Grievance Redressal Mechanism

Level 1 Approach the Stock Broker at the designated Investor Grievance e-mail ID of the stock broker. The Stock Broker will strive to redress the grievance immediately, but not later than 30 days of the receipt of the grievance.

Level 2 Approach the Stock Exchange using the grievance mechanism mentioned at the website of the respective exchange.

Complaints Resolution Process at Stock Exchange explained graphically:

 

Timelines for complaint resolution process at Stock Exchanges against stock brokers :

Sr.No. Type of Activity Timelines for activity
1 Receipt of Complaint Day of complaint (C Day).
2Additional information sought from the investor, if any, and provisionally forwarded to stock broker. C + 7 Working days.
3Registration of the complaint and forwarding to the stock broker. C+8 Working Days i.e. T day.
4Amicable Resolution. T+15 Working Days.
5Refer to Grievance Redressal Committee (GRC), in case of no amicable resolution. T+16 Working Days.
6Complete resolution process post GRC. T + 30 Working Days.
7In case where the GRC Member requires additional information, GRC order shall be completed within. T + 45 Working Days.
8Implementation of GRC Order. On receipt of GRC Order, if the order is in favour of the investor, debit the funds of the stock broker. Order for debit is issued immediately or as per the directions given in GRC order.
9In case the stock broker is aggrieved by the GRC order, will provide intention to avail arbitration Within 7 days from receipt of order
10If intention from stock broker is received and the GRC order amount is upto Rs.20 lakhs Investor is eligible for interim relief from Investor Protection Fund (IPF).The interim relief will be 50% of the GRC order amount or Rs.2 lakhs whichever is less. The same shall be provided after obtaining an Undertaking from the investor.
11Stock Broker shall file for arbitration Within 6 months from the date of GRC recommendation
12In case the stock broker does not file for arbitration within 6 months The GRC order amount shall be released to the investor after adjusting the amount released as interim relief, if any.
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