MANU/SSMD/0006/2012

Ministry : Securities and Exchange Board of India

Department / Board : Market Regulation Department

Circular No. : CIR/MRD/DSA/03/2012

Date : 20.01.2012

Notification/ Circulars Referred: circular Ref. No. SMD/POLICY/CIR-32/97 dated December 03, 1997 MANU/SSMD/0010/1997; circular Ref. No CIR/MRD/DSA/24/2010 dated August 11, 2010 MANU/SSMD/0061/2010

Referred IN

Citing Reference:
circular Ref. No. SMD/POLICY/CIR-32/97 dated December 03, 1997 MANU/SSMD/0010/1997 Referred circular Ref. No CIR/MRD/DSA/24/2010 dated August 11, 2010 MANU/SSMD/0061/2010 Referred

To

The Managing Director/Executive Director of all Stock Exchanges.

Dear Sir / Madam,

Investor Grievance Redressal Mechanism at Stock Exchanges

1. SEBI, vide circular Ref. No. SMD/POLICY/CIR-32/97 dated December 03, 1997 had mandated all stock exchanges to open/maintain at least one investor service centre for the benefit of the public/Investors. Such centres are required to inter alia provide counseling service to the investors. It is also noted that some stock exchanges have constituted Investor Grievance Redressal Committees (IGRC) for redressal of investor grievances.

2. In light of the concerns expressed by investors and to facilitate early redressal of investor grievances, it has been decided to mandate that stock exchanges having nationwide terminals (such as NSE, BSE, MCX-SX and USEIL), functional stock exchanges having trading volumes, stock exchanges entering into MOUs with other exchanges and stock exchanges intending to recommence trading operations shall constitute IGRC at every investor service centre.

3. The composition of the IGRC shall be as follows:-

a. The IGRC shall comprise of a single person for claims upto Rs. 25 Lakh, whereas, for claims above Rs. 25 Lakh, the IGRC shall comprise of three persons.