Claim against Defaulter

BSE has established a Department of Investors Services (DIS) to redress investors' grievances. Since its establishment in 1986, the DIS has played a pivotal role in enhancing and maintaining investors' faith and confidence by resolving their grievances either against listed companies or against BSE's Trading Members.

List of Members who have Declared Defaulter/Expelled since 1992

Investor can lodge claim against defaulter, in physical form i.e. by submitting the prescribed claim form along with the supporting documents such as Ledger statement, Bank statement, Demat transaction statement etc. at any of the Regional Investor Service Centres either in person or by post.

Investor can also lodge a claim through email on or through the facility provided on BSE’s website under Investor section "e-Complaint Registration"

Additionally, investor can also lodge a claim on SCORE, a web based centralized grievance redressal system of SEBI

The investor can check the status of their claim with help of PAN and Mobile no. on link

Investor Protection Fund

BSE set up an Investor Protection Fund (IPF) on July 10, 1986 to compensate the clients who suffer financial loss due to their member being declared as defaulter, in accordance with the Guidelines issued by the Ministry of finance, Government of India. IPF is managed by the Trustees appointed by BSE

The Fund corpus is created as follows:

The Members contribute Re. 0.01 per Rs.1 lakh of gross turnover, which is debited to their General Charges Account. BSE contributes, on a quarterly basis, 1% of the listing fees collected by it. The entire interest earned by BSE on 1% security deposit kept with it by companies making public/rights issues is credited to the Fund. As per the SEBI directive, auction proceeds that have been impounded in certain cases where price manipulation / rigging was suspected are transferred to the Fund. The surplus lying in the account of the defaulters after meeting their liabilities on BSE is released to them after transferring 5% of the surplus amount to this Fund. The interest received on amounts invested from the corpus of the fund is credited to the fund at the end of each financial year.

Investor Protection Fund Corpus

  • The corpus of BSE IPF as on February 29, 2024: Equity Segment - ₹664.69 Crores (Includes Auction proceeds along with interest pertaining to one scrip retained separately as advised by SEBI.) and Commodity Segment - ₹63.47 Lakhs.

Compensation Policy for clients of defaulter members

• Equity IPF: At present the Exchange compensates to the maximum extent of ₹15,00,000/- to the client of a defaulter from its Investors Protection Fund (IPF). The revised amount of ₹15,00,000/- is applicable to the clients of the Trading Member of the Exchange, who are declared Defaulter after December 5, 2009. (This amount has been progressively raised by the Exchange from ₹10,00,000/- in 2000 to the present level)

• Commodity IPF: At present the Exchange compensates to the maximum extent of ₹5,00,000/- to the client of a defaulter from its Investors Protection Fund (IPF). The amount of ₹5,00,000/- is applicable from April 1, 2021.

The claim of investors against defaulters are scrutinized and placed before the Member Committee (Erstwhile Defaulters Committee). Claims which are eligible for compensation from IPF as per the norms approved by the then Defaulters’ Committee are considered by the Member Committee for recommending to the IPF for compensation from IPF. After the approval of the Trustees of the IPF, the amount is disbursed to the investors from the IPF.

Priority of Disbursement of assets of defaulter member :

  • Dues to BSE or to Clearing Corporation or to SEBI
  • Dues to the extent of principal amount to other related Trading Members and constituents of the defaulters
  • Dues to the Investor Protection Fund (IPF).
  • Dues of the other Stock Exchanges, if any
  • Dues of the clearing banks for clearing the dues
  • Surplus assets refunded to defaulter

Form for lodging claim against Defaulter/Expelled Member & Checklist

Norms for eligibility of claims for compensation from IPF to the clients of the defaulter member

Amended Norms for eligibility of claims for compensation from IPF to the clients of the defaulter members w.e.f. September 4, 2022

FAQ on processing of investors’ claims against Defaulter members

Standard Operating Procedure (SOP) for Handling of Claims of Investors in the Cases of Default by Trading Members as prescribed by SEBI vide its letter dated November 13, 2020 and December 31, 2020

BSE has started following Regional Investor Service Centre at following locations, to provide Investor Grievance Redressal (IGRC) and Arbitration Mechanism; to the Investors.

Name of Centre Operations Effective From
Mumbai, Delhi, Kolkatta and Chennai
31st January, 2009
Hyderabad, Ahmedabad, Indore and Kanpur
01st October, 2012
Bangalore, Jaipur and Pune
31st December, 2013
Vadodara, Lucknow and Patna
30th June, 2014
Bhubaneshwar,Dehradun, Guwahati, Ranchi
18th October 2016
25th October 2016
22nd November, 2016

Defaulter Member Dnyaneshwar Dongare

022 2272 5119



Dhananjay Apte

022 2272 8918

Madhavi Singh

022 2272 8513

Shruti Rane 022 2272 8237

Regional Centres - BSE Investor Service Centres