TMI BlogPublishing Investor Charter and disclosure of Investor Complaints by Stock Brokers on their websitesX X X X Extracts X X X X X X X X Extracts X X X X ..... k Brokers to bring the Investor Charter for Stock Brokers to the notice of their clients (existing as well as new clients) through disclosing the Investor Charter on their respective websites, making them available at prominent places in the office, provide a copy of Investor Charter as a part of account opening kit to the clients, through e-mails/ letters etc. 3) Additionally, in order to bring about transparency in the Investor Grievance Redressal Mechanism, it has been decided that all the Stock Brokers shall disclose on their respective websites, the data on complaints received against them or against issues dealt by them and redressal thereof, latest by 7th of succeeding month, as per the format enclosed at Annexure B to this circular. 4) These disclosure requirements are in addition to those already mandated by SEBI. The provisions of this circular shall come into effect from January 01, 2022 . 5) Stock Exchanges are hereby directed to bring the provisions of this circular to the notice of the Stock Brokers. 6) This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 , ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive complete information about maintenance or service charges, transaction or redemption fees, and penalties. Discuss your grievances with compliance officer of the firm and receive prompt attention to and fair consideration of your concerns. Various activities of Stock Brokers with timelines S.No. Activities Expected Timelines 1. KYC entered into KRA System and CKYCR 10 days of account opening 2. Client Onboarding Immediate, but not later than one week 3. Order execution Immediate on receipt of order, but not later than the same day 4. Allocation of Unique Client Code Before trading 5. Copy of duly completed Client Registration Documents to clients 7 days from the date of upload of Unique Client Code to the Exchange by the trading member 6. Issuance of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut. 9. Verify details of trades, contract notes and statement of account and approach relevant authority for any discrepancies. Verify trade details on the Exchange websites from the trade verification facility provided by the Exchanges. 10. Receive statement of accounts periodically. If opted for running account settlement, account has to be settled by the stock broker as per the option given by the client (30 or 90 days). 11. In case of any grievances, approach stock broker or Stock Exchange or SEBI for getting the same resolved within prescribed timelines. 1. Do not deal with unregistered stock broker. 2. Do not forget to strike off blanks in your account opening and KYC. 3. Do not submit an incomplete account opening and KYC form. 4. Do not forget to inform any change in information linked to trading account and obtain confirmation of updation in the system. 5. Do not transfer funds, for the purposes of trading to anyone other than a stock broker. No payment should be made in name of employee of stock broker. 6. Do not ignore any emails / SMSs received with regards to trades done, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der 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. 9. In case the stock broker is aggrieved by the GRC order, will provide intention to avail arbitration Within 7 days from receipt of order 10. If intention from stock broker is received and the GRC order amount is upto ₹ 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 ₹ 2 lakhs whichever is less. The same shall be provided after obtaining an Undertaking from the investor. 11. Stock Broker shall file for arbitration Within 6 months from the date of GRC recommendation 12. In 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 SEBI (SCORES) 3 Stock Exchanges 4 Other Sources (if any) 5 Grand Total Trend of monthly disposal of complaints SN Month Carried forward from previous month Received Resolved* Pending** 1 2 3 4 5 6 1 April -YYYY ..... X X X X Extracts X X X X X X X X Extracts X X X X
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