INVESTOR SERVICE CELL

Empowerment of investors through education and protection of interest of investors is one of the primary objectives of NSE. To cater to the needs of investors, NSE has established its Investor Services Cell at Agartala, Ahmedabad, Bangalore, Bhubaneswar, Chandigarh, Chennai, Dehradun, New Delhi, Dimapur, Guwahati, Hyderabad, Indore, Itanagar, Impal, Jaipur, Jammu, Kanpur, Kochi, Kolkata, Lucknow, Mumbai, Panaji, Patna, Pune, Raipur, Rajkot, Ranchi, Shillong, Shimla, Surat, Thiruvananthapuram and Vadodara, Vijayawada and Vizag. The Investor Services Cell also renders administrative assistance to arbitration proceedings in respect of arbitration cases that are admitted for Arbitration under the Exchange's Arbitration Framework.

Investor Services Cell of the Exchange deals with the complaints of investors against the Trading Members of the Exchange or against the listed companies. 

In accordance with SEBI master circular no. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/145 updated on August 11, 2023, all disputes against the market Participants in the Securities Market shall be filed on the ODR Portal w.e.f. August 16, 2023.

Link to the master Circular issued by Exchange - SEBI | Online Resolution of Disputes in the Indian Securities Market

Link to ODR portal -   SMARTODR

Generally, the complaints of following nature are taken up for resolution by the Exchange.

Complaints against Exchange Members:

Capital Markets/ Futures & Options Segment:

• Non-Issuance of the Documents by the Trading Member
• Non-receipt of funds / securities
• Non-receipt of margin/security deposit given to the Trading Member (TM)
• Non-Receipt of Corporate Benefit (dividend / interest / bonus etc.)
• Auction value / close out value received or paid
• Execution of Trades without Consent
• Excess Brokerage charged by Trading Member / Sub-broker
• Non-receipt of credit balance as per the statement of account
• Non-Receipt of Funds / Securities kept as margin
• Excess Brokerage Charged (other than on Option Premium)

Complaints against Listed Companies:

• Public / Further offerings: Complaint regarding non-receipt of…
  1. Allotment Advice, securities allotted, refund order
  2. Interest on delay in Redemption / Refund Amount
  3. Sale Proceeds of Fractional Entitlement
  4. Composite Application Form (CAF) for Rights offer Rights for (CAF) Application
  5. Securities purchased through a Rights Offer
  6. Letter of offer for Buyback
• Corporate Actions: Complaint regarding non-receipt of…
  1. Dividend
  2. Interest on Debentures, Bonds or other Debt Instruments
  3. Securities on account of a Bonus / De-merger / Merger / Stock Split
  4. Redemption Amount
• Transfer of Securities: Complaint regarding non-receipt of…
  1. Securities after Dematerialization
  2. Securities after Transfer/Transmission
  3. Duplicate Certificate relating to Securities
• Miscellaneous

Complaint regarding non-receipt of copy of the Annual Reports

The Investor Services Cell of the Exchange would not be in a position to deal with certain types of complaints. Illustrative list of nature of complaints that would not be handled by Investor Services Cell are as under:

Complaints against Exchange Members:

• Complaints in respect of transactions which are already subject matter of Arbitration proceedings
• Complaint involving payment of funds and transfer of securities to entities other than Trading Member
• Claims for mental agony/harassment and expenses incurred for pursuing the matter with the ISC
• Claim for notional loss, opportunity loss for the disputed period or trade
• Complaints pertaining to trades not executed on the Trading System of the Exchange
• Claims of sub-broker/authorized persons for private commercial dealings with the trading member
• Claims relating to transactions which are in the nature of loan or financing which are not within the framework defined by the Exchange
• Claims which are relating to entities/activities which are not regulated by Exchange

Complaints against a Company:

• Complaints pertaining to securities not listed on the Exchange
• Complaints for refund of postal charges, telephone expenses and miscellaneous charges
• Compensation for mental agony, harassment
• Notional loss due to delay in receipt of shares sent for transfer or after IPO
• Complaints which fall outside the purview of the listing agreement and not related to the Exchange
• Pledge and assignment of shares
• Inability of complainant to establish ownership of security.

Note: The Arbitration mechanism available at Exchange, helps provide for resolution towards disputes arising between the Trading member and Constituents, out of or in relation to dealings, contracts and transactions made subject to the Bye-Laws, Rules and, Regulations of the Exchange or with reference to anything incidental thereto or in pursuance thereof or relating to their validity, construction, interpretation, fulfilment or the rights, obligations, and liabilities of the parties thereto and including any question of whether such dealings, transactions, and contracts entered into shall be submitted to arbitration in accordance with the provisions of these Byelaws and Regulations.

The Arbitration petition shall be filed on ODR portal w.e.f August 16, 2023 and will be placed before the Arbitrator/s for their consideration. The Arbitrator/s shall conduct the proceedings and based on the oral and written submission made by the parties shall conclude the same by passing an award. The Arbitration award is binding on both parties.

NSE has accorded high priority for resolution of investor complaints and the activities of Investors Services Cell are overseen by Regulatory Oversight Committee.

Members of Regulatory Oversight Committee

•    Mr. S Ravindran
•    Prof. S Sudarshan
•    Mr. V G Kannan
•    Mr. Tablesh Pandey