282. All claims, complaints, differences and disputes between, members arising out of or in relation to any bargains, dealings, transactions or contracts made subject to the articles, bye-laws and regulations of the Exchange or with reference to anything incidental thereto or anything to be done in pursuance thereof and any question or dispute whether such bargains, dealings, transactions or contracts have been entered into or not shall be subject to arbitration and referred to the Arbitration Sub-committee as provided herein.

283. In respect of any claim, complaint, difference or dispute required to be referred to arbitration under these provisions no member shall commence legal proceedings against another without the permission of the Committee. If a member institutes such proceedings without permission and recovers any money or other relief he shall hold the same in trust for the Exchange and shall pay the same to the Exchange to be dealt with in the manner directed by the Committee.

284. All claims differences and disputes required to be referred to arbitration under these provisions shall be referred to the Arbitration Sub-committee for the time being constituted by the Committee.

285. Save as otherwise provided not less than two days’ notice from the date of filing of the reference of the time and place appointed for the hearing of the reference by the Arbitration Sub-committee shall be given to both parties to the reference.

286. If both the parties to the reference are present at the appointed time and place, the arbitrators shall proceed to hear the reference and to give the award.

Ex-parte Decision & Summary Disposal

287. If the party against whom the reference is filed be not present at the appointed time and place the arbitrators may hear and decide the reference ex-parte and if the party filing the reference be not present, the arbitrators may dismiss the reference summarily.

288. Any member aggrieved by the decision of the Arbitration Sub-committee may within 7 days of such decision being received appeal to the Committee whose decision shall be final.

289. The members of the Arbitration Sub-committee who have made any award against which an appeal is made to the Committee, may attend meeting of the Committee at which the appeal is heard but shall not be entitled to vote.

290. An award made by the Arbitration Sub-committee or the Committee shall be in writing and shall be signed by the members of the Arbitration Sub-committee or the Chairman on the Committee respectively. The award given by the Committee will be signed by the Chairman of the Committee who presided at the meeting wherein the Award was given.

291. A party to a reference who is a member of the Arbitration Sub-committee or the Committee shall not attend any meeting of the Arbitration Sub-committee or of the committee at which an inquire into the reference or appeal is made or at which a reference or appeal is heard.

292. It shall be no objection to an award of the Arbitration Sub-committee or of the Committee that the meeting at which a reference or appeal was inquired into or a reference or appeal was heard was adjourned from time to time or that the inquiry was not completed or that the reference or appeal was not finally heard at one meeting.

293. It shall be no objection to an award of the Arbitration Sub-committee or of the Committee that the composition of the Arbitration Sub-committee or the Committee changed during the inquiry or reference or appeal.

294. If a party to a reference in whose favour an award has been made be not present at the time fixed by the Committee for hearing the appeal against such award, the Committee may proceed to hear the appeal ex-parte.

295. On sufficient cause being shown the Committee may set aside an ex-parte award made by the Arbitration Sub-Committee and in any such case the Committee may direct that the reference to the appeal be again entered into and heard.

296. Whenever an award directs that certain acts or things be done by the parties to the reference and a party fails to comply with such direction the other party may make fresh reference for a further award for determining the dispute outstanding or the amount of damages or compensation payable by reason of such failure.

297. The Arbitration Sub-committee shall not take any cognisance of any claim, complaint, difference or dispute which shall not be referred to it within the statutory period of three years of the date when it arose.

298. The Committee may, if deemed fit whether the time for making the award has expired or not or whether the award has been made or not, extend, from time to time, the time for making an award.

299. The Arbitration Sub-committee or the Committee may decline to hear a reference or an appeal or may dismiss any reference or appeal at any time during the proceedings and refer the parties to their remedies at law and it shall so refer them upon the joint request of the parties.

300. A member who fails or refuses to submit to or abide by or carry out any award in arbitration between members as provided herein may be fined, suspended and/or expelled by the Committee as provided in the Articles, Bye-laws and Regulations and there-upon the other party shall be entitle to institute any suit or legal proceedings to enforce the award or otherwise assert his rights.

301. The parties desiring to make a reference to arbitration or proceed in appeal shall pay in advance the fees prescribed in Regulation or such other fees as the Committee may from time to time prescribe in modification or substitution thereof.

302. Unless otherwise directed in the award the party against whom the award finally made shall pay all fees paid by the other party to the reference in connection with the arbitration proceedings.

303. During a hearing the parties to the reference and/or their office employees conversant with the facts of the case may appear before the Arbitrations Sub-committee or the Committee in the case of appeal; but no party shall be entitled to insist to appear by counsel, attorney or advocate or such other authorised representative or to insist that the arbitrators do hear or examine witnesses or receive oral or documentary evidence other than what is deemed necessary by the Arbitration Sub-committee or the Committee in case of appeal.

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