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TMI BlogInvestor Grievance Redressal MechanismX X X X Extracts X X X X X X X X Extracts X X X X ..... ary relief to the investors, during the course of pendency of proceedings. In this regard, Stock Exchanges are advised as under: a) Stock Exchanges shall ensure that all complaints are resolved at their end within 15 days as mentioned in the circular no. CIR/MRD/ICC/16/2012 dated June 15, 2012. The correspondence with the Member investor (who is client of a Member) may be done on email if the email id of the investor is available in the UCC database. The Member (Stock Broker, Trading Member and Clearing Member) shall provide a dedicated email id to the stock exchange for this purpose. b) In case the matter does not get resolved, conciliation process of the exchange would start immediately after the time lines stated in sub-para (a) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nge. ii. In case the arbitration award is in favour of the investor and the Member opts for appellate arbitration then a positive difference of, 50% of the amount mentioned in the arbitration award or ₹ 1.5 lac, whichever is less and the amount already released to the investor at clause (i) above, shall be released to the investor from IPF of the Stock Exchange. iii. In case the appellate arbitration award is in favour of the investor and the Member opts for making an application under section 34 of the Arbitration and Conciliation Act, 1996 to set aside the appellate arbitration award, then a positive difference of 75% of the amount determined in the appellate arbitration award or ₹ 2 lac, whichever is less and the amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mats of documentation. ix. In case the investor loses at any stage of the proceedings and decides not to pursue further, then the investor shall refund the amount released from IPF, back to the IPF. In case the investor fails to make good the amount released out of IPF then investor (based on PAN of the investor) shall not be allowed to trade on any of the Stock Exchanges till such time the investor refunds the amount to IPF. Further, the securities lying in the demat account(s) of the investor shall be frozen till such time as the investor refunds the amount to the IPF. x. The Stock Exchanges may also resort to displaying the names of such investors on their websites if considered necessary. 3) With a view to rationalise the timel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able record of having made such margin calls and that the clients have not complied with the same. 5) With a view to assist investors engaged in dispute resolution process, Stock Exchanges shall set up facilitation desks at all investor service centres as specified by SEBI from time to time. These facilitation desks would interalia also assist investors in obtaining documents/details from Stock Exchanges wherever so required for making application to IGRC and filing arbitration. 6) The stock exchanges are advised to:- a) make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately; b) bring the provisions of this circular to the notice of the members of the st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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