As per the SEBI Circular No. SEBI/HO/MIRSD/DOP/P/CIR/2021/676 dated December 02, 2021 regarding Publishing Investor Charter and Disclosure of Investor Complaints.
To follow highest standards of ethics and compliances while facilitating the trading by clients in securities in a fair and transparent manner, so as to contribute in creation of wealth for investors.
| S.No | Brief about the Activity / Service | Response / Steps |
|---|---|---|
| 1 | Investor can lodge complaint/ grievances |
Investor can lodge complaint/ grievance against the Depository/DP in the following ways: Mode of filing the complaint with stock broker Investor can approach the Stock Broker at the designated Investor Grievance e-mail ID of the stock broker. The Stock Broker will strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance
Mode of filing the complaint with stock exchange 2. Two Level Review for complaint/grievance against stock Broker: - First review done by Designated Body/Exchange - Second review done by SEBI |
| 2 | Online Dispute Resolution (ODR) platform for online Conciliation and Arbitration | If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/grievance on SMARTODR platform for its resolution through by online conciliation or arbitration. |
| 3 | Steps to be followed in ODR for Review, Conciliation and Arbitration | 1. Investor to approach Market Participant for redressal of complaint.
2. If investor is not satisfied with response of Market Participant, he/she has either of the following 2 options. 3. Alternatively, the investor may also file a complaint on SMARTODR portal for its resolution through online conciliation and arbitration. 4. Upon receipt of complaint on SMARTODR portal, the relevant MII will review the matter and endeavour to resolve the matter between the Market Participant and investor within 21 days. 5. If the matter could not be amicably resolved, then the Investor may request the MII to refer the matter case for conciliation. 6. During the conciliation process, the conciliator will endeavor for amicable settlement of the dispute within 21 days, which may be extended with 10 days by the conciliator. 7. If the conciliation is unsuccessful, then the investor may request to refer the matter for arbitration. 8. The arbitration process to be concluded by arbitrator(s) within 30 days, which is extendable by 30 days with consent of the parties to dispute |
| 4 | Arbitration Proceedings | The investor may also avail arbitration mechanism set out in the byelaws and Business Rules/Operating instructions of the Depository in relation to any grievance, or dispute relating to depository services. The arbitration references shall be concluded by the way of issue of an arbeal award within 4 months from the date of appointment of arbitrator(s). |
| 4 | Investor Grievance Redressal Committee of Depository. | If no amicable resolution is arrived, then the Investor has the option to refer the complaint/ grievance to the Grievance Redressal Committee (GRC) of the Depository. Upon receipt of reference, the GRC will endeavour to resolve the complaint/ grievance by hearing the parties and examining the necessary information and documents. |
| S.No | Activities | Expected Timelines |
|---|---|---|
| 1 | KYC entered into KRA System and CKYCR. | 10 days of account opening |
| 2 | Client Onboarding | Immediate, but not later than one week |
| 3 | Order execution | Immediate on receipt of order, but not later than the same day |
| 4 | Allocation of Unique Client Code | Before trading |
| 5 | Copy of duly completed Client Registration Documents to clients | 7 days from the date of upload of Unique Client Code to the Exchange by the trading member. |
| 6 | Issuance of contract notes | 24 hours of execution of trades |
| 7 | Collection of upfront margin from client | Before initiation of trade |
| 8 | Issuance of intimations regarding other margin due payments | At the end of the T day. |
| 9 | Settlement of client funds | 30 days / 90 days for running account settlement (RAS) as per the preference of client. If consent not given for RAS – within 24 hours of pay - out. |
| 10 | ‘Statement of Accounts’ for Funds, Securities and Commodities | Weekly basis (Within four trading days of following week) |
| 11 | Issuance of retention statement of funds/commodities | 5 days from the date of settlement |
| 12 | Issuance of Annual Global Statement | 30 days from the end of the financial year |
| 12 | Investor grievances redressal | 30 days from the receipt of the complaint |
Level 1 Approach the Stock Broker at the designated Investor Grievance e–mail ID of the stock broker. The Stock Broker will strive to redress the grievance immediately, but not later than 30 days of the receipt of the grievance.
