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
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
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
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
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
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
- 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
- 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
BSE has started following Regional Investor Service Centre at following
locations, to provide Investor Grievance Redressal (IGRC) and Arbitration
Mechanism; to the Investors.
|Mumbai, Delhi, Kolkatta
31st January, 2009
|Hyderabad, Ahmedabad, Indore
01st October, 2012
|Bangalore, Jaipur and Pune
|Vadodara, Lucknow and Patna
30th June, 2014
|Bhubaneshwar, Dehradun, Guwahati, Ranchi
18th October 2016
25th October 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.
Note: The Arbitration mechanism available at Exchange, helps provide for resolution towards disputes arising between the Trading member and Constituents, out of or in relation to dealings, contracts and transactions made subject to the Bye-Laws, Rules and, Regulations of the Exchange or with reference to anything incidental thereto or in pursuance thereof or relating to their validity, construction, interpretation, fulfilment or the rights, obligations, and liabilities of the parties thereto and including any question of whether such dealings, transactions, and contracts entered into shall be submitted to arbitration in accordance with the provisions of these Byelaws and Regulations.
The Arbitration petition received will be placed before the Arbitrator/s for their consideration. The Arbitrator/s shall conduct the proceedings and based on the oral and written submission made by the parties shall conclude the same by passing an award. The Arbitration award is binding on both parties.
Regional Centres - BSE Investor Service Centres