Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023

4190 GI/2023 (1)
REGD. No. D. L.-33004/99 xxxGIDHxxx xxxGIDExxx EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
Securities and Exchange Board of India
Mumbai, the 3rd July, 2023

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE DISPUTE RESOLUTION MECHANISM) (AMENDMENT) REGULATIONS, 2023

No. SEBI/LAD–NRO/GN/2023/137.—In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, Securities and Exchange Board of India (Custodian) Regulations, 1996, Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999, Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011, Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, Securities and Exchange Board of India (Research Analysts) Regulations, 2014, Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, and Securities and Exchange Board of India (Vault Managers) Regulations, 2021, namely, —

No. 466] NEW DELHI, MONDAY, JULY 3, 2023/ASHADHA 12, 1945 CG-MH-E-04072023-247017

2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]

SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS, 2020, and Securities and Exchange Board of India (Vault Managers) Regulations, 2021, namely, —

1. These regulations may be called the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023.

2. They shall come into force on the date of their publication in the Official Gazette.

Amendments to the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992

3. In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, after regulation 28A, the following regulation shall be inserted, namely, —

“Dispute Resolution.
28B. All claims, differences or disputes between a merchant banker and its client arising out of or in relation to the activities of the merchant banker in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993

4. In the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, after regulation 15A, the following regulation shall be inserted, namely, —

“Dispute Resolution.
15B. All claims, differences or disputes between a registrar to an issue and share transfer agent and its client and investor arising out of or in relation to the activities of the registrar to an issue and share transfer agent in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993

5. In the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, after regulation 14, the following regulation shall be inserted, namely, —

“Dispute Resolution.
14A. (1) All claims, differences or disputes between a debenture trustee and a body corporate which has appointed the debenture trustee, arising out of or in relation to the activities of the debenture trustee in the securities market shall be submitted to a resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board. (2) No loss or damage or expenses incurred by the debenture trustee or the body corporate which has appointed the debenture trustee shall be met out of the trust property.”

Amendments to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

6. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,
   (i) after regulation 59A, the following regulation shall be inserted, namely, —

“Dispute Resolution.
59B. All claims, differences or disputes between the asset management company and investors arising out of or in relation to the activities of the asset management company in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

(ii) in the Fourth Schedule, in clause (vi), after the words “delegated by the asset management company” the words, figures and symbols “, including those in relation to resolution of claims or disputes of investors in terms of regulation 59B,” shall be inserted.

Amendments to the Securities and Exchange Board of India (Custodian) Regulations, 1996

7. In the Securities and Exchange Board of India (Custodian) Regulations, 1996, after regulation 17, the following regulation shall be inserted, namely, —

“Dispute Resolution.
17B. All claims, differences or disputes between a custodian and its client arising out of or in relation to the activities of the custodian in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999

8. In the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, after regulation 14, the following regulation shall be inserted, namely, —

“Dispute Resolution.
14B. All claims, differences or disputes between a credit rating agency and its client arising out of or in relation to the activities of the credit rating agency in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Collective Investment Schemes) [Collective Investment Schemes] Regulations, 1999

9. In the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999,
   (i) after regulation 14, the following regulation shall be inserted, namely, —

“Dispute Resolution.
14B. All claims, differences or disputes between a collective investment scheme manager and investors arising out of or in relation to the activities of the collective investment scheme manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

(ii) in the Third Schedule, in clause 3, after the words “delegated by the collective investment scheme manager” the words, figures and symbols “, including those in relation to resolution of claims or disputes of investors in terms of regulation 14B,” shall be inserted.

Amendments to the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011

10. In the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011, after regulation 16A, the following regulation shall be inserted, namely, —

“Dispute Resolution.
16B. All claims, differences or disputes between a ‘KYC (Know Your Client) Registration Agency’ (KRA) and any intermediary arising out of or in relation to the activities of the KRA in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Alternative Investment Funds) [Alternative Investment Funds] Regulations, 2012

11. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, after regulation 25, the following regulation shall be inserted, namely, —

“Dispute Resolution.
25. All claims, differences or disputes between investors and the alternative investment fund or manager arising out of or in relation to the activities of the alternative investment fund or manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board:
Provided that if the alternative investment fund is a trust, no loss or damage or expenses incurred by the manager or the manager’s authorized persons, including those in relation to resolution of claims or disputes of investors, shall be met out of the trust property.”

Amendments to the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013

12. In the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, in regulation 21, in sub-regulation (4), after the words and symbols “disputes between an investment adviser and its client shall be referred for mediation or to any regulatory authority, as applicable, by the authorized or designated officer” the words and symbols “If any dispute arises between an investment adviser and its client, it shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board, or it shall be referred for resolution to any regulatory authority, as applicable, by the authorized or designated officer” shall be inserted.

