Need For A Regulatory Body In The Field Of Arbitration

Rishita Sumit Ghosh, Maharashtra National Law University, Nagpur

Introduction

Alternate Dispute Resolution has emerged as one of the popular modes of dispute resolution among parties apart from the conventional route of Court litigation. This mechanism mostly involves three major divisions to choose, that is, mediation, conciliation and arbitration. In recent times, arbitration has evolved as an efficient and swift means of dispute resolution due to its flexibility which accords party autonomy as well as the legal force of a binding judgement of the arbitral tribunal on the parties. Though the Indian context related to arbitration is more or less settled due to the well-settled precedents set by the Court and the statutory provisions of Arbitration and Conciliation Act,1996 (as amended in 2019), it still involves some unresolved aspects due to uniformity in procedure and regulatory framework for swift dispute resolution.

What is a regulatory body and legal edifice for establishing the same?

Regulatory bodies are basically independent government bodies who are mostly responsible for the implementation of laws and setting up a Standard of Procedure for all parties operating in that field for uniformity and consistency. The major functions of a regulatory body are: