Sebi asks stock exchanges to handle investor complaints against listed cos
MAS Team | 14 August 2020
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Sebi came out with a framework for handling investor complaints by exchanges as well as standard operating procedure for actions to be taken against listed companies for failure to redress such grievances, writes The Economic Times. Under the framework, exchanges can levy penalty on companies in case of non-redressal of investor complaints and ask depositories to freeze the shareholding of the promoter entities.
This will come into force from September 1, the Securities and Exchange Board of India (Sebi) said in a circular. Sebi said the procedure will be applicable for complaints related to non updation of address or signature; non-receipt of bonus, dividend, interest for delay in dividend, duplicate debt securities certificate and share certificate.
In addition, griveances pertaining to non-receipt of securities in public issues or rights issues, not receiving securities after conversion/consolidation/ splitting; and receiving refund or dividend and shares in physical mode instead of electronic mode will also be applicable.
The regulator said exchanges will not handle grievances related to monopoly and anti-competitive practices, chit funds, company, where moratorium order is passed against the company in winding up/ insolvency proceedings and companies under liquidation and official liquidator has been appointed, among others.
Sebi said investors are encouraged to initially take up their grievances for redressal with the concerned listed company directly.
Besides, SCORES platform can be used to submit grievances directly to the company for resolution, if the complainant has not approached the company earlier.
The regulator said companies are expected to resolve the complaint directly. In case the company does not redress it within 30 days from the date of receipt of the complaint, such direct complaints will be forwarded to designated stock exchange (DSE) through SCORES.
Dear Investor,
In case of any grievance / complaint :
In case of any grievance / complaint :
- Please contact Compliance Officer Pankaj Raheja at [email protected] and Phone No. - 91-22-35131664.
- You may also approach CEO Debashis Basu at email- id [email protected] and Phone No. - 91-22-35131664.
