Know Your Rights: Here's how you can file complaint on issues related to stock brokers & investment advisers

Know Your Rights: Here's how you can file complaint on issues related to stock brokers & investment advisers

It is advisable to file a written complaint with the broker and then with the higher management at the brokerage firm. If the complaint is not resolved, it can be filed against the broker/investment adviser with SEBI, NSE and BSE.

Bimal BhutaUpdated: Monday, February 27, 2023, 07:56 AM IST
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Know Your Rights: Here's how you can file complaint on issues related to stock brokers & investment advisers | File/ Representative Image

While investing in the share market, investors may face various issues related to the purchase or sale of shares and mutual funds. While the first point of addressing the issues has to be the stock broker, a complaint can also be filed against the stock broker or investment adviser.

It is advisable to file a written complaint with the broker and then with the higher management at the brokerage firm. If the complaint is not resolved, it can be filed against the broker/investment adviser with SEBI, NSE and BSE.

Types of complaints

Complaints against broker for non-issuance of documents by trading member

Non-receipt of funds / securities, non-receipt of margin / security deposit given to trading member

Non-receipt of corporate benefit (dividend / interest / bonus etc), auction value / close-out value received or paid

Execution of trades without consent, excess brokerage charged by trading member / sub-broker

Non-receipt of credit balance as per the statement of account, non-receipt of funds / securities kept as margin

Excess brokerage charged (other than on option premium), complaints against listed companies on non-receipt of allotment advice, securities allotted, refund order interest on delay in redemption / refund amount sale proceeds of fractional entitlement composite application form (CAF)

Duplicate certificate relating to securities

SEBI Complaints Redress System (SCORES)

SCORES is a web-based centralised grievance redress system of the SEBI that allows lodging a complaint against...

Registrar / transfer agents

Brokers / stock exchanges

Depository participants

Mutual Funds

Portfolio managers

Other entities

The response will take a maximum of 30 days.

Online portal: www.scores.gov.in

Toll-free number: 1800 266 7575 or 1800 22 7575

NSE Investor Service Centre (NICE)

NSE has an e-compliant register called the ‘NICE Plus’, where you can file a complaint against a broker or trading member. If the issue is not resolved within 15 days, the complaint will be referred to the investor grievance resolution panel.

Online portal: www.nseinvestorhelpline.com/NICEPLUS/

Toll-free number: 1800 266 0058 (9.30am to 5.45pm; Monday-Friday)

BSE Regional Investor Centre

Any investor having a grievance against a trading member can register complaints with the BSE in respect of transactions executed with BSE in the prescribed complaint form through email or through the facility provided on BSE’s website under ‘e-Complaint Registration’ of the investor section or at the nearest regional investor service centre of the BSE.

The complaints of investors against BSE’s trading members are forwarded to the trading members concerned for resolution. In case no reply is received from the trading member or the reply received does not satisfy the complainant, or the matter is not getting settled amicably, the same is placed before the investors’ grievances redressal committee (IGRC).

Pursuant to SEBI circular dated September 26, 2013, IGRC has been empowered to decide the claim value of the investor against the trading member on the basis of merit of the case. Complaints amounting up to Rs25 lakh are referred to the IGRC comprising one member, while those amounting to more than Rs25 lakh are referred to the IGRC comprising three members.

Contact: BSE Investor Service Centre, Cama Building, 1st floor, Dalal Street, Fort, Mumbai – 400 001.

Phone: 022-2272 8571 / 2272 8271 / 99202 60239

E-mail: isc.mumbai@bseindia.com

The writer is a Vile Parle-based social activist

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