I have a dispute with my stock broker in Kolkata regarding unauthorised trades; how do I approach the stock exchange arbitration mechanism?
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Below is a comprehensive legal analysis based on Indian law for your question.
You may file an arbitration complaint with the stock exchange (BSE or NSE) under the SEBI (Stock Brokers) Regulations, 1992 and the exchange's arbitration rules, within six months of the dispute arising. The complaint must be filed with the investor grievance cell of the exchange along with contract notes, statements, and correspondence. The exchange appoints an arbitrator, and an award is typically passed within four months, extendable. An appeal lies before the appellate arbitration panel within three months of the award. If unsatisfied, you may approach the Calcutta High Court to set aside the award under the Arbitration and Conciliation Act, 1996. The West Bengal Premises Tenancy Act 1997 on arbitration procedure may supplement the exchange's rules. SEBI's SCORES portal is also available for complaints against brokers.
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