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For corporates faced with commercial disputes, a cost effective mechanism that would also ensure their speedy disposal is on the anvil. The Institute of Chartered Accountants of India (ICAI) is piloting a new initiative by empanelling its members as arbitrators. This move could help bring down the cost of arbitration for domestic companies.
"We have recently empanelled about 300 members as arbitrators. This will soon be increased to 1,000. We will be vigorously marketing this … ICAI will also write to industry associations like CII and FICCI to enhance awareness about this initiative", said Mr G Ramaswamy, ICAI President.
The ICAI President also added that no legal changes were required for the CA Institute’s members to take up the role of arbitrators. The empanelment will help domestic corporates as they can readily access a database of arbitrators for resolving their commercial disputes.
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