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Dear Saurabh Kumar,
This is with reference to SEBI circulars no. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated Jul 31, 2023, SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/135 dated Aug 04, 2023 and SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2023/191 dated Dec 20, 2023, pursuant to which SEBI has expanded the scope of the existing dispute resolution mechanisms in the Indian Securities Market by establishing a common Online Dispute Resolution Portal (ODR Portal) that harnesses online conciliation and online arbitration for resolution of disputes arising in the Indian Securities Market.
Under these mechanisms, any unresolved grievances/disputes against ICICI Bank, relating to its activities as a Depository Participant (DP), will be resolved in accordance with the above circulars.
Please note that dispute resolution through the ODR Portal may be accessed after exhausting the existing mechanisms available in terms of para 11 and 12 of the circular no. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated Jul 31, 2023 & as amended through subsequent circulars mentioned above that provide for lodging a complaint directly with DP and further escalating through the SCORES portal, if the grievance is not redressed satisfactorily. Accordingly, in case of any grievances/complaints, you may first directly approach the Bank by writing to us at customer.care@icicibank.com.
The following dispute resolution mechanisms shall be deemed to form part of the existing terms governing your Demat Account: |
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| i. | The account holder may write to ICICI Bank Limited at customer.care@icicibank.com about their complaint or grievance and if the same is not redressed satisfactorily, the account holder may raise a complaint through the SCORES portal in accordance with the SCORES guidelines. |
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| ii. | In the event such claim, dispute or grievance (‘Dispute’) is not satisfactorily addressed, whatsoever (whether in contract, tort or otherwise) arising out of or relating to your Demat Account opened with ICICI Bank, the same shall be referred to and settled by arbitration initiated and conducted through the Online Disputes Resolution portal (‘SMART ODR Portal’) set up in accordance with the rules and/or regulations prescribed by the Securities and Exchange Board of India (‘SEBI Regulations’) (as updated from time to time). |
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| iii. | Thus, either the account holder or ICICI Bank Limited (each, a ‘Party’ and collectively, ‘Parties’) may access and upload their grievance on the SMART ODR Portal through the link icici.co/DUvOdo0TglS that shall also be made available on the website of ICICI Bank Limited. |
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| iv. | The Dispute shall be referred (on a round robin basis) to the conciliation and/or arbitration institutions (‘ODR Institutions’) registered on the SMART ODR Portal. |
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| v. | The Dispute shall be resolved in accordance with the applicable mediation or conciliation rules of the said arbitration institutions, Arbitration and Conciliation Act 1996 (as amended from time to time) and SEBI Regulations. The Parties further agree that the arbitration and enforcement of the award of the arbitrator shall be subject to the provisions of the Arbitration and Conciliation Act, 1996 and neither Party shall seek to resist the enforcement of any award in India on the basis that the award is not subject to such provisions. |
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| vi. | The Parties agree that the seat of the arbitration shall be in Mumbai, Maharashtra and any award, whether interim or final, shall be made and shall be deemed for all purposes between the Parties, to be made in Mumbai. |
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| vii. | The arbitral procedures shall be conducted in the English language and any awards shall be rendered in English. |
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| viii. | Unless otherwise specified in the arbitral award, the cost of such arbitration incurred by the respective parties shall be borne by them. |
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| ix. | The arbitral award made by such process shall be binding on the parties. |
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| x. | Notwithstanding any of the above, this clause shall not be applicable in the event that a complaint/dispute has arisen and is considered under ICICI Bank’s grievance redressal mechanism or SCORES guidelines as applicable or is pending before any arbitral process, court, tribunal or consumer forum or is non-arbitrable as per the Indian law (including when moratorium under the Insolvency and Bankruptcy Code, 2016 is in operation due to the insolvency process or if liquidation or winding up process has been commenced against the market participant) or is against the Government of India/President of India or a state government/Governor of a state. | | | | xi. | The Parties agree that the courts of Mumbai shall have exclusive jurisdiction with regard to any disputes, claims, actions or causes of action arising from the application of this clause. |
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| In case of any queries, write to us at customer.care@icicibank.com |
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Sincerely,
Team ICICI Bank |
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T&Cs
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