Complaint against Companies and Trading Members
Investor Grievances

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. The services offered by DIS are as under:

(a) Investors' Grievances against Listed Companies

Investors' complaints against listed companies are forwarded by BSE to the concerned companies, with a copy sent to the complainant. The investors are advised to inform BSE if the complaints are not resolved within 30 days. If a company fails to redress the complaint within 30 days, BSE sends a reminder to the company and follows-up with the companies and / or their Registrar & Transfer Agents, to resolve such complaints.

A "Z" category company indicates that it has not complied with various provisions of the Listing Regulations. Through creation of "Z' category, BSE cautions investors to be more careful in their investments in such companies.

Investors are expected to submit their complaints in the prescribed Complaint format to the nearest Regional Investor Service Centre of BSE at the address mentioned below or submit via email on along with necessary supporting documents. While registering a complaint, kindly ensure valid email id and mobile number is entered.

Visit of Registrar & Transfer Agents to BSE

BSE regularly organizes visits of Registrars & Transfer Agents (RTAs) at its Registered Office to allow Trading Members and investors to have direct interface with them for redressal of complaints against companies listed on BSE.

(b) Investors' Grievances against BSE's Trading Members

Investors are expected to submit their complaints in the prescribed Complaint Form.

The contact person for complaints through SCORES is as under:

               Mr. Mahesh Ghadi, DM - Investor Services

               Contact No. : 022 22728517

               Email id :

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, Kochi, Dehradun, Goa, Guwahati, Jammu, Ranchi, Raipur
18th October 2016
25th October 2016
22nd November, 2016

The investors shall approach the nearest Regional Investor Service Centre, the most recent address / registered office address of the constituent, as duly communicated in writing to the Trading Member in accordance with regulatory requirement is located. The hearings shall be held in the concerned Regional Investor Service Centre where the Applicant has filed the Application for IGRC/Arbitration.

Regional Investor Service Centres

BSE Investor Service Centre

203/204,' Abhishree Avenue'
Near Nehru Nagar Circle
S. M. Road,Ambawadi
Ahmedabad - 380 015

Telephone No.: 079-2640 2992 / 2646 2992/ 8657432127
Fax No.: 079 - 2640 2992
Contact Person : Jigar Gadesha

E-mail Id:


BSE Investor Regional Service Centre
Shree Raghavendra Complex No. 184,
3rd Cross, link Road,
Bengaluru - 560003

Telephone No. 080 - 2356 8444
Contact person - Mr. Thilakraj Rai

E-mail Id

BSE Investor Service Centre
1st floor, UCCI - Utkal Chamber Of Commerce
And Industry Building,
N/6, IRC Village, Nayapalli,
Bhubaneshwar – 751 015.

Tele No.: 0674-2361029 / 7978704644
Contact person - Soumya Ranjan Sahoo

E-mail Id :

BSE Investor Service Centre
1st floor, office No-107,
SCO No – 40, Sector 26,
Madya Marg, Chandigarh – 160 019

Tele No. : 0172-2790259/ 08988245362
Contact person: Mr. Hari Das Kaushal /Ms. Uma 

E-mail Id : ,

BSE Investor Service Centre

The Stock Exchange Investors Protection Fund,
Imperial, 8th Floor,
610, 610A & 612,
Anna Salai, Teynampet,
Chennai - 600 018

Tele. No.: 044 4608 8585 / 08939560821

Contact Person : Ms. Vasudha Sykam

E-mail Id:


BSE Investor Service Centre
Shop No 4 and 5, 1st Floor,
Shiva Palace Shopping Complex 57/19
(Old No 57), Rajpur Road,
(New No.264 part of Rajpur Road – 1)
Dehradun, Uttarakhand -

Tele. No.: 8826 799907
Contact person: Mr. Jitender Nautiyal

E-mail Id :

New Delhi

BSE Investor Service Centre

101, 1st Floor, Aggarwal Corporate Tower,
Plot No. 23, District Center,
Rajendra Place,
New Delhi - 110 008

Tele. No. 011 - 2578 2116 - 18
Contact Person : Mr. Poonam Chand



BSE Investor Service Centre
Kay M Plaza, Room No. 5,
2nd Floor, GS Road,
Ganeshgiri, Dispur,
Guwahati – 781006

Cell. No : 70357 36585
Contact person: Mr. Munna Paul

Email ID:


BSE Investor Service Centre
Flat no. 302, Marigold Pavani Estates,
Dwarkapuri Colony,
Hyderabad - 500082

Telephone No.: 040-40038477/ 07337592923
Contact person - Mr. Aditya Reddy

Email ID:


