MCX launches online dispute redressal platform

MCX, the country’s largest commodity exchange, has empaneled Lex Carta Pvt as the primary Online Dispute Resolution service provider.

The platform will go live on Wednesday.

A complaint/dispute initiated through the ODR portal will be referred to an ODR Institution empaneled by a Market Infrastructure Institution.

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The ODR will provide an efficient mechanism for dispute resolution between investors/clients and all the stakeholders in the securities market.

The ODR portal has the necessary features to facilitate the enrolment of investors/client and market participants, allowing them to file their complaints/dispute and to upload relevant documents.

PS Reddy, Managing Director & CEO, MCX said with the onset of rapid digitisation in Indian financial markets, the online dispute resolution platform will empower the market participants to solve their disputes in a seamless and transparent manner with greater efficiency.

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SEBI diktat

In order to streamline the current dispute resolution mechanism in the securities market, SEBI had directed the MIIs to establish a common Online Dispute Resolution Portal (ODR Portal) for online conciliation and arbitration of disputes arising in the securities market.

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Dispute between investors and listed companies, specified intermediaries and regulated entities would come under the ambit of this Online Dispute Resolution.

Investors and listed companies, specified intermediaries and regulated entities would resolve their dispute in Indian Securities Market using “SMART ODR” an Online Dispute Resolution Portal, launched in association with all the MIIs.