On 31-7-2023, the Securities and Exchange Board of India (‘SEBI') introduced a common Online Dispute Resolution Portal (‘ODR Portal') which will harness online conciliation and online arbitration for resolution of disputes arising in the Indian Securities Market.

Key Points:

  1. The provisions of this circular will be Implemented in Phases:

    • First Phase-

      • to be completed on or before 1-8-2023 which includes Development of Portal/ Empanelment of ODR Institutions by the Market Infrastructure Institutions (‘MIIs')/ Empanelment of Conciliators and Arbitrators by such ODR Institutions.

      • registration of Trading Members and Depository Participants on the ODR Portal by 15-8-2023.

      • commencement of registering of complaints/disputes against brokers and depository participants and their resolution on and from 16-8-2023.

    • Second Phase-

      • Registration of all other Market Participants on the ODR Portal by 15-9-2023.

      • Commencement of registering of complaints/disputes against all other Market Participants and their resolution on and from 16-9-2023.

      • implementation of related processes and requirements envisaged in this Circular will be in effect by 16-9-2023.

  2. Any dispute/ unresolved issue of any service requests or service-related request arising between parties as specified in Schedule A, Schedule B can be resolved in accordance with this circular.

  3. ODR Portal Mechanism:

    • MIIs, in consultation with their empaneled ODR Institution will establish an ODR Portal.

    • MIIs will develop and operationalize the ODR Platform.

    • MIIs will enter into an agreement amongst themselves preparing an outline of:

      • nature of their responsibilities

      • cost of development/ operating/ upgradation/ maintenance

      • Inspection and audit of the ODR Platform

    • Exception- MIIs which are initially excluded from the Round Robin System are not required to incur any costs for development and maintenance of the ODR Portal during the period of such exclusion.

    • The ODR Portal should have due connectivity with each such ODR Institution and also with the SEBI Complaints Redress System (‘SCORES') portal/ SEBI Intermediary portal.

    • The link to the ODR Portal will be displayed on the home page of the website/ mobile application of all market participants.

  4. ODR Portal's necessary Features & Facilities:

    • enroll the investor/client and the Market Participant

    • file the complaint/dispute and to upload any documents or papers

    • facility to provide status updates on the complaint/dispute which would be obtained from the ODR Institutions

    • features and facilities will periodically reviewed by the MIIs and upgradedn

    • shall be periodically reviewed and upgraded by the MIIs, new features and facilities added from time to time as required by the Board

  5. Form of Proceedings: ODR Institutions will conduct Arbitration and Conciliation in online mode. The investor, Market Participants and the Conciliator/ Arbitrator will be able to participate in online/ audio-video mode.

  6. No fees will be charged for registration of a complaint/ dispute on the ODR Portal.

  7. Schedule A and Schedule B contains the list of Specified Intermediaries and Regulated Entities.

  8. Schedule C contains the Norms for empanelment of ODR Institutions by MIIs and continuing obligations of ODR Institutions.

  9. Schedule D lays down the Suggested norms for empanelment of conciliator or arbitrator.

  10. Schedule E specifies the Code of Conduct for Conciliators and Arbitrators.

  11. 27 SEBI Circulars/ Directions dealing with mediation/ conciliation and arbitration stands superseded by this Circular.


  1. Round Robin System means an arrangement of choosing all elements in a group equally in some rational order, usually from the top to the bottom of a list and then starting again at the top of the list and so on.

  2. Matters or references currently under consideration of the Investor Grievance Redressal Committee or in arbitration (sole, panel or appellate arbitration) will be disposed of as per the superseded circulars and within the timelines specified in such circulars.

  3. For disputes pertaining to claims against defaulting trading members the same shall be addressed through the existing mechanism via the Core Settlement Guarantee Fund (Core SGF).

  4. All matters that are appealable before the Securities Appellate Tribunal in terms of Section 15T of SEBI Act, 1992 Sections 22A and 23L of Securities Contracts (Regulation) Act, 1956 and 23A of Depositories Act, 1996 will be outside the purview of the ODR Portal.

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  • How to register/process for registration of SEBI-Online dispute resolution?

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