To follow highest standards of ethics and compliances while facilitating the trading by clients in securities in a fair and transparent manner, so as to contribute in creation of wealth for investors.
S.No | Activities | Expected Timelines |
---|---|---|
1. | KYC entered into KRA System and CKYCR | 3 working 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 contract notes | 24 hours of execution of trades |
7. | Collection of upfront margin from client | Before initiation of trade |
8. | Issuance of intimations regarding other margin due payments | At the end of the T day |
9. | Settlement of client funds | First Friday/Saturday of the month / quarter as per Exchange pre- announced schedule |
10. | ‘Statement of Accounts’ for Funds, Securities and Commodities | Monthly basis |
11. | Issuance of retention statement of funds/commodities | 5 days from the date of settlement |
12. | Issuance of Annual Global Statement | 30 days from the end of the financial year |
13. | Investor grievances redressal | 21 calendar days from the receipt of the complaint |
DOs | DON’Ts |
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Additionally, Investors may refer to Dos and Don’ts issued by MIIs on their respective websites from time to time
The process of investor grievance redressal is as follows:
1. |
Investor complaint/Grievances |
Investor can lodge complaint/grievance against stock broker in the ways:
Mode of filing the complaint with stock broker
Investor can approach the Stock the designated Grievance e-mail ID the stock broker.The Broker will strive to grievance immediately, but not later than 21 days receipt grievance
Mode of filing the with stock exchanges
i. SCORES 2.0 (a web based grievance system SEBI) (https://scores.sebi.gov.in)
Two level review for complaint/grievance against stock broker:
First review done Designated body/Exchange Second review done by SEBI
ii. Emails to designated email IDs of Exchange |
2. |
Online Dispute (ODR) platform online Conciliation and Arbitration |
If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration |
3. |
Steps to be followed in ODR for Review, Conciliation and Arbitration |
1. Investor to approach Market Participant for redressal of complaint
2. If investor is not satisfied with response of Market Participant, he/she has either of the following 2 options: i.May escalate the complaint on SEBI SCORES portal. ii.May also file a complaint on SMARTODR portal for its resolution through online conciliation and arbitration
Upon receipt of complaint on SMARTODR portal, the relevant MII will review the matter and endeavor to resolve the matter between the Market Participant and investor within 21 days
4. If the matter could not be amicably resolved, then the matter shall be referred for conciliation
5. During the conciliation process, the conciliator will endeavor for amicable settlement of the dispute within 21 days, which may be extended with 10 days by the conciliator with consent of the parties to dispute.
6. If the conciliation is unsuccessful, then the investor may request to refer the matter for arbitration
7. The arbitration process to be concluded by arbitrator(s) within 30 days, which is extendable by 30 days with consent of the parties to dispute. |