The Securities and Exchange Board of India (SEBI) on Friday said that stock exchanges need to ensure that on receiving investor complaints they are settled within a timeline of 15 working days. In a circular, the market regulator said this is to strengthen the grievance redressal system. "Stock exchange shall ensure that the investor complaints shall be resolved within 15 working days from the date of receipt of the complaint," it quoted.
Further, the Investor Grievance Redressal Committee (IGRC) would not put away the complaint on the premise that the case is complex or there is not sufficient information available. In addition, any expenditure by the IGRC in resolving the complaint will be borne by the respective stock exchange and the complainant will not be charged any amount.
Any in case there is any information needed from the complainant it shall be sought within one week’s time of receiving such complaint. Also, exchanges will need to compulsorily maintain a record of all such complaints that are resolved within the stipulated timeline of 15 working days and for those that are not resolved for any reason also the reason has to be maintained in records. Further, SEBI opines that all service-related disputes need to be addressed by the stock exchanges.
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