Level 2 Approach the Stock Exchange using the grievance mechanism mentioned at the website of the respective exchange.
| S.No | Type of Activity | Timelines for activity |
|---|---|---|
| 1 | Receipt of Complaint | Day of complaint (C Day) |
| 2 | Additional information sought from the investor, if any, and provisionally forwarded to stock broker. | C + 7 Working days. |
| 3 | Registration of the complaint and forwarding to the stock broker. | C + 8 Working Days i.e. T Day. |
| 4 | Amicable Resolution | T + 15 Working Days. |
| 5 | Refer to Grievance Redressal Committee (GRC), in case of no amicable resolution. | T + 16 Working Days. |
| 6 | Complete resolution process post GRC | T + 30 Working Days. |
| 7 | In case where the GRC Member requires additional information, GRC order shall be completed within. | T + 45 Working Days. |
| 8 | Implementation of GRC Order. | On receipt of GRC Order, if the order is in favour of the investor, debit the funds of the stock broker. Order for Debit is issued immediately or as per the directions given in the GRC Order. |
| 9 | In case the stock broker is aggrieved by the GRC order, will provide intention to avail arbitration | Within 7 days from the receipt of the order. |
| 10 | If intention from stock broker is received and the GRC order amount is unto Rs.20 lakhs | Investor is eligible for interim relief from Investor Protection Fund (IPF). The interim relief will be 50% of the GRC order amount or Rs.2 lakhs whichever is less. The same shall be provided after obtaining an undertaking from the investor. |
| 11 | Stock Broker shall file for arbitration | Within 6 months from the date of GRC recommendation. |
| 12 | In case the stock broker does not file for arbitration within 6 months. | The GRC order amount shall be released to the investor after adjusting the amount released as interim relief, if any. |
Following steps are carried out by Stock Exchange for benefit of investor, in case stock broker defaults:
Following information is available on Stock Exchange website for information of investors:
Level 3 The complaint not redressed at Stock Broker / Stock Exchange level, may be lodged with SEBI on SCORES (a web based centralized grievance redressal system of SEBI) @ https://scores.gov.in/scores/Welcome.html
| S.No | Received From | Carried Forward from Previous Month | Received During the Month | Total Pending | Resolved | Pending At End Of The Month | Average Resolution Time (In Days) |
|---|---|---|---|---|---|---|---|
| 1 | Directly From Investors | 0 | 0 | 0 | 0 | 0 | 0 |
| 2 | SEBI (SCORE) | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | Stock Exchanges | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | Other Sources (If any) | 0 | 0 | 0 | 0 | 0 | 0 |
| 5 | Grand Total | 0 | 0 | 0 | 0 | 0 | 0 |
| S.No | Month | Carried Forward From Previous Month | Received | Resolved | Pending |
|---|---|---|---|---|---|
| 1 | March -2024 | 0 | 0 | 0 | 0 |
| 2 | April -2024 | 0 | 0 | 0 | 0 |
| 3 | May -2024 | 0 | 0 | 0 | 0 |
| 4 | June - 2024 | 0 | 0 | 0 | 0 |
| 5 | July - 2024 | 0 | 0 | 0 | 0 |
| 6 | August - 2024 | 0 | 0 | 0 | 0 |
| 7 | September-2024 | 0 | 1 | 1 | 0 |
| 8 | October -2024 | 0 | 0 | 0 | 0 |
| 9 | November -2024 | 0 | 0 | 0 | 0 |
| 10 | December -2024 | 0 | 0 | 0 | 0 |
| 11 | January -2025 | 0 | 4 | 4 | 0 |
| 12 | February -2025 | 0 | 0 | 0 | 0 |
| Grand Total | 1 | 5 | 6 | 0 |
| S.No | Year | Carried Forward From Previous Year | Received During The Year | Resolved During The Year | Pending At End Of The Year |
|---|---|---|---|---|---|
| 1 | 2017-2018 | 0 | 0 | 0 | 0 |
| 2 | 2018-2019 | 0 | 0 | 0 | 0 |
| 3 | 2019-2020 | 0 | 0 | 0 | 0 |
| 4 | 2020-2021 | 0 | 4 | 4 | 0 |
| 5 | 2021-2022 | 0 | 1 | 1 | 0 |
| 6 | 2022-2023 | 0 | 1 | 1 | 0 |
| 7 | 2023-2024 | 0 | 2 | 2 | 0 |
| Grand Total | 0 | 8 | 8 | 0 |