ITC LIMITED Vs. METROPOLITAN STOCK EXCHANGE

JUDGEMENT

(1.) The present Writ Petition under Article 226 of the Constitution of India takes exception to the communications dtd. 24/10/2024 and 26/11/2024 ( "impugned communications ") issued by Respondent Nos. 1 and 3 under the Online Dispute Resolution mechanism introduced by the Securities and Exchange Board of India ( "SEBI ") pursuant to its Master Circular dtd. 31/7/2023 ( "Master Circular "). By the impugned communications, the Petitioner has, inter alia, been called upon to participate in the arbitral proceedings initiated by Respondent No. 2 and to comply with the requirements relating to payment of arbitral fees.

(2.) The Master Circular seeks to streamline the existing dispute-resolution mechanism in the Indian securities market under the aegis of Stock Exchanges and Depositories, collectively referred to as Market Infrastructure Institutions ( "MIIs "), by establishing a common Online Dispute Resolution Portal ( "ODR Portal ") which provides for resolution of disputes through online conciliation and online arbitration.

(3.) Respondent No. 1, Metropolitan Stock Exchange of India Limited ( "MSE "), is an MII participating in the framework established under the Master Circular. Respondent No. 2 is the complainant ( "Complainant ") who has raised the dispute against the Petitioner. Respondent No. 3, Jupitice Justice Technology Private Limited ( "ODR Institution "), is an ODR Institution empanelled by MSE and is engaged in facilitating and administering online alternative dispute resolution under the ODR framework.