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Arbitration is an alternative dispute resolution mechanism provided by a stock exchange to resolve disputes between the trading members and between trading members & constituents (i.e. clients of trading members), in respect of trades done on the Exchange. This process of resolving a dispute is faster than other means of redressal by civil courts. Arbitration comes under the Arbitration and Conciliation Act 1996. The Act allows two options— conciliation and arbitration. Conciliation is similar to an out-of-court settlement where the parties find acceptable resolution and a stamp of legal finality is marked on the case. Arbitration, on the other hand, is a quasi-judicial mechanism where arbitrators decide on a case (like a judge or a bench) and pass an order which is called an arbitration award. However, the byelaws of the exchange provide the procedure for Arbitration. The investor can procure a form for filing arbitration from the concerned stock exchange. All the cases have to be filed within 6 months of the dispute arising.