Mumbai: The securities and exchange board of India (Sebi) has proposed changes to the online dispute resolution (ODR) framework for the securities market, shifting the administration of conciliation and arbitration to market infrastructure institutions (MIIs) such as stock exchanges, depositories and clearing corporations in a bid to speed up investor grievance redressal.The regulator said it received feedback from MIIs, investors and stakeholders on various issues associated with existing ODR Mechanism.Under the proposed framework, MIIs will take over key responsibilities currently handled by ODR institutions, including empanelling conciliators and arbitrators, appointing them and overseeing proceedings. SEBI said MIIs have stronger regulatory control over intermediaries and listed companies, making them better placed to enforce compliance.Under the proposed framework, investors would have a say in the appointment of arbitrators. Both parties to a dispute will be asked to indicate their preferred names from an approved panel before the MII makes the appointment. Conciliators, however, will be appointed directly by MIIs. The regulator has also proposed streamlining the grievance redressal process by allowing complaints that remain unresolved after review by dedignated bodies under the SCORES platform to move directly to the conciliation stage of the ODR mechanism. Sebi estimates this will shorten the overall resolution process by 21 days.