MUMBAI, July 23 -- The Securities and Exchange Board of India (Sebi) has proposed an overhaul of its three-year-old online dispute resolution (ODR) framework, shifting conciliation and arbitration from independent ODR institutions to stock exchanges and depositories as it seeks to cut delays, tighten accountability and speed up investor grievance redressal.

In a consultation paper issued on Thursday, Sebi said the proposed overhaul follows feedback from investors, market infrastructure institutions (MIIs) and intermediaries, who flagged delays in appointing arbitrators, slow payments to arbitrators, weak enforcement of awards and other procedural bottlenecks in the framework introduced in 2023.

The biggest change is the transfer of disp...