Amendments to the Securities and Exchange Board of India (Research Analysts) Regulations, 2014

13. In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, after regulation 26, the following regulation shall be inserted, namely, —

“Dispute Resolution.
26B. All claims, differences or disputes between a research analyst or research entity and its client arising out of or in relation to the activities of the research analyst in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Infrastructure Investment Trusts) [Infrastructure Investment Trusts] Regulations, 2014

14. In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, after regulation 22, the following regulation shall be inserted, namely, —

“Dispute Resolution.
22B. (1) All claims, differences or disputes between investors and the fund manager arising out of or in relation to the activities of the fund manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board. (2) No loss or damage or expenses incurred by the fund manager or the fund manager’s authorized persons, including those in relation to resolution of claims or disputes of investors, shall be met out of the trust property.”

Amendments to the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014

15. In the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, after regulation 22, the following regulation shall be inserted, namely, —

“Dispute Resolution.
22B. (1) All claims, differences or disputes between investors and the manager arising out of or in relation to the activities of the manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board. (2) No loss or damage or expenses incurred by the manager or the manager’s authorized persons, including those in relation to resolution of claims or disputes of investors, shall be met out of the trust property.”

Amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

16. In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
    (i) in regulation 40, in sub-regulation (8), the symbols and words “: Provided that and so far as may be necessary for this purpose, any claim, difference or dispute shall be referred for arbitration and the award of the arbitrator shall be binding, as provided in the bye-laws and/or regulations of the Stock Exchange (Exchanges)” shall be deleted. (ii) after regulation 67, in sub-regulation (5), the following regulation shall be inserted, namely, —

“(5) All claims, differences or disputes between a listed entity and its investors arising out of or in relation to the activities of the listed entity in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019

17. In the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, after regulation 24, the following regulation shall be inserted, namely, —

“Dispute Resolution.
24B. All claims, differences or disputes between a designated depository participant arising out of or in relation to the activities of the designated depository participant in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020

18. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, after regulation 22, the following regulation shall be inserted, namely, —

“Dispute Resolution.
22B. All claims, differences or disputes between investors and the portfolio manager arising out of or in relation to the activities of the portfolio manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Vault Managers) Regulations, 2021

19. In the Securities and Exchange Board of India (Vault Managers) Regulations, 2021, after regulation 16, the following regulation shall be inserted, namely, —

“Dispute Resolution.
16B. All claims, differences or disputes between a vault manager and any beneficiary owner arising out of or in relation to the activities of the vault manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Babita Ray Doo, Secretary to the Government
[File No. III/4/Extra./247/2023-24]

SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 3rd July, 2023

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE DISPUTE RESOLUTION MECHANISM) (AMENDMENT) REGULATIONS, 2023

SEBI/LAD–NRO/GN/2023/137.—In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, Securities and Exchange Board of India (Custodian) Regulations, 1996, Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999, Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011, Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, Securities and Exchange Board of India (Research Analysts) Regulations, 2014, Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, and Securities and Exchange Board of India (Vault Managers) Regulations, 2021, namely, —

1. These regulations may be called the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023.

2. They shall come into force on the date of their publication in the Official Gazette.

Amendments to the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992

3. In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, after regulation 28A, the following regulation shall be inserted, namely, —

“Dispute Resolution.
28B. All claims, differences or disputes between a merchant banker and its client arising out of or in relation to the activities of the merchant banker in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993

4. In the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, after regulation 15A, the following regulation shall be inserted, namely, —

“Dispute Resolution.
15B. All claims, differences or disputes between a registrar to an issue and share transfer agent and its client and investor arising out of or in relation to the activities of the registrar to an issue and share transfer agent in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993

5. In the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, after regulation 14, the following regulation shall be inserted, namely, —

“Dispute Resolution.
14A. (1) All claims, differences or disputes between a debenture trustee and a body corporate which has appointed the debenture trustee, arising out of or in relation to the activities of the debenture trustee in the securities market shall be submitted to a resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board. (2) No loss or damage or expenses incurred by the debenture trustee or the body corporate which has appointed the debenture trustee shall be met out of the trust property.”

Amendments to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

6. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,
   (i) after regulation 59A, the following regulation shall be inserted, namely, —

“Dispute Resolution.
59B. All claims, differences or disputes between the asset management company and investors arising out of or in relation to the activities of the asset management company in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

(ii) in the Fourth Schedule, in clause (vi), after the words “delegated by the asset management company” the words, figures and symbols “, including those in relation to resolution of claims or disputes of investors in terms of regulation 59B,” shall be inserted.

