in r
elat
ion
to d
ealin
gs,
cont
ract
s an
d tr
ansa
ctio
ns m
ade
subj
ect t
o th
e B
ye-L
aws,
Rul
es a
nd R
egul
atio
ns o
f the
Exc
hang
e or
with
ref
eren
ce to
any
thin
g in
cide
ntal
ther
eto
or in
pur
suan
ceth
ereo
f or
rela
ting
to th
eir
valid
ity, c
onst
ruct
ion,
inte
rpre
tatio
n, fu
lfillm
ent o
r th
e ri
ghts
, obl
igat
ions
and
liab
ilitie
s of
the
part
ies
ther
eto
and
incl
udin
g an
y qu
estio
n of
whe
ther
suc
h de
alin
gs,
tran
sact
ions
and
con
trac
ts h
ave
been
ent
ered
int
o or
not
sha
ll be
sub
mitt
ed t
o ar
bitr
atio
n in
acc
orda
nce
with
th
e pr
ovis
ions
of
thes
eB
yela
ws
and
Reg
ulat
ions
.(2
)In
all
deal
ings
, con
trac
ts a
nd tr
ansa
ctio
ns, w
hich
are
mad
e or
dee
med
to b
e m
ade
subj
ect t
o th
e B
yela
ws,
Rul
es a
nd R
egul
atio
ns o
f the
Exc
hang
e, th
e pr
ovis
ions
rela
ting
to a
rbitr
atio
n as
pro
vide
d in
thes
e B
yela
ws
and
Reg
ulat
ions
sha
ll fo
rm a
nd s
hall
be d
eem
ed to
form
par
t of t
he d
ealin
gs,
con
trac
ts a
nd tr
ansa
ctio
ns a
nd th
epa
rtie
s sh
all b
e de
emed
to h
ave
ente
red
into
an
arbi
trat
ion
agre
emen
t in
wri
ting
by w
hich
all
clai
ms,
diff
eren
ces
or d
ispu
tes
of th
e na
ture
ref
erre
d to
in c
laus
e (1
)ab
ove
shal
l be
subm
itted
to a
rbitr
atio
n as
per
the
prov
isio
ns o
f the
se B
yela
ws
and
Reg
ulat
ions
.(3
)A
ll cl
aim
s, d
iffer
ence
s or
dis
pute
s re
ferr
ed to
in c
laus
e (1
) abo
ve s
hall
be s
ubm
itted
to a
rbitr
atio
n w
ithin
six
mon
ths
from
the
date
on
whi
ch th
e cl
aim
, diff
eren
ce o
r dis
pute
aros
e or
sha
ll be
dee
med
to h
ave
aris
en. T
he ti
me
take
n in
con
cilia
tion
proc
eedi
ngs,
if a
ny,
initi
ated
and
con
duct
ed a
s pe
r the
pro
visi
ons
of th
e A
ct a
nd th
e tim
e ta
ken
by th
e R
elev
ant A
utho
rity
to a
dmin
istr
ativ
ely
reso
lve
the
clai
m, d
iffer
ence
s or
dis
pute
s sh
all b
e ex
clud
ed fo
r th
e pu
rpos
e of
det
erm
inin
g th
e pe
riod
of s
ix m
onth
s.(4
)S
ave
as o
ther
wis
e sp
ecifi
ed b
y th
e R
elev
ant A
utho
rity
, the
sea
t of a
rbitr
atio
n fo
r di
ffer
ent r
egio
ns s
hall
be a
s fo
llow
s:
Sea
ts o
f A
rbit
rati
on
– R
EG
ION
AL
ST
AT
ES
CO
VE
RE
D B
Y T
HE
RA
CA
RB
ITR
AT
ION
CE
NT
RE
S (R
AC
)
DE
LHI
Del
hi, H
arya
na, U
ttar P
rade
sh, U
ttara
ncha
l, H
imac
hal P
rade
sh, P
unja
b, J
amm
u &
Kash
mir,
Cha
ndig
arh,
Raj
