1. Age: between 35 years to 75 years.

2. Qualification in the area of law, finance including securities market, accounts, economics, technology, management, or administration.

3. Experience: Minimum 7 years of experience as provided below.

4. Professional experience as outlined below could be considered:

a. Financial services including securities market i.e. Banks, NBFCs, MIIs, other intermediaries of securities market;
b. Legal services – Certified professionals handling conciliation, and /or arbitration independently; and/or
c. Ex-officials from the Indian financial sector regulators viz., the Insurance Regulatory and Development Authority, the Pension Funds Regulatory and Development Authority, the Reserve Bank of India and the Securities and Exchange Board of India.

5. Knowledge and Skills such as:

a. Knowledge of the functioning of the securities market;
b. Securities Laws and Arbitration & Conciliation laws in India;
c. Proficiency in English language (reading, writing and speaking);
d. Proficiency in one or two regional languages and ability to read/write/speak/all - required for communication and for effective dispute resolution
e. Legal drafting and communications skills;
f. Decision making skills required for imparting fair judgement;
g. Understand party psychology and common online behaviors: Diversity and cross-cultural communication and possessing professional behavior

6. The Conciliators and Arbitrators should satisfy the following criteria for empanelment:

a. The person has a general reputation and record of fairness and integrity, including but not limited to
(i) financial integrity;
(ii) good reputation and character; and
(iii) honesty;
b. The person has not been convicted by a court for any offence involving moral turpitude or any economic offence or any offence against the securities laws;
c. The person has not been declared insolvent and if yes, has not been discharged;
d. No order, restraining, prohibiting or debarring the person, from dealing in securities or from accessing the securities market, has been passed by the Board or any other regulatory authority;
e. No other order is passed against the person which has a bearing on the securities market;
f. The person has not been found to be of unsound mind by a court of competent jurisdiction; and
g. The person is financially sound and has not been categorized as a willful defaulter.

The Conciliators and Arbitrators shall:

1. Act in a fair, unbiased, independent and objective manner;
   
   

ii. Maintain the highest standards of personal integrity, truthfulness, honesty and fortitude in discharge of his duties;

iii. Disclose his/her/their interest or conflict in a particular case, i.e., whether any party to the proceeding had any dealings with or is related to the Conciliator and Arbitrator;

iv. Not engage in acts discreditable to his/her/their responsibilities;

v. Avoid any interest or activity which is in conflict with the conduct of his/her/their duties as a conciliatory or arbitrator;

vi. Avoid any activity that may impair, or may appear to impair, his/her/their independence or objectivity;

vii. Conduct proceedings in compliance with the principles of natural justice and the relevant provisions of the Arbitration and Conciliation Act, 1996, the SEBI Act, 1992, the Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996 and the Rules, Regulations and Bye-laws framed thereunder and the circulars, directions issued thereunder, and the contractual arrangements;

viii. Undertake training courses as may be specified time to time by the Board, including from NISM;

ix.Endeavour to pass arbitral award expeditiously and within prescribed time;

x. Pass reasoned and detailed arbitral awards; and

xi.Maintain confidentiality with respect to the proceeding and its associated recordings and only disclose confidential information as required by law or Courts of competent jurisdiction or legal authority.