Regulations
BSE declares Kassa Finvest as defaulter, asks investors to file claims within 90 days
The BSE has declared Kassa Finvest Pvt Ltd as defaulter, under Rules, Bye-laws and Regulations of the Exchange, for the trading member's failure to settle the claims of the clients. Earlier in May 2015, the Exchange had expelled Kassa Finvest.
 
In a release, BSE also asked investors of Kassa Finvest to file their arbitration references within 90 days. "Investors who have any outstanding claims against Kassa Finvest Pvt Ltd. are advised to file arbitration reference/s with the Exchange, if they so desire, within 90 days from the date of issue of Exchange notice dated 5 July 2016," the bourse said.
 
BSE says, clients filing their claims within 90 days and obtaining arbitration awards in their favour against the trading member, would only be eligible for receiving compensation from the Investor Protection fund (IPF), as per the provisions of the Trust deed and Rules of IPF.
 
The maximum compensation limit per investor, if payable out of Investor Protection Fund under the rules, byelaws and regulations of the Exchange is Rs15 lakh.
 
The claims in respect of the above should be filed with the nearest Regional Centre of BSE, the list of which is available on Exchange's website, the release says.

User

Do your complaints get ignored? 5 ways to ensure faster resolution
A few years ago, I tried to help the promoter of a company who said that his shares were unfairly delisted by the stock exchange. He had sent me a barrage of emails before I got around to taking up the matter. When the article was published, I was astonished to find him erupting in anger and calling it a ‘stupid article’. I had mentioned that he had payment difficulties which he flatly denied. I then went back to his previous emails, painstakingly culled sentences where he had mentioned his payment problems, marked them in bold highlights and sent them back to him. He cooled down and began to offer another long explanation; but, by then, my mind had completely switched off from his problem and issues.
 
Three other cases that we dealt with at Moneylife Foundation (MLF), in recent times, have provoked this piece. In two cases, the complainant was highly educated, with global experience at a very senior management level; and, yet, had been running around for months to have simple financial issues resolved. The worst of these was the case of Arjun Singh (name changed)—of interest being wrongly charged by a small bank which takes pride in being fair to customers. Not only were his representations to the bank ignored, but he also lost his case before the banking ombudsman. Not one to give up, Arjun had been doggedly pursuing the case for four years, before he approached MLF. Perplexed at what seemed such a straightforward issue, I asked him to email me, and the problem suddenly became clear. 
 
What I received was a convoluted and garbled mix of documents expressing anger and recrimination with a litany of disjointed facts which nobody, who was not directly involved with the case, would have any interest in deciphering. 
 
The second case was that of Vijay Sharma (name changed), 70, a, ‘Diamond customer’, of a public sector bank whose ATM failed to deliver the Rs15,000 he had withdrawn. To add insult to injury, the amount had been debited twice, since he made a second attempt to get the cash. The bank claims that the money was, indeed, withdrawn by Vijay, but hasn’t come up with a video recording even after four months of the complaint. Here, again, the bank is clearly at fault; but the customer’s letter to the bank, copied to us, was a surprise. There was no narration of facts upfront; reference to enclosures and passbook were not attached; the significant fact of his being a Diamond customer who was with the bank for 42 long years and no previous record of disputes was mentioned. The throwaway last line was more out of anger about the shabby treatment.
 
The third case was a fake credit card transaction of Rs25,000 in the account of Karan Shetty (name changed). The money went to a large private insurance company, leaving a clear trail. The bank probably suspected it was someone known to Karan. After giving him a four-month run-around, including making him file a first information report (FIR) with the police, when there was no redress, he approached MLF and the matter was resolved. But it took some handholding just to get the complaint written in a manner that would ensure resolution. 
 
Clearly, many consumer battles are lost because people fail to articulate issues correctly. Here are five things that will ensure a proper hearing and improve your chances of getting early redress.
 
1. State the facts in a clear, concise and sequential manner; outline the steps, if any, that you have already taken towards resolution (online complaint or first-level complaint at the bank).
 
2. Ensure that all identification details are provided (name, address, account/credit card number, transaction details, amounts involved, dates, etc). 
 
3. Be polite and avoid threats, sarcasm and anger in your first letter. The consumer services executive is trying to help; he or she is not personally responsible for your problem. 
 
4. Don’t ask people to wade through fat attachments in which you have marked or highlighted a few lines. All such documents must be neatly cross-referenced and attached only for substantiation and verification, if required. 
 
5. Mention clearly the outcome you are seeking and don’t get unrealistic with demands for an apology or compensation; resolution must be the first priority. Remember, everybody has limited time.

User

COMMENTS

Gopalakrishnan T V

7 months ago

Excellent. These days the complaints are on the increase because of increased use of fast changing technology and ever reducing involvement of human resources in understanding the customers and their real problems and issues. As rightly said, no one has time to view seriously when some complaints are received. Even if some one takes it up to solve the technology comes in the way. The problem is there is no proper coordination of technology and human resources and programmes developed in banks are without understanding the transactions and the rationale behind such transactions. However, the general approach to ignore the customers is a serious matter and here in comes the help from Money Life Team. The money life does a wonderful job in making both the institutions and customers aware of their duties and responsibilities. The customers really stand to benefit and the Institutions are made accountable for their irresponsible way of doing business.

Ramesh Poapt

7 months ago

excellent! I have won three such battles with banks after a long struggle.And one with auto co. But such matters are too tough to handle really!

Dr. Rakesh Goyal

7 months ago

Another thing noticed is that many people do not provide the relevant reference including and not limited to what, when, where, who, how and factual material details. Please try to make no assumptions. They do not start the letter/complaint/service-request from point zero giving sequence of events from start, in simple and concise language. They write the letter/complaint as if the receiving person knows the problem and start from a point, which is not from zero but is current in their mind. Even if the receiving person knows the problem, it is always better to define the problem again as ready reference, so that s/he need not search previous document/mails. For reminders or responses to their queries, it is also advisable to attach previous correspondence as ready reference. It may cost some efforts/money (if photocopied on paper), but it is enabling the receiver to get all past info at one place. It is also advisable to discuss the matter on phone after sending the correspondence (electronically or paper-based) with politeness. Threat only works, when you have admissible evidence of his/her wrong doing, which may damage his/her career. Threat must also be polite. Anger does not works unless one is good actor.

Hemant Chitale

7 months ago

Very true. Drafting a complaint requires cool thinking. Hyperbole and sarcasm don't help. Your examples relate to money issues and (it's not unsurprising ?) many people don't stay level when discussing money which may have been lost. However, your rules apply in all cases with any authority. Hopefully, the recipient authority also has a similar set of rules as to how to read a complaint and respond to it.

Hemant Chitale

7 months ago

Very true. Drafting a complaint requires cool thinking. Hyperbole and sarcasm don't help. Your examples relate to money issues and (it's not unsurprising ?) many people don't stay level when discussing money which may have been lost. However, your rules apply in all cases with any authority. Hopefully, the recipient authority also has a similar set of rules as to how to read a complaint and respond to it.

Deepak Narain

7 months ago

This article is very relevant to my ongoing dispute with the ICICI Bank. Can I write my case to you for help?

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