asth
an
KO
LKA
TA
Wes
t Ben
gal,
Biha
r, Jh
arkh
and,
Oris
sa, A
ssam
, Aru
nach
al P
rade
sh, M
izor
am, M
anip
ur, S
ikki
m, M
egha
laya
, Nag
alan
d, T
ripur
a
CH
EN
NA
IAn
dhra
Pra
desh
, Kar
nata
ka, K
eral
a, T
amiln
adu,
And
aman
& N
icob
ar, L
aksh
adw
eep,
Pon
dich
erry
MU
MB
AI
Mah
aras
htra
, Guj
arat
, Goa
, Dam
an, D
iu, D
adra
& N
agar
hav
eli,
Mad
hya
Prad
esh,
Cha
ttisg
arh
(5)
Sav
e as
oth
erw
ise
spec
ified
by
the
Rel
evan
t Aut
hori
ty, t
he c
rite
ria
for
sele
ctio
n of
sea
t of a
rbitr
atio
n fo
r a
part
icul
ar m
att
er is
as
follo
ws:
Par
ties
to D
ispu
teP
lace
of f
iling
the
App
licat
ion
for
Arb
itrat
ion
Pla
ce o
f hea
ring
T M
* V
/s T
Ma)
If t
he d
ealin
g of
fices
of
both
Tra
ding
Mem
bers
fro
m w
here
the
dea
ling
was
car
ried
is s
ituat
ed in
any
one
of t
he s
tate
s co
vere
d by
a p
artic
ular
RA
C th
en th
e A
pplic
atio
n fo
r A
rbitr
atio
n sh
all b
e fil
ed b
y th
e A
pplic
ant-
Tra
ding
Mem
ber
in th
at R
AC
.b)
If t
he d
ealin
g of
fices
of
both
Tra
ding
Mem
bers
fro
m w
here
the
dea
ling
was
car
ried
out
are
situ
ated
in s
tate
s co
vere
d by
diff
eren
t RA
C th
en th
eA
pplic
atio
n fo
r A
rbitr
atio
n sh
all b
e fil
ed in
the
RA
C c
over
ing
the
stat
e in
whi
ch th
e R
espo
nden
t -T
radi
ng M
embe
r's d
ealin
g of
fice
is s
ituat
ed.
The
hea
ring
sha
ll be
hel
d at
the
RA
C w
here
the
App
lican
t-T
radi
ng M
embe
r ha
s fil
ed th
e A
pplic
atio
n fo
r A
rbitr
atio
n an
dth
e R
espo
nden
t-T
radi
ng M
embe
r sh
all a
tten
d th
e he
arin
g in
that
par
ticul
ar R
AC
.
TM
V/s
C*
&C
V/s
TM
The
App
licat
ion
for
Arb
itrat
ion
shal
l be
file
d by
the
App
lican
t at
the
RA
Cco
veri
ng t
he s
tate
in w
hich
the
dea
ling
offic
e of
the
Tra
ding
Mem
ber
from
whi
ch th
e de
alin
g w
as c
arri
ed o
ut is
situ
ated
.
The
hea
ring
sha
ll be
hel
d in
tha
t R
AC
whe
re t
he A
pplic
ant
has
filed
the
App
licat
ion
for
Arb
itrat
ion
and
the
Res
pond
ent
shal
l att
end
the
hear
ing
in th
at p
artic
ular
RA
C.
* “
TM
” st
and
s fo
r “T
rad
ing
Mem
ber
” an
d “
C”
stan
ds
for
“Co
nst
itu
ent.
”F
or m
ore
deta
ils p
leas
e re
fer
to C
hapt
er X
I of
the
Bye
law
s an
d C
hapt
er 5
of
Cap
ital
Mar
ket
Tra
ding
Reg
ulat
ions
and
Cha
pter
7 o
f W
hole
sale
Deb
t M
arke
t T
radi
ngR
egul
atio
ns o
f Nat
iona
l Sto
ck E
xcha
nge
of In
dia
Lim
ited.
