39.1. if parties fail to resolve any claims, dispute or difference through conciliation, the dispute shall be referred to and decided by arbitration subject to the provisions of this user agreement and trading rules made thereunder.
39.2. reference to arbitration: all claims, differences and disputes, between a clients, member and/or the exchange, arising out of or in connection with the transactions on the exchange including any agreements and contracts, made subject to these user agreement or the trading rules or regulations of the exchange or with reference to anything incidental thereto or in pursuance thereof or relating to their validity, construction, interpretation, fulfilment or the rights, obligations and liabilities of the parties thereof and including any question of whether such agreements, contracts and transactions have been entered into or not, the parties shall be submitted to arbitration in accordance with the provisions of this user agreement and any trading rules framed thereunder.
39.3. in all trade, contracts, agreements and transactions, which are made or deemed to be made subject to these user agreement, trading rules and regulations of the exchange, this provision of arbitration shall form and deemed to form a part of such trade, contract, agreements and transactions and parties therein shall be deemed to have entered into an arbitration agreement in writing by which all claims, differences or disputes shall be submitted to arbitration as per the provisions of this client agreement.
39.4. appointment of arbitrators: the exchange shall prescribe by rules or notification the qualification of arbitrators. the exchange shall also constitute a panel of not less than five arbitrators, consisting of professionals conversant with the trading in the exchange and its client agreement, trading rules and regulations, or having expertise in such areas like law or economics, finance, business or from any other profession approved by the exchange.
39.5. place of arbitration:the place of arbitration shall be at the arbitration and conciliation centre at the exchange or any place prescribed by the exchange.
39.6. jurisdiction and procedures: all parties to a reference to arbitration under these client agreement, trading rules and regulations and the persons, if any, submitting claims under them, shall be deemed to have submitted to the exclusive jurisdiction of the court for the purpose of giving effect to the provisions of the act, this client agreement and trading rules and regulations in force.
39.7. all the reference to arbitration shall be conducted including the procedures, taking of evidence, passing of award and decided in accordance with the procedure and provision of this client agreement and trading rules framed there under by the exchange.
39.8. language of arbitration: the language of arbitration shall be in english and the proceedings also conducted in the english language. if the documents are in a language other than english, parties shall submit their true copies along with the documents.
39.9. fees and charges: the exchange shall prescribe the fees for the proceedings, charges of arbitrators and any other fees as may be required for the proceedings and the manner of payment from time to time.
39.10. set‐off and counterclaim: on a reference to arbitration by one party, the other party or parties shall be entitled to claim a set‐off or make a counterclaim against the former party, provided such set-off or counterclaim arises out of or relates to trades, contracts and transactions made subject to the client agreement, trading rules and regulations of the exchange and subject to arbitration as provided herein, and provided further such set‐off or counterclaim is presented, together with full particulars, at or before the first hearing of the reference but not afterwards unless specifically permitted by the arbitral tribunal.
39.11. award: the award passed by the arbitrator whether interim or final shall be binding on the parties and their respective representatives, notwithstanding the death of or legal disability occurring to any party before or after the making of the award and such death or legal disability shall not operate as a revocation of the reference or award or shall not affect the rights under the award of the awardees in any manner whosoever. after the award is being passed, a signed copy of the award shall be delivered to each party.
39.12. penalty on failure to submit to or abide by award in arbitration: exchange on receiving an award against a client and who fails or refuses to submit to or abide by or comply with any award in arbitration between customer and member or customer and the exchange, as may be provided in these client agreement, trading rules and regulations shall declare such member as a defaulter and suspended or terminated from its membership, and thereupon the other party shall be entitled to institute legal proceedings to enforce the award in the same manner as if it is a decree of court.
39.13. right to appeal: a party, who is aggrieved with the award, may appeal to the competent court of jurisdiction, within 30 days from the date of the award, in accordance with the arbitration act. provided that the aggrieved party shall deposit the amount in award with the exchange before filing the appeal and such amount shall be kept with the exchange in abeyance and shall be disposed of eventually as per the direction of the court.
39.14. enforceability of award as a decree: when the time for preferring an appeal has been expired and no appeal has been preferred or the appeal has been preferred and the appeal has been rejected the award is enforceable as if it is a decree of the court.
39.15. power to make rules: subject to this provision, the exchange shall frame necessary rules and regulations regarding the procedure of arbitration, procedure for appointment of arbitrators, procedure for making an award, fees, forms and all other procedures in relation to the conduct of arbitration, which are not specifically mentioned in this client agreement.