SEBI:- The market regulator Securities and Exchange Board of India announces that the stock markets will have to ensure its proper resolution within 15 working days after receiving complaints from investors’s end. Also, they added in a circular that the process was aimed at enhancement the investor grievance redressal system. The regulator also said that the Investor Grievance Redressal Committee i.e IGRC will not dismiss the complaint citing lack of information and complexity of the case. SEBI said that apart from this, the expenses of IGRC will be borne by the concerned stock market and no extra fee will be charged from the investor’s complainant. The regulator said that the stock market will make sure that it is resolved within 15 working days after raising the complaints from investors. If any additional information is needed from the complainant, it will be sought within seven working days of receiving the complaint.
According to SEBI:- Record all complaints
Also, the stock exchanges have to keep a record of all the grievances dealt within 15 working days. If the grievance is not resolved within the stipulated 15 days, then its cause has to be kept on record. However, if the complainant is not satisfied with the resolution of the case, the case may be referred to IGRC with reasons. According to SEBI, it will be the responsibility of the stock exchanges to provide the necessary information and necessary help to the IGRC to ensure timely resolution of complaints.
The maximum time of resolution of the complaint did not take more than 30 working days.
In the context of redressal of grievances by IGRC, SEBI said that the committee will have 15 working days to resolve investor grievances through reconciliation process. In case, IGRC needs some additional information, it can ask for it from the stock market. In cases, where additional information is sought, resolution of the complaint should not take more than 30 working days.
Exemption to use arbitration arrangement
In the arbitration case, SEBI said that if there is a dispute between the member and the investor and it’s of a diabolical nature, it can be taken to arbitration arrangements made available by the IGRC and the stock market before being taken to another process. According to the regulator, if the complainant is not satisfied with the decision of IGRC, he can use the arbitration arrangement. He can do this within six months of the recommendation of IGRC.