Procedural Fairness of Arbitration Process in Indian Capital Market
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 1
Abstract
The extant research work attempts to study the procedural fairness of arbitration process in investor complaint redressal system in Indian Capital Market. Although there are lot of law and financial academic research studies available at Global perspective, there was lack of works done on arbitration process in Indian Capital market. Hence to fill this lacuna, the present paper throws a light on entire system of arbitration process both in National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) under the guidelines of Securities Exchange Board of India (SEBI). In order to evaluate the effectiveness of arbitration process in Indian capital market 100 cases registered in NSE and BSE are selected on random basis for the financial year starting from 2011-12 to 2015-16. Furthermore the chi-square test is used to analyse the associations between various independent variables and three dependent (outcome) variables. In succession, we tested whether the independent variables were associated with (i) whether the case was settled, decided or appealed by arbitration; (ii) if decided, whether it is in favour of investors or not (iii) if the case was in favour of investors, whether the individual was awarded a “high” portion , “low” portion, “equal” portion of the claimed amount. Ultimately based on the result paper pleads for reform in entire system of investor complaint redressal process through maintaining the arbitration procedural fairness at each level of arbitration process.
Authors and Affiliations
Dr. Devaraja T. S, Kusuma Hiremat Y. G
Keywords
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- EP ID EP409536
- DOI 10.9790/487X-2001061623.
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