Amendments to the Securities and Exchange Board of India (Custodian) Regulations, 1996

7. In the Securities and Exchange Board of India (Custodian) Regulations, 1996, after regulation 17, the following regulation shall be inserted, namely, —

“Dispute Resolution.
17B. All claims, differences or disputes between a custodian and its client arising out of or in relation to the activities of the custodian in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999

8. In the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, after regulation 14, the following regulation shall be inserted, namely, —

“Dispute Resolution.
14B. All claims, differences or disputes between a credit rating agency and its client arising out of or in relation to the activities of the credit rating agency in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Collective Investment Schemes) [Collective Investment Schemes] Regulations, 1999

9. In the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999,
   (i) after regulation 14, the following regulation shall be inserted, namely, —

“Dispute Resolution.
14B. All claims, differences or disputes between a collective investment scheme manager and investors arising out of or in relation to the activities of the collective investment scheme manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

(ii) in the Third Schedule, in clause 3, after the words “delegated by the collective investment scheme manager” the words, figures and symbols “, including those in relation to resolution of claims or disputes of investors in terms of regulation 14B,” shall be inserted.

Amendments to the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011

10. In the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011, after regulation 16A, the following regulation shall be inserted, namely, —

“Dispute Resolution.
16B. All claims, differences or disputes between a ‘KYC (Know Your Client) Registration Agency’ (KRA) and any intermediary arising out of or in relation to the activities of the KRA in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Alternative Investment Funds) [Alternative Investment Funds] Regulations, 2012

11. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, after regulation 25, the following regulation shall be inserted, namely, —

“Dispute Resolution.
25. All claims, differences or disputes between investors and the alternative investment fund or manager arising out of or in relation to the activities of the alternative investment fund or manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board:
Provided that if the alternative investment fund is a trust, no loss or damage or expenses incurred by the manager or the manager’s authorized persons, including those in relation to resolution of claims or disputes of investors, shall be met out of the trust property.”

Amendments to the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013

12. In the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, in regulation 21, in sub-regulation (4), after the words and symbols “disputes between an investment adviser and its client shall be referred for mediation or to any regulatory authority, as applicable, by the authorized or designated officer” the words and symbols “If any dispute arises between an investment adviser and its client, it shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board, or it shall be referred for resolution to any regulatory authority, as applicable, by the authorized or designated officer” shall be inserted.

Amendments to the Securities and Exchange Board of India (Research Analysts) Regulations, 2014

13. In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, after regulation 26, the following regulation shall be inserted, namely, —

“Dispute Resolution.
26B. All claims, differences or disputes between a research analyst or research entity and its client arising out of or in relation to the activities of the research analyst in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Infrastructure Investment Trusts) [Infrastructure Investment Trusts] Regulations, 2014

14. In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, after regulation 22, the following regulation shall be inserted, namely, —

“Dispute Resolution.
22B. (1) All claims, differences or disputes between investors and the fund manager arising out of or in relation to the activities of the fund manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board. (2) No loss or damage or expenses incurred by the fund manager or the fund manager’s authorized persons, including those in relation to resolution of claims or disputes of investors, shall be met out of the trust property.”

Amendments to the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014

15. In the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, after regulation 22, the following regulation shall be inserted, namely, —

“Dispute Resolution.
22B. (1) All claims, differences or disputes between investors and the manager arising out of or in relation to the activities of the manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board. (2) No loss or damage or expenses incurred by the manager or the manager’s authorized persons, including those in relation to resolution of claims or disputes of investors, shall be met out of the trust property.”

Amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

16. In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
    (i) in regulation 40, in sub-regulation (8), the symbols and words “: Provided that and so far as may be necessary for this purpose, any claim, difference or dispute shall be referred for arbitration and the award of the arbitrator shall be binding, as provided in the bye-laws and/or regulations of the Stock Exchange (Exchanges)” shall be deleted. (ii) after regulation 67, in sub-regulation (5), the following regulation shall be inserted, namely, —

“(5) All claims, differences or disputes between a listed entity and its investors arising out of or in relation to the activities of the listed entity in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019

17. In the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, after regulation 24, the following regulation shall be inserted, namely, —

“Dispute Resolution.
24B. All claims, differences or disputes between a designated depository participant arising out of or in relation to the activities of the designated depository participant in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020

18. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, after regulation 22, the following regulation shall be inserted, namely, —

“Dispute Resolution.
22B. All claims, differences or disputes between investors and the portfolio manager arising out of or in relation to the activities of the portfolio manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Amendments to the Securities and Exchange Board of India (Vault Managers) Regulations, 2021

19. In the Securities and Exchange Board of India (Vault Managers) Regulations, 2021, after regulation 16, the following regulation shall be inserted, namely, —

“Dispute Resolution.
16B. All claims, differences or disputes between a vault manager and any beneficiary owner arising out of or in relation to the activities of the vault manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.”

