No hearing is afforded to the parties to the dispute if the value of the claim difference or dispute is Rs.One lahh or less.
However, if the value of claim, difference or dispute is more than Rs.One lakh, the arbitrator shall offer to hear the parties to the dispute unless both parties waive their rights for such hearing in writing.
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
|It is a quasi judicial process of settlement of dispute between the trading members and clients, in respect of trades done on the Exchange.
Arbitration aims at quicker legal resolution for the disputes. When one of the parties feels that the complaint has not been resolved satisfactory either by the other party or through the complaint resolution process of the Exchange, the parties may choose the route of arbitration.