BSE, NSE to set up grievance redressal facilities in 4 cities

"NSE and BSE shall have adequate infrastructure and manpower, as considered appropriate, at these new centres to handle investor grievance redressal mechanism and arbitration facility effectively," the regulator Sebi said.

As part of the Sebi-led effort to facilitate investors to file grievances and arbitration cases close to the place of origin, leading bourses NSE and BSE will set up redressal facilities in four cities - Ahmedabad, Hyderabad, Kanpur and Indore - by September end.

In a circular, the Securities and Exchange Board of India (Sebi) said that it has initiated steps for setting up such facilities by stock exchanges at more centres after examining the data on complaints and arbitrations filed by investors from various regions.

"In consultation with all the major stock exchanges, it has been decided that initially NSE and BSE shall set up Investor grievance redressal mechanism at Ahmedabad and Hyderabad by 31 March 2012 and at Kanpur and Indore by 30 September 2012," it said.

Besides, NSE and BSE are to provide arbitration facility, which will have provision for arbitration as well as appellate arbitration, at the four new centres by 30 September 2012.

"NSE and BSE shall have adequate infrastructure and manpower, as considered appropriate, at these new centres to handle investor grievance redressal mechanism and arbitration facility effectively," the regulator said.

The latest decision comes a month after Sebi directed the stock exchanges to constitute special committees for redressal of investor grievances, a move intended to facilitate early resolution of complaints.

Sebi had then said that the Investor Grievance Redressal Committees (IGRC) shall comprise independent persons with law, finance, accounts, economics, management or administration qualifications and experience in financial services.

"In light of the concerns expressed by investors and to facilitate early redressal of investor grievances, it has been decided to mandate that stock exchanges having nationwide terminals, functional stock exchanges having trading volumes... shall constitute IGRC at every investor service centre," it had said.

Sebi had directed that apart from the investor services centres that are currently operating in the four metros (New Delhi, Mumbai, Chennai and Kolkata), stock exchanges having nationwide terminals shall open investor services centres in other large cities in a time-bound manner.

Sebi had in 1997 mandated all stock exchanges to open at least one investor service centre for the benefit of the public and investors.

User

DSP BlackRock Mutual Fund launches DSP BlackRock Dual Advantage Fund

DSP BlackRock Dual Advantage Fund- Series 1-36M new fund offer closes 29th February

DSP BlackRock Mutual Fund launches DSP BlackRock Dual Advantage Fund-Series 1-36M, a close-ended income scheme.

The primary investment objective of the scheme is to generate returns and seek capital appreciation by investing in a portfolio of debt and money market securities. The scheme also seeks to invest a portion of the portfolio in equity and equity related securities to achieve capital appreciation. The tenure of the scheme is 36 months.

The new fund offer closes on 29 February 2012. The minimum investment amount is Rs5000.

Crisil Blended MIP Index is the benchmark index. Dhawal Dalal and Apoorva Shah are the fund managers.

User

Reliance Life Insurance launches new ULIP

The minimum policy term under the new ULIP plan is 15 years and the maximum is 30 years. The plan comes with four protection riders, which can be added at marginal cost.

Reliance Life Insurance (RLI) launched new unit-linked insurance plan (ULIP) offering investors’ dual benefits of protection and market-linked returns.

"With the launch of Reliance Life Insurance Classic Plan-II, we are lowering the entry price for customers seeking ULIP products with in-built protection options for their saving needs," RLI president and executive director Malay Ghosh said.

The minimum policy term under the plan is 15 years and the maximum is 30 years. The plan comes with four protection riders, which can be added at marginal cost.

"The newly launched family income benefit rider is a simple way of providing regular income to the family of the insured in the event of any unfortunate incident," Mr Ghosh said. "One per cent of the sum assured shall be payable per month to the beneficiary, if one opts for the family benefit rider," he said.

The private insurer, part of Reliance Capital, has mopped up around Rs4,000 crore premium till January (2011- 12). Of this, nearly Rs2,700 crore is renewal premium and balance is new business premium (NBP). The company's NBP stood at Rs3,033 crore in 2010-11. It has issued around 9 million policies till now, and has assets under management (AUM) of Rs17,855 crore, a company official said.

Gujarat contributes 13% in terms of premium of RLI and 16% of the policies. According to industry estimates, overall premium collection has been sluggish this year, but it is expected to pick up from the next fiscal.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)