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To facilitate speedy grievance redressal, SEBI has mandated all stock exchanges – functioning on their own and through other exchanges — to set up an investor grievance redressal committee (IGRC) at every investor service centre.
For claims up to Rs 25 lakh, the IGRC will comprise one person, and for claims higher than Rs 25 lakh, the committee would have three members.
Further, the three-member committee shall have independent persons qualified in the area of law, finance, accounts, economics, management or administration. They will also have experience in financial services especially the securities market.
In addition, one member of the committee should be a technical expert capable of handling complaints related to technology issues such as internet based trading, algorithmic trading, etc).
Finally SEBI said the members of the IGRC should not be associated with a trading member in any manner.
SEBI has advised large exchanges NSE, BSE, MCX and USEIL to open investor services centres in other large cities in a time-bound manner.
Exchanges have been asked to submit a list of such centres. The circular comes into effect immediately and exchanges have to communicate the implementation status of this circular in their monthly report to SEBI.
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