Regulation 21 - Redressal of client grievances - Securities and Exchange Board of India (Investment Advisers) Regulations 2013

Redressal of client grievances. 21. 2 [ (1) The Investment Adviser shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. ] (2) An investment adviser shall have adequate procedure for expeditious grievance redressal. (3) Client grievances pertaining to financial products in which investments have been made based on investment advice, shall fall within the purview of the regulator of such financial product. (4) Any dispute between the investment adviser and his client 1 [ shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration in accordance with the procedure specified by the Board ] or through Ombudsman authorized or appointed for the purpose by any regulatory authority, as applicable. *************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD NRO/GN/2023/137 dated 03-07-2023 before it was read as, may be resolved through arbitration 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/146 dated 16-08-2023 before it was read as, (1) An investment adviser shall redress client grievances promptly.