The Law Minister, Shri Arjun Ram Meghwal informed Rajya Sabha that there is not propose to issue further guidelines to regulate the fees of arbitrators and arbitration processes.
The Ministry replied to unstarred questions that whether the Government proposes to issue any guidelines to regulate the fees of arbitrators and arbitration processes.
The Law Minister pointed that there are guidelines and parameters which exist for regulating fees of the arbitrators and arbitration processes. Party autonomy is central to the resolution of disputes through arbitration. The arbitral tribunal is required to conduct the arbitration according to the procedure agreed by the parties, which may conduct under the aegis of an arbitral institution or in an ad hoc manner.
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