CLI
EN
TS
WIL
L H
OLD
TH
E S
EC
UR
ITIE
S B
LAN
K A
T T
HE
IR O
WN
RIS
K
38
AN
NE
XU
RE
- II
CO
NT
RA
CT
NO
TE
Sub
ject
to
exc
lusi
ve ju
risd
ictio
n of
the
cour
ts in
MU
MB
AI o
nly
CO
NT
RA
CT
NO
TE
ISS
UE
D B
Y M
EM
BE
RS
AC
TIN
G F
OR
CO
NS
TIT
UE
NT
S A
S B
RO
KE
RS
AN
D A
GE
NT
SN
ame
of
the
Mem
ber
Ad
dre
ss o
f th
e M
emb
erS
EB
I Reg
n. N
o. o
f th
e M
emb
erC
ode
No.
of t
he M
embe
rC
ontr
act N
o.
To,
Con
stitu
ent N
ame/
Cod
e N
o. /
Con
stitu
ent O
rder
Ref
. No.
Sir
/ Mad
am,
I/W
e ha
ve th
is d
ay d
one
by o
rder
and
on
your
acc
ount
the
follo
win
g tr
ansa
ctio
ns:
Tel
.no.
Tlx
. no
.F
ax n
o
To
be
stam
ped
as
per
th
ep
rovi
sio
ns
app
licab
le u
nd
erth
e re
leva
nt
Sta
mp
Act
Dat
e :
Bo
ug
ht
for
you
So
ld f
or
you
Ord
erT
rad
eT
rad
eN
o.
No
.T
ime
Qu
anti
tyP
rice
Bro
kera
ge
Ser
vice
Am
ou
nt
(To
tal)
Tax
(Rs.
)
OT
HE
R L
EV
IES
, IF
AN
Y:
Bro
kera
ge h
as b
een
char
ged
as s
tate
d an
d ha
s be
en a
t rat
es n
ot e
xcee
ding
the
offic
ial s
cale
of b
roke
rage
and
indi
cate
d se
para
tely
.T
his
cont
ract
is s
ubje
ct to
the
Rul
es, B
ye-L
aws
and
Reg
ulat
ions
and
usa
ges
of N
atio
nal S
tock
Exc
hang
e of
Indi
a Li
mite
d, M
umba
i.T
his
cont
ract
is s
ubje
ct to
the
excl
usiv
e ju
risd
ictio
n of
the
Cou
rts
in M
UM
BA
I onl
y.In
the
even
t of a
ny c
laim
(whe
ther
adm
itted
or n
ot) d
iffer
ence
or d
ispu
te a
risi
ng b
etw
een
you
and
me/
us o
ut o
f the
se tr
ansa
ctio
ns th
e m
atte
r sha
ll be
refe
rred
to a
rbitr
atio
nas
pro
vide
d in
the
Rul
es, B
ye-l
aws
and
Reg
ulat
ions
of N
atio
nal S
tock
Exc
hang
e of
Indi
a Li
mite
d, M
UM
BA
I.T
his
cont
ract
con
stitu
tes
and
shal
l be
dee
med
to
cons
titut
e as
pro
vide
d ov
erle
af a
n ag
reem
ent
betw
een
you
and
me/
us t
hat
all
clai
ms
(whe
ther
adm
itted
or
not)
,di
ffer
ence
s an
d di
sput
es in
res
pect
of a
ny d
ealin
gs, t
rans
actio
ns a
nd c
ontr
acts
of a
dat
e pr
ior
or s
ubse
quen
t to
the
date
of t
his
cont
ract
(in
clud
ing
any
ques
tion
whe
ther
such
dea
lings
, tr
ansa
ctio
ns o
r co
ntra
cts
have
bee
n en
tere
d in
to o
r no
t) s
hall
be s
ubm
itted
to
and
deci
ded
by a
rbitr
atio
n as
pro
vide
d in
the
Rul
es,
Bye
-Law
s an
d th
epr
ovis
ions
pri
nted
ove
rlea
f for
m a
par
t of t
he c
ontr
act.
Yo
urs
fait
hfu
lly,
Mum
bai
Dat
eM
emb
er o
f N
atio
nal
Sto
ck E
xch
ang
e o
f In
dia
Ltd
.P
.T.O
.
Nam
e o
f P
artn
er/
Pro
pri
eto
r/A
uth
ori
sed
Sig
nat
ory
Dea
ling
Off
ice
Add
ress
/Tel
. no.
/Tlx
no.
/Fax
no.
