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Tuesday, October 27, 2020

Sebi invites application to process, maintain investor complaints

Sebi said the agency should have an expertise in the field of handling registrar and transfer activities or depository services

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Sebi relaxes rules for listed companies with stressed assetsNew Delhi, Sep 17 (PTI) Capital markets watchdog Sebi plans to rope in an agency to process and maintain records of investor complaints received by the regulator.

The mandate for the agency is to receive grievances from investors through physical or electronic mode and categorise them.

The agency will also be responsible for tracking complaints” status online and conducting follow-ups, besides preparing action taken reports (ATRs) and updating the status of grievances on Sebi”s online platform for complaints, SCORES.

Complaints Redress System (SCORES), which registers and tracks investor complaints against listed entities or intermediaries, is a web-based and centralised grievance system developed by the markets watchdog.

The regulator, in a notice, invited applications “in prescribed format for pre-qualification of agencies for processing and maintenance of records of investor complaints received at Sebi”.

The scope of the work also includes despatching complaints to intermediaries or companies and mailing acknowledgment letters to investors.

Besides, the selected agency will be responsible for proper storage facility of the complaints received and ATRs for two years and any other work related to investor awareness and education as well as investor grievance redressal.

Spelling out the eligibility criteria, Sebi said the agency should have an expertise in the field of handling registrar and transfer activities or depository services or have an experience of handling investor matters.

The agency should have provided similar services to public sector undertakings, public sector banks, financial institutions and listed companies, among others.

The annual average turnover of the contractor should be at least Rs 55 lakh during the previous three years and should not have incurred any loss in two consecutive years during the past five years ended March 2020.

Interested agencies can submit their application till October 5, the Securities and Exchange Board of India (Sebi) said. PTI SP RVK

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