The Bombay Stock Exchange (BSE), on June 14, 2022, SEBI with the view to facilitate investor awareness and bring transparency to the Investor Grievance Redressal Mechanism, vide SEBI Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2021/676 dated December 02, 2021, advised the Trading Members to publish Investor Charter and disclose the Investor Complaints on their respective websites.
An effective grievance procedure ensures an amiable work environment, as it redresses the grievance to mutual satisfaction and helps the management to frame policies and procedures, in line with the regulations.
Trading Members are advised to take the below measures:
•Multiple modes of communication should be made available to the investors, with a view to ensuring a seamless process in raising the complaints.
•Strengthen the complaint redressal mechanism by hiring qualified/dedicated trained resources, and impart adequate training for better handling and suitable closures.
•Investor Grievances escalation matrix shall be explicitly displayed on the website and mobile application under the ‘Contact Us page. The ‘Contact Us’ link should be placed on the index/homepage of the website. Upon clicking the same, it should display the detail as shared in Annexure A. This provision shall come into effect from July 01, 2022.
•Escalation matrix should also be a part of the complaint redressal communications between the Trading Members and Investors.
•Acknowledgment should be sent to the investor, once the grievance is received/escalated/resolved and should state the Service ticket / Complaint reference number in it.
•Members, who are also Depository Participants, shall provide a separate escalation matrix for Demat-related queries. In case they have a common grievance handling unit, they may display the common Escalation matrix as stated under point '3’.
•Enhance Investor education vide educational videos, webinars, etc.
•Provide regular updates to investors on changes in rules/regulations through support portals.
•Details of services provided to clients may be displayed on the homepage of the website.
•Automate procedural requirements by online submission and acceptance of forms & KYC related matters
•Regular system audits to reduce the occurrence of technical issues and downtimes.
[Notice No. 20220614-15]