Qu
anti
tyP
rice
Bro
kera
ge
Ser
vice
Am
ou
nt
(To
tal)
Tax
(Rs.
)C
on
trac
tS
pec
ific
atio
ns
39
EX
TR
AC
TS
FR
OM
TH
E B
YE
LA
WS
& R
EG
UL
AT
ION
S P
ER
TA
ININ
G T
O A
RB
ITR
AT
ION
(1)
All
clai
ms,
diff
eren
ces
or d
ispu
tes
betw
een
the
Tra
ding
Mem
bers
inte
r se
and
bet
wee
n T
radi
ng M
embe
rs a
nd C
onst
ituen
ts a
risi
ng o
ut o
f or
in r
elat
ion
to d
ealin
gs,
cont
ract
s an
d tr
ansa
ctio
ns m
ade
subj
ect t
o th
e B
ye-L
aws,
Rul
es a
nd R
egul
atio
ns o
f the
Exc
hang
e or
with
ref
eren
ce to
any
thin
g in
cide
ntal
ther
eto
or in
pur
suan
ceth
ereo
f or
rela
ting
to th
eir
valid
ity, c
onst
ruct
ion,
inte
rpre
tatio
n, fu
lfillm
ent o
r th
e ri
ghts
, obl
igat
ions
and
liab
ilitie
s of
the
part
ies
ther
eto
and
incl
udin
g an
y qu
estio
n of
whe
ther
suc
h de
alin
gs,
tran
sact
ions
and
con
trac
ts h
ave
been
ent
ered
int
o or
not
sha
ll be
sub
mitt
ed t
o ar
bitr
atio
n in
acc
orda
nce
with
th
e pr
ovis
ions
of
thes
eB
yela
ws
and
Reg
ulat
ions
.(2
)In
all
deal
ings
, con
trac
ts a
nd tr
ansa
ctio
ns, w
hich
are
mad
e or
dee
med
to b
e m
ade
subj
ect t
o th
e B
yela
ws,
Rul
es a
nd R
egul
atio
ns o
f the
Exc
hang
e, th
e pr
ovis
ions
rela
ting
to a
rbitr
atio
n as
pro
vide
d in
thes
e B
yela
ws
and
Reg
ulat
ions
sha
ll fo
rm a
nd s
hall
be d
eem
ed to
form
par
t of t
he d
ealin
gs,
con
trac
ts a
nd tr
ansa
ctio
ns a
nd th
epa
rtie
s sh
all b
e de
emed
to h
ave
ente
red
into
an
arbi
trat
ion
agre
emen
t in
wri
ting
by w
hich
all
clai
ms,
diff
eren
ces
or d
ispu
tes
of th
e na
ture
ref
erre
d to
in c
laus
e (1
)ab
ove
shal
l be
subm
itted
to a
rbitr
atio
n as
per
the
prov
isio
ns o
f the
se B
yela
ws
and
Reg
ulat
ions
.(3
)A
ll cl
aim
s, d
iffer
ence
s or
dis
pute
s re
ferr
ed to
in c
laus
e (1
) abo
ve s
hall
be s
ubm
itted
to a
rbitr
atio
n w
ithin
six
mon
ths
from
the
date
on
whi
ch th
e cl
aim
, diff
eren
ce o
r dis
pute
aros
e or
sha
ll be
dee
med
to h
ave
aris
en. T
he ti
me
take
n in
con
cilia
tion
proc
eedi
ngs,
if a
ny,
initi
ated
and
con
duct
ed a
s pe
r the
pro
visi
ons
of th
e A
ct a
nd th
e tim
e ta
ken
by th
e R
elev
ant A
utho
rity
to a
dmin
istr
ativ
ely
reso
lve
the
clai
ms,
diff
eren
ces
or d
ispu
tes
shal
l be
excl
uded
for
the
purp
ose
of d
eter
min
ing
the
perio
d of
six
mon
ths.
