Appeal Mechanism
Any party not satisfied with the arbitration award can file an appeal before Appellate Arbitrators of Exchange within one month from date of receipt of award.
In partial modification to SEBI circular No. CIR/MRD/ICC/29/2013 dated September 26, 2013, the fees applicable for appellate arbitration is revised to Rs.54,000/- (exclusive of statutory dues – stamp duty, service tax etc.) and would be payable by the appellant. If the appellant is a client, the additional expense shall be borne by the client and Exchange equally.
For eg. Party filing appeal is a client having claim/counter claim of upto Rs.10 lakhs
Additional cost: Rs.24,000/- (Rs.54,000/- less Rs.30,000/-)
Additional cost to be borne by client: Rs.12,000/-
Additional cost to be borne by Exchange: Rs.12,000/-
Total Appellate fees to be borne by client: Rs.22,000/- (Rs.10,000/- + Rs.12,000/-)
Total Appellate fees to be borne by Exchange / IPF: Rs.32,000/-
For eg. Party filing appeal is a client having claim/counter claim of more than Rs.10 lakhs
Additional cost: Rs.24,000/- (Rs.54,000/- less Rs.30,000/-)
Additional cost to be borne by client: Rs.12,000/-
Additional cost to be borne by Exchange: Rs.12,000/-
Total Appellate fees to be borne by client: Rs.42,000/- (Rs.30,000/- + Rs.12,000/-)
Total Appellate fees to be borne by Exchange: Rs.12,000/-