Capital markets regulator Sebi on Friday tweaked the framework on investor grievance redressal mechanism after receiving representation from stock exchanges. The regulator has modified framework pertaining to speeding up grievance redressal mechanism and threshold limit for interim relief paid out of investor protection fund (IPF) of the stock exchange among others. With regard to place of arbitration or appellate arbitration in case award amount is more than Rs 50 lakh, Sebi said the next level of proceedings may take place at the nearest metro city, if desired by any of the party involved. The additional statutory cost for arbitration, if any, will be borne by party desirous of shifting the place of arbitration, the Securities and Exchange Board of India (Sebi) said in a circular. In all cases except the additional fees charged from the trading members, if the claim is filed beyond the prescribed timeline (only for member) on issue of the arbitral award then the stock exchange wi
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