The central government has notified India International Arbitration Centre (Criteria for Admission to the panel of Arbitrators) Regulations, 2023.
Key highlights of the regulations:
- According to the regulations, arbitrators will be empaneled for a maximum period of five years by the Chamber of Arbitration, which will consist of experienced arbitration practitioners of repute, at the national and international level, and persons having wide experience in the area of alternative dispute resolution.
- The members of the chamber will be appointed for two years with a provision for re-appointment.
- The chamber will empanel arbitrators and maintain the panel from amongst persons proficient and willing to serve as arbitrators subject to their expertise and experience, for either domestic or international arbitration or both.
- A person with appropriate experience and expertise in arbitration can apply to be on the panel. The application will be considered and scrutinised by the Chamber of Arbitration, after which the Chamber might hold an interaction with the applicant before its approval.
- The Chamber can also invite eminent persons with specialised knowledge and substantial relevant experience in the field of arbitration for being empaneled on the panel of arbitrators.
- The applicant shall furnish a statement that he has not been found guilty by a Court for any criminal offence, or for misconduct after the conduct of disciplinary proceedings and that no criminal case or any departmental proceeding is pending against him:
As per the regulations, the empanelment criteria for arbitrators are as follows:
- The applicant shall not be less than thirty-five years and not more than seventy-five years of age;
- The educational qualifications and experience of the applicant shall be largely relevant to the applicant’s field of expertise or conduct of arbitration proceedings either as a sole arbitrator or as a member of any Arbitral Tribunal, within the last five years or otherwise related to the field of arbitration
Further, recently the IIAC has proposed the introduction of a time frame for day-to-day hearings and has invited suggestions and opinions from all stakeholders before the International Arbitration Centre (Conduct of Arbitration Proceedings) Regulations, 2023 are finalised and implemented.