Complaint against 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

Any investor having grievance against Trading Member can register complaint with BSE in respect of transactions executed on BSE in the prescribed Complaint form at the address mentioned below or to the nearest Regional Investor Service Centre of BSE along with necessary supporting documents. Kindly ensure that investor should also provide valid email id, mobile number and PAN.

Investor can also lodge a complaint through email at the address mentioned below or through the facility provided on BSE’s website under Investor section " e-Complaint Registration"

Additionally, investor can also lodge a complaint on SCORE, 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. In case no reply is received from the Trading Member or the reply received from the Trading Member does not satisfy the complainant or the matter is not getting settled amicably, the same is placed before Investors' Grievances Redressal Committee (IGRC)

Investors' Grievances Redressal Committee (IGRC):

IGRC is a conciliatory mechanism; wherein, both the parties to the dispute are called before the Committee and efforts are made to arrive at the solution which is acceptable to both the parties.

However, pursuant to SEBI circular dated September 26, 2013, IGRC has been empowered to decide the claim value of the investor against the Trading Member on the basis of merit of the case.

The Exchange has formed separate IGRCs, for each Regional Investor Service Centre to deal with the complaints referred to it

The complaint amounting upto Rs. 25,00,000/- are referred to the IGRC comprising of one member and those amounting to more than Rs. 25,00,000/- are referred to the IGRC comprising of three members.

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:

  • 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.
  • 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.

  • 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.
  • 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 Member Committee levies the penalties.

Complaints not taken up at the Exchange :

The Investor Services Dept. of the Exchange will not 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 which are relating to entities which are not regulated by Exchange / entities which are not registered with Exchange as Trading Member
  • Complaints which are relating to activities other than trading
  • Complaints relating to transactions which are in the nature of loan or financing and not within the framework defined by the Exchange
  • Complaints involving payment of funds and transfer of securities to entities other than Trading Member
  • Complaints in respect of transactions which are already subject matter of Arbitration /Appellate Arbitration proceedings
  • 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

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.

Ahmedabad Bengaluru Bhubaneshwar
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 l Service Centre
Shree Raghavendra Complex No. 184,
3rd Cross, link Road,
Bengaluru - 560003
Telephone No. 080 – 23568444 / 9987976090
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
Chandigarh Chennai Dehradun
BSE Investor Service Centre
1st floor, office No-107,
SCO No – 40, Sector 26,
Madya Marg, Chandigarh – 160 019
Tele No. : 0172-2790259/ 9416772259
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 46088585 / 8939560821 / 8754593453
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 - 248001
Tele. No.: 8279629678
Contact person: Mr. Sandeep Bhaskar
E-mail Id :
New Delhi
Guwahati Hyderabad

BSE Investor Service Centre
101, 1st Floor, Aggarwal Corporate Tower,
Plot No. 23, District Center,
Rajendra Place,
New Delhi - 110 008
Tele. No. 011 - 25782116 – 18 / 9971510386 / 8585967634
Contact Person : Mr. Poonam Chand
E-mail Id :

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

Cell. No : 7035736585
Contact person: Mr. Munna Paul
Email ID:

BSE Investors Service Centre
Unit No. 103, 1st Floor, Imperial Tower,
Opp. Ameerpet Metro Station, Ameerpet,
Hyderabad - 500038
Telephone No.: 040 – 46012207/08, 7337592923

Contact person - Mr. Aditya Reddy
Email ID:
Indore Jaipur Jammu
BSE Investor Service Centre
405, 4th Floor,
Apollo Square, Near Janjeerwala Square,
Indore -452001
Tele No.: 9977069237
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 - 180004
Tele No.: 0191-2477688 / 9070074433
Contact Person: Prince Singh
E-mail Id:
Kanpur Kochi Kolkata

BSE Investor Service Centre
263, Second Floor, Padam Towers 14/113,
Civil Lines Kanpur - 208001
Tele No.: 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. 8301050915

Contact person - Mr. Krishnaprasad G
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/ 7977091610
Fax No.: 033-22821376
Contact Person : Mr. Raktim Ray
E-mail Id :

Lucknow Mumbai Panaji

BSE Investor Service Centre
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

E-mail Id :

BSE Investor Service Centre
Cama Building, 1st floor,
Dalal Street,
Fort, Mumbai – 400001.
Tele. No.: 022-22728571 / 22728271 / 9920260239

Contact Person: Mr. Mahesh Ghadi

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.: 7038562420

Contact person: Mr. Shailesh Mallanar

Email ID:

Patna Pune

BSE Investor Service Centre
611A, 6th floor,
Ashiana Plaza,
Budh Marg,
Patna – 800001.

Tel. No. :9661408085
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. : 9152728151
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 / 9575136146
Contact person: Mr. Tanmay Acharya

E-mail :
Ranchi Shimla Vadodara
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 / 8101001081
Contact person - Mr. Karan Sharma

E-mail :

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

Tel. No. : 0265 - 2341969 / 9909941969
Contact person - Mr.Anoop Dwivedi

E-mail :