70% of capital market complaints redressed by SEBI in 3 years
Securities and Exchange Board of India (SEBI) has redressed 70 percent of capital markets related complaints received in the last three years.
New Delhi: Securities and Exchange Board of India (SEBI) has redressed 70 percent of capital markets related complaints received in the last three years.
"SEBI has reported that 70 percent of the complaints with regard to capital market retail participation has been resolved," the Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
The capital markets regulator redressed 53,841 complaints during 2011-12, 66,552 during 2010-11 and 42,742 during 2009-10, he said.
However, cumulative pending grievances during 2011-12 stood at 24,292 complaints as against 28,653 in 2010-11 and 37,880 in 2009-10, he added.
"SEBI takes various measures to redress investor grievances. These include sending reminders... If SEBI finds that the progress on the redressal of any investor's grievance is not satisfactory, it could take enforcement measures," Meena said.
He said to improve the efficiency in its complaints handling mechanism, SEBI has introduced a new web based centralised grievance redressal system called SCORES (SEBI Complaints Redress System) in 2011.
"Under the new system, all the activities of the complaint redressal mechanism beginning with the lodging of complaint to its closure by SEBI can be monitored online," the minister said.
In addition, the regulator has also launched a toll free number service number (1800 22 7575) in December 2011 to provide replies to various queries on matters relating to securities market, he said.