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.