The Indian Council of Arbitration (ICA) is a premier arbitral institution in India, established in 1965 by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Government of India's Ministry of Commerce. It was registered under the Societies Registration Act, 1860, and operates on a not-for-profit basis. The ICA was created to promote the amicable, quick, and cost-effective settlement of commercial disputes through Alternative Dispute Resolution (ADR) mechanisms like arbitration and conciliation, thereby solving the problem of lengthy litigation.
The ICA functions within the framework of the Arbitration and Conciliation Act, 1996, which is the general arbitration law in India, based on the UNCITRAL Model Law. Its mechanism involves administering domestic and international arbitration proceedings according to its own set of ICA Arbitration Rules, which are updated periodically, such as the 2022 update. Key functions include maintaining a panel of over 2,500 qualified arbitrators, providing administrative support, and offering specialized services like Fast Track Arbitration and maritime arbitration. The ICA is connected to the Arbitration and Conciliation Act, 1996, which provides the legal basis for the enforceability of its arbitral awards, similar to a court decree.
A significant recent development is the proposed establishment of the Arbitration Council of India (ACI) under the Arbitration and Conciliation (Amendment) Act, 2019, which is intended to be a central regulatory body for institutional arbitration. While the ACI has not yet been constituted, the 2019 Amendment introduced provisions like Section 42A and Section 42B to the 1996 Act, ensuring confidentiality and granting immunity to arbitrators and institutions like the ICA for acts done in good faith. The ICA continues to operate as the leading arbitral institution, with its rules adapting to judicial pronouncements, such as the October 1, 2022 adoption of the Supreme Court's cap of ₹30 lakh on arbitrator fees for domestic commercial arbitration.