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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.
Awareness
“As a new initiative, we have recently empanelled about 300 members to work 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,” Mr G. Ramaswamy, ICAI President, told Business Line here.
No legal changes
He also said that no legal changes were required for the CA Institute's members to take up the role of arbitrators.
This move will help domestic corporates as they can readily access a database of arbitrators for resolving their commercial disputes.
The CA institute will not earn any fees, but this could provide an avenue for earnings to the members, Mr Ramaswamy noted.
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