{"id":253676,"date":"2021-09-04T13:30:02","date_gmt":"2021-09-04T08:00:02","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=253676"},"modified":"2021-09-04T10:51:13","modified_gmt":"2021-09-04T05:21:13","slug":"sebi-modifies-previous-circular-on-amendment-pursuant-to-comprehensive-review-of-investor-grievance-redressal-mechanism","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/04\/sebi-modifies-previous-circular-on-amendment-pursuant-to-comprehensive-review-of-investor-grievance-redressal-mechanism\/","title":{"rendered":"SEBI modifies previous circular on amendment pursuant to comprehensive review of Investor Grievance Redressal Mechanism"},"content":{"rendered":"<p style=\"text-align: justify;\">On September 02 ,2021, the Securities and Exchange Board of India (SEBI) has issued a circular to amend a previous <a href=\"https:\/\/www.sebi.gov.in\/legal\/circulars\/feb-2017\/amendment-pursuant-to-comprehensive-review-of-investor-grievance-redressal-mechanism_34277.html\">circular SEBI\/HO\/DMS\/CIR\/P\/2017\/15 dated February 23, \u00a02017<\/a> which specifies Amendment pursuant to comprehensive review of Investor \u00a0Grievance Redressal Mechanism.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\">Key Amendments :<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\">Clause 1 &#8211; H, which specifies Place of arbitration \/ appellate arbitration has been replaced to modify the statutory cost for arbitration borne by party \u00a0desirous \u00a0of shifting \u00a0the \u00a0place \u00a0of arbitration. The previous circular provides the cost to be borne by the appealing party.<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #0000ff;\">\u201cIn case award amount is more than Rs. 50 lakh (Rs. Fifty lakh), the next level of proceedings (arbitration or appellate arbitration) may take place at the nearest metro city, if desired by any of the party involved. The additional statutory cost for arbitration, if \u00a0any, \u00a0to be borne by party \u00a0desirous \u00a0of shifting \u00a0the \u00a0place \u00a0of arbitration.\u201d<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\">Clause 1 -J, which specifies Speeding up grievance redressal mechanism has been modified:<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #0000ff;\">(v) in all cases except the additional fees charged from the trading members, if the claim is filed beyond the timeline prescribed in column 3, (only for member), on issue of the arbitral award the stock exchange shall refund the deposit to the party in whose favour the award has been passed.<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #0000ff;\">(vi) The additional fees charged from the trading members, if the claim is filed beyond the timeline prescribed in column 3, (only for member), if any, to be deposited in the IPF of the respective Stock Exchange.&#8221;<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\">Clause 2- E, which specifies, Determination \u00a0of \u00a0legitimate \u00a0claims \u00a0from \u00a0IPF \u00a0for \u00a0clients \u00a0of \u00a0the defaulter member, has been replaced to modify the Defaulters&#8217; Committee to include Member Core Settlement Guarantee Fund Committee.<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #0000ff;\">The Stock Exchanges shall ensure that once a member has been declared defaulter, the claim (s) shall be placed before the Member Core Settlement Guarantee Fund Committee (MCSGFC, the erstwhile Defaulters&#8217; Committee) for sanction and ratification. MCSGFC&#8217;s advice w.r.t. legitimate claims shall be sent to the IPF Trust for disbursement of the amount immediately.<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #0000ff;\">In case the claim amount is more than the coverage limit under IPF or the amount sanctioned and ratified by the MCSGFC is less than the claim amount then the investor will be at liberty to prefer for arbitration outside the exchange mechanism \/ any other legal forum outside the exchange mechanism for claim of the balance amount.&#8221;<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\">Clause 2-F, which specifies, Threshold limit for interim relief paid out of IPF in Stock Exchanges , has been modified, namely:<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #0000ff;\">(iii) In case, order is in favour of client and the member opts for arbitration wherein the claim value admissible to the client is not more than Rs. 20 lakhs (Rs. Twenty lakhs), the following steps should be undertaken by the Stock Exchange:<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span style=\"color: #0000ff;\">a) In case the GRC order is in favour of the client then 50% of the admissible claim value or Rs. 2.00 lakhs (Rs. Two lakhs), whichever is less, should be released to the client from IPF of the Stock Exchange.<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span style=\"color: #0000ff;\">b) In case the arbitration award is in favour of the client and the member opts for appellate arbitration then a positive difference of, 50% of the amount mentioned in the arbitration award or Rs. 3.00 lakhs (Rs. Three lakhs), whichever is less, and the amount already released to the client at clause (a) above, shall be released to the client from IPF of the Stock Exchange.<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span style=\"color: #0000ff;\">c) In case the appellate arbitration award is in favour of the client 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 mentioned in the appellate arbitration award or Rs. 5.00 lakhs (Rs. Five Lakhs), whichever is less and the amount already released to the client at clause (a) and (b) above, shall be released to the client from IPF of the Stock Exchanges.<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 80px;\"><span style=\"color: #0000ff;\">d)Total amount released to the client through the facility of interim relief from IPF in terms of this Circular shall not exceed Rs.10.00lakhs (Ten lakhs) in a financial year.