Tapasya B., LLM (Corporate and Commercial Law), School of Law, Christ University
INTRODUCTION
Regulation is a form of control, which requires the constant monitoring by the body designated to do so. It is necessary to maintain discipline in the said field and to assure adherence to the rules provided to streamline the body which is regulated. The need for regulation arises from the frequent deviation from set framework provided to the monitored bodies.
Regulation is not only confined to control, but also reaches out to supervision, direction, guidance, reference, inspection, monitoring and audition. The enactment legislated in India, specifically curated for arbitration is the Arbitration and Conciliation Act of 1996, along with its most recent amendment in 2019. The Act provides the necessary guidance, direction and reference to the field of arbitration in India, in a holistic manner. There are arbitral tribunals exist to supervise proceedings and audit the award given. The acclaimed Indian Council of Arbitration acts as a inspective body which looks onto arbitration in all of its entirety and ensures developments in the field as and when required.
