SEBI Releases Dispute Resolution Mechanism for ‘Limited Purpose Clearing Corporation’
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- Last Updated on 20 April, 2023
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Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/57, dated: 17.04.2023
SEBI has put in place a dispute resolution mechanism for the Limited Purpose Clearing Corporation (LPCC). The aim of the mechanism is to address and resolve disputes and claims arising from transactions cleared by the LPCC.
Accordingly, this mechanism aims to settle disputes among clearing members, disputes between clearing members and their clients, disputes between the LPCC and its vendors/suppliers/service providers and disputes between clearing members or its clients and the LPCC.
All disputes between a Clearing Member and the LPCC must be resolved according to the dispute resolution mechanism prescribed by SEBI. In case, a Clearing Member or the LPCC is not satisfied with the decision as per such mechanism, then the disputes must be resolved in accordance with the procedure laid down in the Payment and Settlement Systems Act, 2007 and rules and directions notified thereunder.
Similarly, disputes arising between Clearing Members and their clients arising from any transactions cleared and settled or intended to be cleared and/or settled by the LPCC shall be resolved according to the dispute resolution mechanism prescribed by SEBI.
Also, the LPCC is directed to bring the provisions of this circular to the notice of its Clearing Members and also disseminate the same on its website. This circular shall come into force with an immediate effect.
Click Here To Read The Full Circular
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