Investor Grievance Tracking Mechanism – Complaint Resolution & Support
Investor Grievance Tracking Mechanism
When clients encounter issues or concerns with our services, it's important to have a clear and efficient procedure for filing complaints and tracking their progress. Here's a detailed write-up outlining the procedure, along with a flowchart for visual reference:
Step 1: Initiating the Complaint
Clients initiate the complaint resolution process by sending an email to us on our designated email address [email protected] for complaints. This email address is specifically established to handle and address client grievances.
Step 2: Providing Relevant Information
Full name, contact information, and UCC code AND/OR DEMAT account details.
A clear and concise description of the complaint, including relevant dates and transaction details.
Any supporting documents or evidence that can help in understanding the issue.
Step 3: Acknowledgment
Upon receiving the complaint email, we send an acknowledgment email to the client, confirming the receipt of the complaint. This acknowledgment provides the client with a reference number for future communication.
Step 4: Initial Review and Assigning
The complaint is then reviewed by the relevant department within the organization. Based on the nature of the complaint, it is assigned to the appropriate personnel for investigation.
Step 5: Investigation and Response
The assigned team investigates the complaint thoroughly, gathering all necessary information, records, and documents. They analyse the client's concerns in relation to our policies and practices.
Step 6: Providing Resolution
After a comprehensive analysis, they prepare a detailed response addressing the client's complaint. This response is sent to the client's email address.
Step 7: Amicable Resolution Attempted
If the client finds the resolution satisfactory, the complaint is considered resolved. The broker and client work together to ensure that the solution aligns with the client's expectations.
Step 8: Unsatisfactory Resolution
If the client remains unsatisfied with the broker's resolution, or if the issue is not fully addressed, the client may choose to escalate the complaint further.
Step 9: Providing Escalation Details
The client is provided with information about the escalation process. This includes instructions on how to escalate the complaint to a higher authority.
Step 10: Further Escalation
If the client decides to proceed with escalation, they follow the designated process to raise the complaint to a higher level within the organization.
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ATTENTION INVESTORS!
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Beware of guaranteed returns:
Beware of fixed/guaranteed/regular returns/ capital protection schemes. Brokers or their authorized persons or any of their associates are not authorized to offer fixed/guaranteed/regular returns/ capital protection on your investment or authorized to enter into any loan agreement with you to pay interest on the funds offered by you. Please note that in case of default of a member claim for funds or securities given to the broker under any arrangement/ agreement of indicative return will not be accepted by the relevant Committee of the Exchange as per the approved norms. -
Do not keep funds idle:
Do not keep funds idle with the Stock Broker. Please note that your stock broker has to return the credit balance lying with them, within three working days in case you have not done any transaction within last 30 calendar days. Please note that in case of default of a Member, claim for funds and securities, without any transaction on the exchange will not be accepted by the relevant Committee of the Exchange as per the approved norms. -
Check account settlements:
Check the frequency of accounts settlement opted for. If you have opted for running account, please ensure that your broker settles your account and, in any case, not later than once in 90 days (or 30 days if you have opted for 30 days settlement). In case of declaration of trading member as defaulter, the claims of clients against such defaulter member would be subject to norms for eligibility of claims for compensation from IPF to the clients of the defaulter member. These norms are available on Exchange website at following link: https://www.nseindia.com/invest/about-defaulter-section. -
No direct security transfers:
Brokers are not permitted to accept transfer of securities as margin. Securities offered as margin/ collateral MUST remain in the account of the client and can be pledged to the broker only by way of ‘margin pledge’, created in the Depository system. Clients are not permitted to place any securities with the broker or associate of the broker or authorized person of the broker for any reason. Broker can take securities belonging to clients only for settlement of securities sold by the client. -
Keep contact details updated:
Always keep your contact details viz. Mobile number/Email ID updated with the stock broker. Email and mobile number is mandatory and you must provide the same to your broker for updation in Exchange records. You must immediately take up the matter with Stock Broker/Exchange if you are not receiving the messages from Exchange/Depositories regularly. -
Verify trades regularly:
Don't ignore any emails/SMSs received from the Exchange for trades done by you. Verify the same with the Contract notes/Statement of accounts received from your broker and report discrepancy, if any, to your broker in writing immediately and if the Stock Broker does not respond, please take this up with the Exchange/Depositories forthwith. -
Review weekly statements:
Check messages sent by Exchanges on a weekly basis regarding funds and securities balances reported by the trading member, compare it with the weekly statement of account sent by broker and immediately raise a concern to the exchange if you notice a discrepancy. -
Avoid unauthorized transfers:
Please do not transfer funds, for the purposes of trading to anyone, including an authorized person or an associate of the broker, other than a SEBI registered Stock broker.”