The National Stock Exchange (NSE) has witnessed a sharp surge in cases of arbitration during the current year, the highest in the past four years.

Under the capital market segment, NSE had registered 149 such cases in 2000, while 153 cases in 1999 and 164 cases in 1998. There were 2 cases of arbitration under the wholesale debt market segment during 1999, 1 case in 2000 and not a single case up to now in the current year.

The number of cases withdrawn from arbitration during a particular year has also witnessed surge during the current year. Fifteen arbitration cases have been withdrawn during the current year, while 5 cases each were withdrawn in 2000 and 1999, while 3 cases were withdrawn during 1998.

The highest number of arbitration cases have been received from Mumbai, followed by Chennai, Delhi and Calcutta. During the current year, of the total arbitration cases in the capital market segment, 116 awards have been given, while 159 cases were pending at the end of November.

However, as on end-November a total 172 cases since 1998 were pending at the NSE, of which 159 cases alone are of the current year.

NSE has a dispute resolution committee which has been formed of the existing committee on settlement issues (COSI).

Representatives of the various regions meet to solve disputes between members with relation to Clearing and Settlement issues. The decision of the DRC committee is final and binding on the parties to the disputes. Minimum two NSE officials are present at every meeting of the DRC.

The COSI is a committee of members representing various regions of the country where NSE operates. The panel normally meets once in every two months to discuss policy issues pertaining to clearing and settlement and other allied issues, having impact on the market or system as a whole.