(4)
Sav
e as
oth
erw
ise
spec
ified
by
the
Rel
evan
t Aut
hori
ty, t
he s
eat o
f arb
itrat
ion
for
diff
eren
t reg
ions
sha
ll be
as
follo
ws:
Sea
ts o
f A
rbit
rati
on
– R
EG
ION
AL
ST
AT
ES
CO
VE
RE
D B
Y T
HE
RA
CA
RB
ITR
AT
ION
CE
NT
RE
S (R
AC
)
DE
LHI
Del
hi, H
arya
na, U
ttar P
rade
sh,
Him
acha
l Pra
desh
, Pun
jab,
Jam
mu
& Ka
shm
ir, C
hand
igar
h, R
ajas
than
.
KO
LKA
TA
Wes
t Ben
gal,
Biha
r, O
rissa
, Ass
am, A
runa
chal
Pra
desh
, Miz
oram
, Man
ipur
, Sik
kim
, Meg
hala
ya, N
agal
and,
Trip
ura.
CH
EN
NA
IAn
dhra
Pra
desh
, Kar
nata
ka, K
eral
a, T
amiln
adu,
And
aman
& N
icob
ar, L
aksh
adw
eep,
Pon
dich
erry
.
MU
MB
AI
Mah
aras
htra
, Guj
arat
, Goa
, Dam
an, D
iu, D
adra
& N
agar
hav
eli,
Mad
hya
Prad
esh.
(5)
Sav
e as
oth
erw
ise
spec
ified
by
the
Rel
evan
t Aut
hori
ty, t
he c
rite
ria
for
sele
ctio
n of
sea
t of a
rbitr
atio
n fo
r a
part
icul
ar m
att
er is
as
follo
ws:
Par
ties
to D
ispu
teP
lace
of f
iling
the
App
licat
ion
for
Arb
itrat
ion
Pla
ce o
f hea
ring
T M
* V
/s T
Ma)
If t
he d
ealin
g of
fices
of
both
Tra
ding
Mem
bers
fro
m w
here
the
dea
ling
was
car
ried
is s
ituat
ed in
any
one
of t
he s
tate
s co
vere
d by
a p
artic
ular
RA
C th
en th
e A
pplic
atio
n fo
r A
rbitr
atio
n sh
all b
e fil
ed b
y th
e A
pplic
ant-
Tra
ding
Mem
ber
in th
at R
AC
.b)
If t
he d
ealin
g of
fices
of
both
Tra
ding
Mem
bers
fro
m w
here
the
dea
ling
was
car
ried
out
are
situ
ated
in s
tate
s co
vere
d by
diff
eren
t RA
C th
en th
eA
pplic
atio
n fo
r A
rbitr
atio
n sh
all b
e fil
ed in
the
RA
C c
over
ing
the
stat
e in
whi
ch th
e R
espo
nden
t -T
radi
ng M
embe
r's d
ealin
g of
fice
is s
ituat
ed.
The
hea
ring
sha
ll be
hel
d at
the
RA
C w
here
the
App
lican
t-T
radi
ng M
embe
r ha
s fil
ed th
e A
pplic
atio
n fo
r A
rbitr
atio
n an
dth
e R
espo
nden
t-T
radi
ng M
embe
r sh
all a
tten
d th
e he
arin
g in
that
par
ticul
ar R
AC
.
TM
V/s
C*
&C
V/s
TM
The
App
licat
ion
for
Arb
itrat
ion
shal
l be
file
d by
the
App
lican
t at
the
RA
Cco
veri
ng t
he s
tate
in w
hich
the
dea
ling
offic
e of
the
Tra
ding
Mem
ber
from
whi
ch th
e de
alin
g w
as c
arri
ed o
ut is
situ
ated
.
The
hea
ring
sha
ll be
hel
d in
tha
t R
AC
whe
re t
he A
pplic
ant
has
filed
the
App
licat
ion
for
Arb
itrat
ion
and
the
Res
pond
ent
shal
l att
end
the
hear
ing
in th
at p
artic
ular
RA
C.
* “
TM
” st
and
s fo
r “T
rad
ing
Mem
ber
” an
d “
C”
stan
ds
for
“Co
nst
itu
ent.
”F
or m
ore
deta
ils p
leas
e re
fer
to C
hapt
er X
I of t
he B
yela
ws
and
Cha
pter
5 o
f Fut
ures
& O
ptio
ns T
radi
ng R
egul
atio
ns o
f Nat
iona
l Sto
ck E
xcha
nge
of In
dia
Lim
ited.
