Arbitration may be next revolution in judicial administration

Arbitration is expected to be the next revolution in judicial administration in India, a top BSE official said here.

"Arbitration could be the next revolution in judicial administration in India. The future of arbitration as a practice is bright," BSE managing director & CEO, Madhu Kannan said after  BSE Training Institute jointly with  the Chartered Institute of Arbitrators-India (CIArb India) recently launched a two-day programme on "Introduction to Arbitration".

The CIArb India branch has taken up the task to develop arbitration in India with the co-operation of the BSE Training Institute, a division of Bombay Stock Exchange (BSE).

The programme has been launched with an aim to provide an understanding of the general principles of arbitration and a comparison of the main alternative dispute resolution processes--arbitration, mediation and conciliation.

The course will give candidates a basic understanding of the principles of good practice and procedure in arbitration. A good arbitration mechanism is the essence of commercial progress, Kannan said.

On successful completion of this course with assignment, candidates will be awarded an introductory Certificate from CIArb UK.

Arbitration is a formal, private and binding process where disputes are resolved by an award made by an independent arbitral tribunal.

The arbitral tribunal or panel of arbitrators is either agreed by the disputed parties or nominated by a further independent body (eg court) or a professional arbitration institution.

However, despite the honest intention of judicial reformers in India it is not easy for arbitration to develop, he said.