\u201d<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">All the Stock Exchanges(excluding Commodity Derivatives Exchanges)\/ Depositories are directed :<\/p>\n<ul>\n<li style=\"text-align: justify;\">to make \u00a0necessary \u00a0amendments \u00a0to \u00a0the \u00a0relevant \u00a0bye-laws, \u00a0rules \u00a0and \u00a0regulations for the implementation of the above decision immediately;<\/li>\n<li style=\"text-align: justify;\">bring the provisions of this circular to the notice of the members\/ DPs and also to disseminate the same through their website; and<\/li>\n<li style=\"text-align: justify;\">take steps to make the investors aware of the aforesaid changes\/ modifications<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On September 02 ,2021, the Securities and Exchange Board of India (SEBI) has issued a circular to amend a previous circular SEBI\/HO\/DMS\/CIR\/P\/2017\/15 <\/p>\n","protected":false},"author":8808,"featured_media":252507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-253676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI modifies previous circular on 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2022","format":false,"excerpt":"\u00a0 \u00a0 On 04-07-2022, Securities and Exchange Board of India (\u2018SEBI') issued a circular on Investor Grievance Mechanism also amending its circular dated 23-02-2017 to protect the interests of investors in securities market and to promote the development and regulate the securities market. SEBI Complaints Redressal System (\u2018SCORES'): Key Points:\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":298211,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/08\/01\/sebi-introduces-online-dispute-redressal-portal-legal-news\/","url_meta":{"origin":253676,"position":1},"title":"SEBI introduces Online Dispute Resolution Portal to harness disputes arising in Indian Securities Market","author":"Kriti","date":"August 1, 2023","format":false,"excerpt":"On 31-7-2023, the Securities and Exchange Board of India (\u2018SEBI') introduced a common Online Dispute Resolution Portal (\u2018ODR Portal') which will harness online conciliation and online arbitration for resolution of disputes arising in the Indian Securities Market. Key Points: The provisions of this circular will be Implemented in Phases: First\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":258130,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/05\/sebi-merchant-bankers-to-publish-investor-charter-and-disclosure-of-complaints-by-the-dts-on-their-websites\/","url_meta":{"origin":253676,"position":2},"title":"SEBI | Merchant Bankers to publish Investor Charter and Disclosure of Complaints by the DTs on their websites","author":"Prachi Bhardwaj","date":"December 5, 2021","format":false,"excerpt":"The Securities & Exchange Board of India (SEBI) has mandated Merchant Bankers to publish Investor Charter and Disclosure of Complaints by the Debenture Trustees (DTs) on their websites vide circular dated November 30, 2021. The provisions of this circular shall come into effect from 1st January, 2022. \u00a0 SEBI has\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":259601,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/06\/sebi-issues-circular-to-increase-awareness-regarding-online-mechanisms-for-investor-grievance-redressal\/","url_meta":{"origin":253676,"position":3},"title":"SEBI issues circular to increase awareness regarding online mechanisms for investor grievance redressal","author":"Bhumika Indulia","date":"January 6, 2022","format":false,"excerpt":"On January 05, 2022, the SEBI has issued a circular regarding Online Mechanisms for Investor Grievance Redressal. Investors are encouraged to lodge their complaints through online mechanisms more specifically through SCORES portal and SCORES mobile application for effective redressal of grievances. In this regard, in order to increase the awareness\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":258764,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/19\/sebi-issues-publishing-of-investor-charter-and-disclosure-of-complaints-by-custodians-and-ddps-on-their-websites\/","url_meta":{"origin":253676,"position":4},"title":"SEBI issues circular on publishing of investor charter and disclosure of complaints by custodians and DDPs on their websites","author":"Bhumika Indulia","date":"December 19, 2021","format":false,"excerpt":"On December 17, 2021, SEBI after due consultation has developed Investor Charters for Custodians and DDPs which inter-alia deals with services provided to investors with timelines and general guidance for Investors. The provisions of this circular shall come into effect from January 01, 2022. In this regard, all the registered\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":263335,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/09\/sebi-issues-revision-to-operational-circular-for-increasing-limit-for-investment-through-upi-mechanism-to-rs-5-lakh\/","url_meta":{"origin":253676,"position":5},"title":"SEBI issues revision to operational circular for increasing limit for investment through UPI mechanism to Rs. 5 lakh","author":"Bhumika Indulia","date":"March 9, 2022","format":false,"excerpt":"On August 10, 2021, SEBI has issued an Operational Circular no. SEBI\/HO\/DDHS\/P\/CIR\/2021\/613 which provided an option to investors to apply in public issues of debt securities with the facility to block funds through Unified Payments Interface (UPI) mechanism for application value upto Rs. 2 lakh SEBI has now made revisions\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/253676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=253676"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/253676\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/252507"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=253676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=253676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=253676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}