40
AN
NE
XU
RE
- II
CO
NT
RA
CT
NO
TE
Sub
ject
to
exc
lusi
ve ju
risd
ictio
n of
the
cour
ts in
MU
MB
AI o
nly
CO
NT
RA
CT
NO
TE
ISS
UE
D B
Y M
EM
BE
RS
DE
AL
ING
WIT
HC
ON
ST
ITU
EN
TS
AS
PR
INC
IPA
LS
Nam
e o
f th
e M
emb
erA
dd
ress
of
the
Mem
ber
SE
BI R
egn
. No
. of
the
Mem
ber
Cod
e N
o. o
f the
Mem
ber
Con
trac
t No.
To,
Con
stitu
ent N
ame/
Cod
e N
o. /
Con
stitu
ent O
rder
Ref
. No.
Sir
/ Mad
am,
I/W
e ha
ve th
is d
ay E
NT
ER
ED
INT
O fo
llow
ing
tran
sact
ions
as
PR
INC
IPA
L(S
) T
O P
RIN
CIP
AL(
S):
Tel
.no.
Tlx
. no
.F
ax n
o
To
be
stam
ped
as
per
th
ep
rovi
sio
ns
app
licab
le u
nd
erth
e re
leva
nt
Sta
mp
Act
Dat
e :
Bo
ug
ht
for
you
So
ld t
o y
ou
Ord
erT
rad
eT
rad
eN
o.
No
.T
ime
Qu
anti
tyP
rice
Am
ou
nt
(Rs.
)
OT
HE
R L
EV
IES
, IF
AN
Y:
Thi
s co
ntra
ct is
sub
ject
to th
e R
ules
, Bye
-Law
s an
d R
egul
atio
ns a
nd u
sage
s of
Nat
iona
l Sto
ck E
xcha
nge
of In
dia
Lim
ited,
Mum
bai.
Thi
s co
ntra
ct is
sub
ject
to th
e ex
clus
ive
juri
sdic
tion
of th
e C
ourt
s in
MU
MB
AI o
nly.
In th
e ev
ent o
f any
cla
im (w
heth
er a
dmitt
ed o
r not
) diff
eren
ce o
r dis
pute
ari
sing
bet
wee
n yo
u an
d m
e/us
out
of t
hese
tran
sact
ions
the
mat
ter s
hall
be re
ferr
ed to
arb
itrat
ion
as p
rovi
ded
in th
e R
ules
, Bye
-law
s an
d R
egul
atio
ns o
f Nat
iona
l Sto
ck E
xcha
nge
of In
dia
Lim
ited,
MU
MB
AI.
Thi
s co
ntra
ct c
onst
itute
s an
d sh
all
be d
eem
ed t
o co
nstit
ute
as p
rovi
ded
over
leaf
an
agre
emen
t be
twee
n yo
u an
d m
e/us
tha
t al
l cl
aim
s (w
heth
er a
dmitt
ed o
r no
t),
diff
eren
ces
and
disp
utes
in r
espe
ct o
f any
dea
lings
, tra
nsac
tions
and
con
trac
ts o
f a d
ate
prio
r or
sub
sequ
ent t
o th
e da
te o
f thi
s co
ntra
ct (
incl
udin
g an
y qu
estio
n w
heth
ersu
ch d
ealin
gs,
tran
sact
ions
or
cont
ract
s ha
ve b
een
ente
red
into
or
not)
sha
ll be
sub
mitt
ed t
o an
d de
cide
d by
arb
itrat
ion
as p
rovi
ded
in t
he R
ules
, B
ye-L
aws
and
the
prov
isio
ns p
rint
ed o
verl
eaf f
orm
a p
art o
f the
con
trac
t.
Yo
urs
fait
hfu
lly,
Mum
bai
Dat
eM
emb
er o
f N
atio
nal
Sto
ck E
xch
ang
e o
f In
dia
Ltd
.P
.T.O
.
Nam
e o
f P
artn
er/
Pro
pri
eto
r/A
uth
ori
sed
Sig
nat
ory
Dea
ling
Off
ice
Add
ress
/Tel
. no.
/Tlx
no.
/Fax
no.