Babita Ray Doo, Secretary to the Government
[File No. III/4/Extra./247/2023-24]

8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] Amendments to the Securities and Exchange Board of India (Custodian) Regulations 1996
7. In the Securities and Exchange Board of India (Custodian) Regulations, 1996, after regulation 17, the
following regulation shall be inserted, namely, — “Dispute Resolution.
17A. All claims, differences or disputes between a custodian and its client arising out of or in relation to the activities of the custodian in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.” Amendments to the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999
8. In the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, after regulation
14, the following regulation shall be inserted, namely, — “Dispute Resolution.
14A. All claims, differences or disputes between a credit rating agency and its client arising out of or in relation to the activities of the credit rating agency in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.” Amendments to the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999
9. In the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999,
(i) after regulation 14, the following regulation shall be inserted, namely, — “Dispute Resolution.
14A. All claims, differences or disputes between the Collective Investment Management Company and investors arising out of or in relation to the activities of the Collective Investment Management Company in the securities market shall be submitted to a resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.” (ii) in the Fifth Schedule, in clause 3, after the words “delegated by the Collective Investment Management Company” the words, figures and symbols “, including those in relation to resolution of claims or disputes of investors in terms of regulation 14A,” shall be inserted. Amendments to the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011
10. In the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations,
2011, after regulation 16A, the following regulation shall be inserted, namely, — “Dispute Resolution.
16B. All claims, differences or disputes between a KRA and an Intermediary arising out of or in relation to the activities of the KRA in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.” Amendments to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
11. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, regulation
25 shall be substituted with the following, namely, — “Dispute Resolution.
25. All claims, differences or disputes between investors and the Alternative Investment Fund or the
Manager arising out of or in relation to the activities of the Alternative Investment Fund or the Manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board:
Provided that if the Alternative Investment Fund has been established as a trust, then no loss or damage or expenses incurred by the Manager or officers of the Manager, including those in relation to resolution of claims or disputes of investors, shall be met out of the trust property.”

[भाग III—खण् ड 4] भारत का रािित्र : असाधारण 9
Amendments to the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013
12. In the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, in regulation 21, in
sub-regulation (4), the words “may be resolved through arbitration” shall be substituted with the words and symbols “shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration in accordance with the procedure specified by the Board”. Amendments to the Securities and Exchange Board of India (Research Analysts) Regulations, 2014
13. In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, after regulation 26, the
following regulation shall be inserted, namely, — “Dispute Resolution.
26A. All claims, differences or disputes between a research analyst or research entity and its client arising out of or in relation to the activities of the research analyst or research entity in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.” Amendments to the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
14. In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, after
regulation 22, the following regulation shall be inserted, namely, — “Dispute Resolution.
22A. (1) All claims, differences or disputes between investors and the investment manager arising out of or in relation to the activities of the investment manager in the securities market shall be submitted to a resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board. (2) No loss or damage or expenses incurred by the investment manager or officers of the investment manager, including those in relation to resolution of claims or disputes of investors, shall be met out of the trust property.” Amendments to the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
15. In the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, after
regulation 22, the following regulation shall be inserted, namely, — “Dispute Resolution.
22A. (1) All claims, differences or disputes between investors and the manager arising out of or in relation to the activities of the manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board. (2) No loss or damage or expenses incurred by the manager or officers of the manager, including those in relation to resolution of claims or disputes of investors, shall be met out of the trust property.” Amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
16. In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015,
(i) in regulation 40, in sub-regulation (8), the words and symbols “: Provided further that in case of any claim, difference or dispute under this sub-regulation the same shall be referred to and decided by arbitration as provided in the bye-laws and/or regulations of the stock exchange(s)” shall be omitted. (ii) in regulation 67, sub-regulation (5) shall be substituted with the following, namely, — “(5) All claims, differences or disputes between the listed entity and its investor arising out of or in relation to the activities of the listed entity in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.” Amendments to the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
17. In the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, after
regulation 24, the following regulation shall be inserted, namely, —

10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “Dispute Resolution.
24A. All claims, differences or disputes between a foreign portfolio investor and a designated depository participant arising out of or in relation to the activities of the designated depository participant in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.” Amendments to the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020
18. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, after regulation 22,
the following regulation shall be inserted, namely, — “Dispute Resolution.
22A. All claims, differences or disputes between investors and the portfolio manager arising out of or in relation to the activities of the portfolio manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.” Amendments to the Securities and Exchange Board of India (Vault Managers) Regulations, 2021
19. In the Securities and Exchange Board of India (Vault Managers) Regulations, 2021, after regulation 16, the
following regulation shall be inserted, namely, — “Dispute Resolution.
16A. All claims, differences or disputes between a vault manager and a beneficial owner arising out of or in relation to the activities of the vault manager in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.” BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./247/2023-24] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.