What Is the SEBI ODR Portal? Conciliation to Arbitration
The SEBI ODR portal is the common online dispute resolution portal that the stock exchanges and depositories were directed to establish, reachable at smartodr.in. It handles disputes between investors and listed companies, registrars, and registered intermediaries by running online conciliation first and online arbitration second. Unlike SCORES, which facilitates a complaint, the ODR portal produces an arbitral award. This guide explains the SEBI ODR portal's route, its clocks and its fees.
Definition
The SEBI ODR portal
is a common online dispute resolution portal established by the market infrastructure institutions under SEBI's July 2023 circular. Disputes between investors and listed companies or registered intermediaries go through online conciliation, and then online arbitration under the Arbitration and Conciliation Act, 1996 if conciliation fails. Source: SEBI.
When can an investor start an ODR case?
The investor must first lodge a complaint directly with the market participant. If that is not resolved satisfactorily, the investor may escalate through SCORES, and after exhausting those options may initiate ODR. The circular also allows the shortcut: ODR can be initiated at any stage of those escalations, before or at the end of them, once the direct complaint went unresolved.
Two gates apply. The matter must not already be pending before an arbitral process, court, tribunal or consumer forum, or be non-arbitrable under Indian law. And it must be within the applicable law of limitation, reckoned from the date the issue arose or the date of the last or disputed transaction, whichever is later.
A market participant can also start a case against an investor, but only after giving at least 15 calendar days notice.
What happens during conciliation?
The reference goes to an ODR institution empanelled by a market infrastructure institution, on a round robin allocation. Before that, the institution itself reviews the dispute with a view to amicable resolution, and must conclude that review within 21 calendar days.
The ODR institution then appoints a sole independent conciliator, within 5 days of receiving the reference. The conciliator must conclude within 21 calendar days of appointment, extendable by a maximum of 10 calendar days if both parties consent in writing.
Rs 5,400 flat
The total conciliation fee for a successful conciliation regardless of claim size: Rs 4,800 to the conciliator plus Rs 600 to the ODR institution. An unsuccessful conciliation carries a conciliator fee of Rs 3,240
Source: SEBI circular SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated 31 July 2023
The fee does not scale with the claim, which is the single most useful fact about this stage. A late fee applies if conciliation is initiated more than six months after the cause of action.
What happens if conciliation fails?
The conciliator first determines the admissible claim value payable to the investor and notifies both parties. Either side may then pursue online arbitration, administered by the same ODR institution, on payment of the arbitration fee. If the market participant is the one who wants to arbitrate, it must first deposit the admissible claim value with the market infrastructure institution.
| Stage | Rule |
|---|---|
| Arbitrator appointment | Sole arbitrator within 5 calendar days of reference |
| Three member tribunal | Where claim or counter-claim exceeds Rs 30,00,000 |
| Document only arbitration | Where the claim is Rs 1,00,000 or below |
| Award | Within 30 calendar days of appointment, extendable for reasons recorded |
| Payment of the award | Within 15 calendar days of the award |
There is an interim protection worth knowing. Pending arbitration, an amount not exceeding Rs 5,00,000 may be released to the investor, recoverable if the arbitration is later decided against them.
How the ODR portal differs from a SCORES complaint
| SCORES | ODR portal | |
|---|---|---|
| What it is | Grievance redressal facilitation | Conciliation and arbitration |
| Outcome | Action Taken Report | Settlement agreement or arbitral award |
| Money | Does not award | Award is enforceable, payable in 15 days |
| Clock | 21 days for the entity's report | 21 days conciliation, 30 days award |
| Cost to investor | Free | Rs 5,400 conciliation, arbitration fees scale with claim |
One thing to check before relying on any of this
The operative document is the Master Circular for Online Resolution of Disputes in the Indian Securities Market dated 28 December 2023, which consolidated the July 2023 circular and its amendments of 4 August 2023 and 20 December 2023. SEBI put out a draft amendment circular in April 2025 and a further consultation paper on 23 July 2026, with comments open to 13 August 2026. Those proposals are not law. Anything described here is the framework as consolidated in the December 2023 master circular.
Reading a company's own announcement feed tells you what it disclosed, and the quarterly investor grievance counts tell you how many complaints it was carrying. The ODR record tells you what its investors actually disputed. Flock reports the filings, dated and linked to source. Not investment advice.
Frequently asked questions
What is the SEBI ODR portal?
A common Online Dispute Resolution portal established by the stock exchanges and depositories under SEBI's direction, which handles disputes between investors and listed companies or registered intermediaries through online conciliation and, if that fails, online arbitration. Source: SEBI circular SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated 31 July 2023.
How long does ODR conciliation take?
The conciliator must be appointed within 5 days of the reference and must conclude within 21 calendar days of appointment, extendable by a maximum of 10 calendar days with the written consent of both parties. Source: SEBI circular dated 31 July 2023, paragraphs 17 and 18.
When does a three member arbitral tribunal apply instead of a sole arbitrator?
When the claim or counter-claim amount exceeds Rs 30,00,000. Below that a sole arbitrator is appointed, within 5 calendar days of reference, and claims of Rs 1,00,000 or below are decided on documents alone. Source: SEBI circular dated 31 July 2023, paragraphs 21 and 22.
Do I have to use SCORES before the ODR portal?
No. The circular allows an investor to initiate ODR either after exhausting the escalations, or at any stage of them, once the grievance lodged directly with the market participant was not satisfactorily resolved. Source: SEBI circular dated 31 July 2023, paragraphs 11 and 12.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.