Co
ntr
act
Sp
ecif
icat
ion
sQ
uan
tity
Pri
ceA
mo
un
t(R
s.)
41
EX
TR
AC
TS
FR
OM
TH
E B
YE
LA
WS
& R
EG
UL
AT
ION
S P
ER
TA
ININ
G T
O A
RB
ITR
AT
ION
(1)
All
clai
ms,
diff
eren
ces
or d
ispu
tes
betw
een
the
Tra
ding
Mem
bers
inte
r se
and
bet
wee
n T
radi
ng M
embe
rs a
nd C
onst
ituen
ts a
risi
ng
out o
f or
in r
elat
ion
to d
ealin
gs,
cont
ract
s an
d tr
ansa
ctio
ns m
ade
subj
ect t
o th
e B
ye-L
aws,
Rul
es a
nd R
egul
atio
ns o
f the
Exc
hang
e or
with
ref
eren
ce to
any
thin
g in
cide
ntal
ther
eto
or in
pur
suan
ceth
ereo
f or
rela
ting
to th
eir
valid
ity, c
onst
ruct
ion,
inte
rpre
tatio
n, fu
lfillm
ent o
r th
e ri
ghts
, obl
igat
ions
and
liab
ilitie
s of
the
part
ies
ther
eto
and
incl
udin
g an
y qu
estio
n of
whe
ther
suc
h de
alin
gs,
tran
sact
ions
and
con
trac
ts h
ave
been
ent
ered
int
o or
not
sha
ll be
sub
mitt
ed t
o ar
bitr
atio
n in
acc
orda
nce
with
th
e pr
ovis
ions
of
thes
eB
yela
ws
and
Reg
ulat
ions
.(2
)In
all
deal
ings
, con
trac
ts a
nd tr
ansa
ctio
ns, w
hich
are
mad
e or
dee
med
to b
e m
ade
subj
ect t
o th
e B
yela
ws,
Rul
es a
nd R
egul
atio
ns o
f the
Exc
hang
e, th
e pr
ovis
ions
rela
ting
to a
rbitr
atio
n as
pro
vide
d in
thes
e B
yela
ws
and
Reg
ulat
ions
sha
ll fo
rm a
nd s
hall
be d
eem
ed to
form
par
t of t
he d
ealin
gs,
con
trac
ts a
nd tr
ansa
ctio
ns a
nd th
epa
rtie
s sh
all b
e de
emed
to h
ave
ente
red
into
an
arbi
trat
ion
agre
emen
t in
wri
ting
by w
hich
all
clai
ms,
diff
eren
ces
or d
ispu
tes
of th
e na
ture
ref
erre
d to
in c
laus
e (1
)ab
ove
shal
l be
subm
itted
to a
rbitr
atio
n as
per
the
prov
isio
ns o
f the
se B
yela
ws
and
Reg
ulat
ions
.(3
)A
ll cl
aim
s, d
iffer
ence
s or
dis
pute
s re
ferr
ed to
in c
laus
e (1
) abo
ve s
hall
be s
ubm
itted
to a
rbitr
atio
n w
ithin
six
mon
ths
from
the
date
on
whi
ch th
e cl
aim
, diff
eren
ce o
r dis
pute
aros
e or
sha
ll be
dee
med
to h
ave
aris
en. T
he ti
me
take
n in
con
cilia
tion
proc
eedi
ngs,
if a
ny,
initi
ated
and
con
duct
ed a
s pe
r the
pro
visi
ons
of th
e A
ct a
nd th
e tim
e ta
ken
by th
e R
elev
ant A
utho
rity
to a
dmin
istr
ativ
ely
reso
lve
the
clai
ms,
diff
eren
ces
or d
ispu
tes
shal
l be
excl
uded
for
the
purp
ose
of d
eter
min
ing
the
perio
d of
six
mon
ths.
(4)
Sav
e as
oth
erw
ise
spec
ified
by
the
Rel
evan
t Aut
hori
ty, t
he s
eat o
f arb
itrat
ion
for
diff
eren
t reg
ions
sha
ll be
as
follo
ws:
Sea
ts o
f A
rbit
rati
on
– R
EG
ION
AL
ST
AT
ES
CO
VE
RE
D B
Y T
HE
RA
CA
RB
ITR
AT
ION
CE
NT
RE
S (R
AC
)
DE
LHI
Del
hi, H
arya
na, U
ttar P
rade
sh,
Him
acha
l Pra
desh
, Pun
jab,
Jam
mu
& Ka
shm
ir, C
hand
igar
h, R
ajas
than
.