BSE Investor Service Centre

405, 4th Floor,
Apollo Square, Near Janjeerwala Square,
Indore -452001

Tele No.: +919977069237
Contact Person : Mr. Amit Keshri

E-mail Id:


BSE Investor Service Centre

Office No. 401, Situated on 4th floor,
Durga Business Center,

Opp. Hotel Gangaur, M.I.Road, Jaipur - 302001

Tele No.: 0141- 2370877 / 2378077 / 9772007555
Contact Person : Atul Kumar Sharma

E-mail Id:

BSE Investor Service Centre
Hall No. 104, 1st floor, B1, North Block,
Bahu Plaza, Gandhi Nagar, Jammu.
Pin Code 180004

Tele No.: 0191-2477688 / 9086 321641
Contact Person: Mr. Wasim Akhtar

E-mail Id:

BSE Investor Service Centre
Ground Floor, Padam Towers 14/113,
Civil Lines Kanpur - 208001

Tele No.: 91-9336330705
Contact Person : Mr. Jitendranath Shukla

E-mail Id:

BSE Investor Service Centre
2nd Floor, Sree Lakshmi Tower,
Ravipuram Road, Ravipuram,
Cochin - 682016

Tele. No. : 0484 -2356143 / 44
Cell No. 9349754075
Contact person - Mr. Sumith C. S.

E-mail Id:

BSE Investor Service Centre

Units No. A1 (ii) & (iii),
1st Floor of Block "A",
22 -Camac Street,
Kolkata - 700 016

Tele. No. :033-22821375/ 08657418466
Telefax No.:033-22821376
Contact Person : Mr. Anirban Guha

E-mail Id :


BSE Investor Service Centre, Lucknow

A-19, Mirai Tower,
Adjacent to Utsav Lawn,
Nirala Nagar, Near- Ram Krishna Math,
Lucknow - 226020

Tele No. 0522 - 2788380 / 9415669872
Contact Person : Mr. Sanjeo Tripathi



1. BSE Investor Service Centre

Cama Building, 1st floor,
Dalal Street,
Fort, Mumbai – 400001.

Tele. No.: 022-22721233/34

For complaint against Trading Member
Contact Person: Mr. Mahesh Ghadi
E-mail Id:

For complaint against Company
Contact Person: Mr. Yatin Bhavsar
Tele. No. : 022 – 22728016
E-mail Id:

2. BSE Investor Service Centre
401, 4th Floor, Naman Centre,
C-31, G- Block, Bandra-Kurla Complex,
Bandra (E), Opp. Dena Bank & SIDBI
Mumbai – 400051

Tele. No. 022 - 4355 0218
Contact Person – Ms. Riya Shivnani
E-mail Id:


BSE Investor Service Centre
Flat No. 205, 2nd Floor,
A Wing, Rizvi Towers, Caculo Circle,
St Inez, Panaji,
GOA – 403001,

Tele. No.: 91 68 465838
Contact person: Mr. Jason Dias

Email ID:


BSE Investor Service Centre, Patna

611A, 6th floor,
Ashiana Plaza,
Budh Marg,
Patna – 800001.

Tel. No. : 08651036680 / 82
Contact Person: Mr. Gagankumar Singh

E-mail Id:


BSE Investor Service Centre

Unit / Shop No. SW / G-2,
Ground Floor, North Block,
Sacred World, Wanorie,
Pune - 411040.

Tele. No. : 09152728151
Contact person - Mr. Siddharth Dixit

E-mail :

BSE Investor Service Centre
3rd Floor, T- 17,
Raheja Tower Fafadi Chowk,
Jail Road Raipur – 492001

Tele. No. : 0771 - 2883359 / 95751 36146
Contact person: Mr. Tanmay Acharya

E-mail :

Tele. No. : 2883359 / 73545 14716
Contact person: Mr. Akalp Shrotey

E-mail :

BSE Investor Service Centre
Ram Naresh Prasad Sharma 4TH Floor,
Vasundhara Mega Mart,
Argora Chowk
RANCHI – 834012

Tele. No. : 0651 -2244138 / 9470309858
Contact person: Abhishek Kumar Sharma

Email ID :

BSE Investor Service Centre,
No. 1, Vishnu Chambers,
Kashi Visheswar Township Flat,
Vishnu Bhawan,
The Mall, Shimla – 171001

Cell. No. : 1772 - 805362 / 09888278307
Contact person - Mr. Amit Kumar
E-mail :

BSE Investor Service Centre, Vadodara

701 – A, 7th floor, Mid-Town Heights,
Jetalpur Road, Alkapuri,
Vadodara – 390 007

Tel. No. : 0265 - 2341969 / 09909941969
Contact person - Mr.Anoop Dwivedi
E-mail :

Investor can lodge complaint against, trading member, in physical form i.e. by submitting the prescribed complaint form along with the supporting documents such as Contract notes, 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 complaint through email or through the facility provided on BSE’s website under Investor section “e-Complaint Registration”.

