The Bombay Stock Exchange (BSE) on September 03, 2024, notified regarding the revision of Penalty Norms of the Department of Investor Services.
As per SEBI circular SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023, to strengthen the existing investor grievance handling mechanism through SCORES, directed that Trading Members are required to submit the Action Taken Report (“ATR”) on SCORES within 21 calendar days from the date of receipt of the complaint.
Considering the modification in the timelines for submission if ATR in SCORES, the Exchange has now reviewed the said penalty norms on complaints and revised the same as follows:
Details of contravention - Failure on member’s part to submit Action taken report (ATR) and or give a written reply to the complaint of investors forwarded to them through SCORES and / or by the Exchange.
Penalty - Penalty @ Rs.50/- per day, subject to a minimum of Rs.1000/- from the expiry of 21 calendar days from the date of receipt of the investor complaint till (a) or (b) below, whichever is earlier.
a) proper ATR/reply is received from the trading member
b) complainant is satisfied with the resolution provided by the entity vide the ATR or complainant does not choose to review the Complaint.
In case the member does not reply within 30 calendar days from the date of receipt of complaint, Penalty @ Rs.75/- per day subject to a minimum of Rs.3000/- from the date of receipt of Exchange’s letter till (a) or (b) above, whichever is earlier.
Trading Members are advised to take note of the above revised penalty norms. Provisions of this circular is applicable with immediate effect.
[Notice No. 20240903-13]
