sebi
Published on 14 April 2025
SEBI Enhances Transparency in Investor Grievance Redressal Process
Introduction
The Securities and Exchange Board of India (SEBI) has issued a circular aimed at enhancing the transparency of the Investor Grievance Redressal Mechanism. This directive mandates recognized Stock Exchanges and Clearing Corporations operating in the Commodity Derivatives Segment to disclose complaint data and their resolutions on their websites.
Key Provisions of the Circular
Disclosure Requirements
-
Complaint Data Disclosure:
- All Stock Exchanges and Clearing Corporations must publish data on complaints received and their resolutions on their websites by the 7th of the following month.
- The specific format for disclosure is provided in Annexure – ‘A’ of the circular.
-
Additional Compliance:
- These disclosures supplement existing requirements set by SEBI.
-
Effective Date:
- The provisions outlined in this circular will take effect from January 01, 2022.
Responsibilities of Stock Exchanges and Clearing Corporations
- To comply with this circular, Stock Exchanges and Clearing Corporations must: 4.1. Amend their relevant bye-laws, rules, and regulations accordingly. 4.2. Report the status of their implementation to SEBI through the Monthly Development Report (MDR).
Legal Authority
- This circular is issued under the powers granted by:
- Section 11(1) of the Securities and Exchange Board of India Act, 1992.
- Section 10 of the Securities Contracts (Regulation) Act, 1956, aimed at protecting investor interests and regulating the securities market.
Availability of the Circular
- The circular can be accessed on the SEBI website at sebi.gov.in, under the “Circulars” and “Info for Commodity Derivatives” sections.
Annexure – A: Disclosure Format
Recognized Stock Exchanges and Clearing Corporations must display the following data regarding complaints on their websites:
Monthly Complaint Data
| Month Ending: | |||||||
|---|---|---|---|---|---|---|---|
| Sr. No. | Received from | Carried forward from previous month | Received during the month | Total Complaints | Resolved during the month* | Pending at end of month** | Average Resolution Time^ |
| 1 | Directly from Investors | ||||||
| 2 | SEBI (SCORES) | ||||||
| 3 | Members | ||||||
| 4 | Other Sources (if any) | ||||||
| Grand Total |
- *Includes complaints from previous months resolved in the current month, if applicable.
- **Total complaints pending as of the last day of the month, if any.
- ^Average resolution time is calculated as the total time taken to resolve each complaint divided by the number of complaints resolved for that month.
Month-wise Data for the Current Financial Year
| Sr. No. | Month | Carried Forward from Previous Month | Received | Resolved | Pending |
|---|---|---|---|---|---|
| 1 | April | ||||
| 2 | May | ||||
| 3 | June | ||||
| 4 | July | ||||
| Grand Total |
Year-wise Data (Rolling Basis for 5 Years)
| Sr. No. | Year | Carried Forward from Previous Year | Received | Resolved | Pending |
|---|---|---|---|---|---|
| 1 | 2020-21 | ||||
| 2 | 2021-22 | ||||
| 3 | 2022-23 | ||||
| 4 | 2023-24 | ||||
| 5 | 2024-25 | ||||
| Grand Total |
Conclusion
This circular by SEBI represents a significant step towards increasing transparency in the grievance redressal processes associated with Commodity Derivatives. Compliance with these guidelines will ensure that Stock Exchanges and Clearing Corporations uphold their responsibilities to investors and improve overall market integrity.