Additionally, investor can also lodge a complaint on SCORES, a web based centralized grievance redressal system of SEBI.

The complaints of investors against BSE's Trading Member's are forwarded to the concerned Trading Members for resolution. Trading Members to reply the same within 3 working days from receipt of the complaint from BSE. In case no reply is received from the Trading Member or the reply received from the Trading Member does not satisfy the complainant, the same is placed before Investors' Grievances Redressal Committee (IGRC).

BSE provides services of IGRC which, in its meetings, mediates and counsels the disputing parties for finding amicable solution, for which the Exchange sends Notice to both parties to remain present before the said IGRC. In cases, where an amicable solution cannot be reached. IGRC suggests the complainant to opt for an arbitration if they so desire. It records the final outcome in the matter in the form of minutes, a copy of which is handed over to the parties or mailed to an absent party.

Payments to investors from deposits of member or IPF.

SEBI vide its circular dated September 26, 2013 empowered the IGRC to decide the claim value of the investors against the trading members on the basis of merits of the cases. In case the claim value is decided by IGRC in favour of investor and accepted by the investor, the amount is blocked from the deposits of the member with the Exchange.

As per SEBI circular dated February 23, 2017, in case the claim is for amount less than Rs. 20 lacs following process is followed:

a)If trading member intimates to the Exchange, within 7 days from receipt of IGRC decision, that he is challenging the decision of IGRC before arbitration, the investor is paid to the extent of 50% of claim amount decided by IGRC or Rs. 2 Lacs whichever is less, from IPF. In case the member fails to intimate the same within above period, the Exchange release the entire amount blocked from the deposits of the member to the client and settles the claim.

b)In case the member files the arbitration and the award is finalised in favour of the investor and member opts to file Appeal, 50% of arbitration award amount or Rs. 3 Lacs whichever is less shall be released to the investor from IPF. The amount released shall exclude the amount already released to the client at clause (a) above.

c)In case at Appellate Bench, the arbitration award is finalised in favour of the investor and member opts to file petition u/s 34 of Arbitration & Conciliation Act, 1996, then 75% of the amount determined in the appellate arbitration award or Rs. 5 lakhs, whichever is less, shall be released to the client from IPF of the Stock Exchanges. The amount released shall exclude the amount already released to the client at clause (a) and (b) above.

d) Total amount released to the client through the facility of interim relief from IPF in terms of this Circular shall not exceed Rs. 10 lakhs in a financial year.

However, in case the investor lose the matter at any stage and decide not pursue the matter further, he has to refund the money received from IPF back. In case he fails to do so the Exchange will not allow that investor on the basis of PAN no. to trade on any of the stock exchanges and the demat account/s of the investor will be blocked till the time he refund the amount.

The Exchange levies penalties on the Trading Member for not replying within the specified period to the complaints forwarded or not attending the IGRC meetings. Further, in case the Trading member fails to implement what is agreed before IGRC as recorded in the said minutes of the IGRC, the Exchange places the same before the Disciplinary Action Committee levies the penalties.

The complaints amounting to less than Rs. 25,00,000/- is heard by the IGRC comprising of one member' and those amounting to more than Rs. 25,00,000/- are heard by the IGRC comprising of three members.

The Exchange has formed separate IGRCs, for each Regional Investor Service Centre to deal with the cases. It will be in the interest of investors to ascertain the concerned Regional Investor Service Centre for filing his / her complaint, since the period consumed in redressal of complaint through IGRC will not be considered while measuring period of 'limitation' in filing arbitration application.

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.

Compensation Policy for clients of defaulter members

At present the Exchange compensate to the maximum extent of Rs. 15,00,000/- to the client of a defaulter from its Investors Protection Fund (IPF). The amount is paid to the extent of award amount or Rs. 15,00,000/-, whichever is lower. The revised amount of Rs. 15,00,000/- shall be applicable to the clients of the Trading Member of the Exchange, who are declared Defaulter after 5th December, 2009. (This amount has been progressively raised by BSE from Rs.10,000 in 1988 to the present level).

The arbitration Award obtained by investors against defaulters are scrutinized by the Defaulters Committee, a Standing Committee constituted by BSE, which may recommend to the Trustees of the Fund for release the payment as per the applicable limits to the clients of Trading Members which have been declared Defaulter. After the approval of the Trustees of the Fund, the amount is disbursed to the investors from the Fund. Those claims which are permissible for payment from IPF as per the Trust Deed are considered by the Defaulters' Committee for recommending payment from the fund.

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