Complaint redressal rate slides to 56% in capital markets

Mumbai: The investor grievance redressal rate of Sebi-regulated market entities dipped to 56 percent during the April-June quarter of the financial year from 76 percent in the same period a year ago.

The cumulative number of investor grievances received on Sebi's online redressal platform was 8,703 at the end of June quarter this fiscal, out of which 4,836 complaints were resolved -- resulting into a redressal rate of about 56 percent.

In comparison, this SCORES platform of Securities and Exchange Board of India (Sebi) had received 8,749 complaints during the June quarter last year.

Of these, 6,670 grievances were resolved translating into a redressal rate of 76 percent.

Besides, the Q1 2015-16 redressal rate is also lower than 62 percent recorded during three-month period ended March 30.

During this period, the Sebi platform had got 8,960 complaints, of which it resolved 5,535.

The data is part of the regulator's quarterly status report on investor grievances.

However, there were 6,608 complaints pending resolution during Q1 of 2015-16 -- less than 10,330 pending grievances at the end of corresponding period year-ago.

During the January-march quarter, the number of unresolved investor complaints stood at 5,736.

As per regulations, Sebi takes necessary action against the market entities failing to resolve investor complaints.

On June 8, 2011, Sebi had commenced a new web-based centralised grievance redress system called as SCORES (Sebi Complaints Redress System).

Under the mechanism, all activities from lodging of a complaint till its closure by Sebi are online in an automated environment and the status of every complaint can be viewed at any time by the complainant.
The system has significantly helped Sebi resolve investor grievances at a faster rate.