KO
LKA
TA
Wes
t Ben
gal,
Biha
r, O
rissa
, Ass
am, A
runa
chal
Pra
desh
, Miz
oram
, Man
ipur
, Sik
kim
, Meg
hala
ya, N
agal
and,
Trip
ura.
CH
EN
NA
IAn
dhra
Pra
desh
, Kar
nata
ka, K
eral
a, T
amiln
adu,
And
aman
& N
icob
ar, L
aksh
adw
eep,
Pon
dich
erry
.
MU
MB
AI
Mah
aras
htra
, Guj
arat
, Goa
, Dam
an, D
iu, D
adra
& N
agar
hav
eli,
Mad
hya
Prad
esh.
(5)
Sav
e as
oth
erw
ise
spec
ified
by
the
Rel
evan
t Aut
hori
ty, t
he c
rite
ria
for
sele
ctio
n of
sea
t of a
rbitr
atio
n fo
r a
part
icul
ar m
att
er is
as
follo
ws:
Par
ties
to D
ispu
teP
lace
of f
iling
the
App
licat
ion
for
Arb
itrat
ion
Pla
ce o
f hea
ring
T M
* V
/s T
Ma)
If t
he d
ealin
g of
fices
of
both
Tra
ding
Mem
bers
fro
m w
here
the
dea
ling
was
car
ried
is s
ituat
ed in
any
one
of t
he s
tate
s co
vere
d by
a p
artic
ular
RA
C th
en th
e A
pplic
atio
n fo
r A
rbitr
atio
n sh
all b
e fil
ed b
y th
e A
pplic
ant-
Tra
ding
Mem
ber
in th
at R
AC
.b)
If t
he d
ealin
g of
fices
of
both
Tra
ding
Mem
bers
fro
m w
here
the
dea
ling
was
car
ried
out
are
situ
ated
in s
tate
s co
vere
d by
diff
eren
t RA
C th
en th
eA
pplic
atio
n fo
r A
rbitr
atio
n sh
all b
e fil
ed in
the
RA
C c
over
ing
the
stat
e in
whi
ch th
e R
espo
nden
t -T
radi
ng M
embe
r's d
ealin
g of
fice
is s
ituat
ed.
The
hea
ring
sha
ll be
hel
d at
the
RA
C w
here
the
App
lican
t-T
radi
ng M
embe
r ha
s fil
ed th
e A
pplic
atio
n fo
r A
rbitr
atio
n an
dth
e R
espo
nden
t-T
radi
ng M
embe
r sh
all a
tten
d th
e he
arin
g in
that
par
ticul
ar R
AC
.
TM
V/s
C*
&C
V/s
TM
The
App
licat
ion
for
Arb
itrat
ion
shal
l be
file
d by
the
App
lican
t at
the
RA
Cco
veri
ng t
he s
tate
in w
hich
the
dea
ling
offic
e of
the
Tra
ding
Mem
ber
from
whi
ch th
e de
alin
g w
as c
arri
ed o
ut is
situ
ated
.
The
hea
ring
sha
ll be
hel
d in
tha
t R
AC
whe
re t
he A
pplic
ant
has
filed
the
App
licat
ion
for
Arb
itrat
ion
and
the
Res
pond
ent
shal
l att
end
the
hear
ing
in th
at p
artic
ular
RA
C.
* “
TM
” st
and
s fo
r “T
rad
ing
Mem
ber
” an
d “
C”
stan
ds
for
“Co
nst
itu
ent.
”F
or m
ore
deta
ils p
leas
e re
fer
to C
hapt
er X
I of t
he B
yela
ws
and
Cha
pter
5 o
f Fut
ures
& O
ptio
ns T
radi
ng R
egul
atio
ns o
f Nat
iona
l Sto
ck E
xcha
nge
of In
dia
Lim
ited.
42
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43
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44
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