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Securities and Exchange Board of India SEBI/HO/MIRSD/DOC/CIR/P/2020/226 November 06, 2020 To, The Managing Director/Executive Director, All Stock Exchanges Dear Madam/Sir, Subject: Investor Grievance Redressal Mechanism 1. In order to further strengthen the Investor Grievance R
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FAQ :
Stock Exchanges must ensure that investor complaints are resolved within 15 working days from the date of receipt. If additional information is needed, it must be requested within 7 working days, and the 15-day clock restarts upon receiving that information.
Service-related complaints include issues such as non-receipt or delay of account statements or bills, account/branch closure, technological problems, improper service by staff, and account freezing, among others.
Complaints related to trade, settlement, and 'deficiency in services' that result in financial loss should first be resolved by the Stock Exchange. If not resolved amicably within the prescribed timelines, they should be referred to the IGRC.
The IGRC has 15 working days to resolve a complaint through conciliation. If additional information is required, this timeline can extend up to 30 working days.
If a complainant is not satisfied with the IGRC's recommendation, they can avail the arbitration mechanism provided by the Stock Exchange within six months from the date of the IGRC recommendation.
The expenses of the IGRC are borne by the respective Stock Exchange, and no fees are charged to the complainant or member.
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Notification No : SEBI/HO/MIRSD/DOC/CIR/P/2020/226Published in Investments & Personal Finance
Source : https://www.sebi.gov.in/legal/circulars/nov-2020/investor-grievance-redressal-mechanism_48105.html