Investor Issues
How to file complaint about bonds, debentures and companies

Stock exchanges and regulators only consider complaints related to listed companies. However, one can file a complaint about bonds, debentures and unlisted companies with the MCA. Here is a guide for you on filing complaints

Moneylife receives a steady stream of complaints from people who have been lured to invest their hard earned savings in unlisted companies. As a rule, we actively discourage people from investing in unlisted companies, unless it is a family undertaking and you are fully aware of the risks. The worst con is by financial advisors who entice people to by shares of unlisted companies with the promise of making a huge profit when the company is listed. A quick look at some statistics would reveal that there were only three IPOs in the entire calendar year. And, while 35 odd small and medium enterprises (SMEs) were listed, they have almost no volumes.  
 

Clearly, neither the stock exchanges nor the SEBI Complaint Redress System Website (SCORES) is empowered to look at these complaints. The Ministry of Corporate Affairs (MCA) accepts complaints against unlisted companies as well as those listed on exchanges. The MCA website provides separate complaint options for shares, debenture or bonds and also classifies the nature of complaints to make it easy to report. You can choose appropriate option and file online complaint on MCA website.
 

Here is the guide on how and where to lodge a complaint related to bond,  debentures, of listed and unlisted companies with the Ministry of Corporate Affairs (MCA). 
 

1. First send a written complaint to the company. If you do not get a satisfactory response and your grievance is not redressed then escalate the issue. You can file an online complaint to MCA.
 

2. On MCA website  click on the right side menu under ‘Important Links’ click on ‘Lodge Investor Complaints’. It will provide you ‘Investor Complaint Form.’
Fill in all the necessary information before you submit your online complaint.
 

3. While filling online complaint form on MCA website, you need to find out and enter ‘corporate identity number (CIN)’ of the company.
 

4.  You will find many options regarding nature of complaint. If your complaint is regarding debentures or bonds, in option 3 - ‘Nature of complaint’ – choose ‘Debentures or bond’ and in sub section of 3 (ii) ‘Complaint on debentures or bond’ select correct option, describe your issues and submit the form after filling all the necessary information.
 

To file an online complaint with Securities and Exchange Board of India (SEBI), (only complaints regarding listed companies or prelisting of debentures and bonds or shares)
 

1. Go to SEBI Complaint Redress System Website (SCORES)  than in section of ‘Investor Corner’ choose ‘Complaint Registration’. After clicking on it, you will get ‘Complaint Registration Form’ open it and fill necessary information.
 

2. While filling your information, in ‘Complaint Details’, select appropriate option as per nature of your complaint incase of complaints related to bonds and debentures select first category – ‘Listed Companies’ and choose third option - ‘Prelisting/Offer Document (Debentures & Bonds)’ and it will open window. After filling all the necessary information submit the form.
 

3. For guidance or complaints you can call on toll-free SEBI Investor Helpline no—1800 266 7575 or 1800 22 7575 which works on all days from 9:30 AM to 5:30 PM excluding declared holidays in the state of Maharashtra.
 

To file a complaint on stock exchanges—National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)—in case of listed companies and trading members.
 

If you have complaints regarding debt securities of companies or equity shares which are listed on BSE you can also file it on investor grievance of BSE, and for NSE you can file complaint with NSE Investor helpline—NSE Investor Center (NICE).
 

NSE’s Investor Services Cell and BSE’s Department of Investors Services both offers platform to file complaints against listed companies as well as trading members, with option regarding issues with equity shares or debt securities.
 

Moneylife earlier wrote many articles and cover stories on fixed income and bonds, you can access and read it here.

User

COMMENTS

Ushareet

2 years ago


Subject: Undue delay in getting maturity amount of fixed deposits from JAIPRAKASH ASSOCIATES LIMITED, Sector-128, NOIDA-201304



Dear Sir,

Myself and my wife invested Rs 1.5 lakhs each by way of fixed deposits in JAIPRAKASH ASSOCIATES LIMITED, Sector-128, NOIDA-201304.These FDRs were for a period of three years and matured on 24th October 2014.

Even though deposit receipts were surrendered to the company in first week of September 2014, till date we have not received the maturity amounts. Every time we contact the company we are given following reply by the company.
“We are in process and payment cheque will reach to investor/you shortly”.


Please advise with which authority we can take up the matter for redressal.

ushareet
ushareet@yahoo.co.in

Ushareet

2 years ago

Subject: Undue delay in getting maturity amount of fixed deposits from JAIPRAKASH ASSOCIATES LIMITED, Sector-128, NOIDA-201304



Dear Sir,

Myself and my wife invested Rs 1.5 lakhs each by way of fixed deposits in JAIPRAKASH ASSOCIATES LIMITED, Sector-128, NOIDA-201304.These FDRs were for a period of three years and matured on 24th October 2014.

Even though deposit receipts were surrendered to the company in first week of September 2014, till date we have not received the maturity amounts. Every time we contact the company we are given following reply by the company.
“We are in process and payment cheque will reach to investor/you shortly”.


Please advise with which authority we can take up the matter for redressal.

ushareet
ushareet@yahoo.co.in

VIJAYA SREENIVASAN

3 years ago


Sir,


I had deposited Rs.2 lacs in NEESA LEISURE LIMITED vide FDR.No. NLL-13739 to me matured on 19/12/13.

The organisation had extended the maturity date of the above deposit as 19/06 14 and have sent new FD receipt bearing FDR No.16009 dated 20/12/13.

Request to kindly send me the proceeds under intimation to me through email /SMS

I will be highly obliged for your kind help and prompt action.

Dr Anantha K Ramdas

3 years ago

What do we do with companies, whose board of directors, simply sit on huge cash reserves, and who never thought of issuing bonus?

Companies like Jindal Steel & Power Ltd have huge cash; they do give a good dividend, year after year, but no "special" dividend or bonus. The reserves exceed the paid up capital hundreds of times over.

There are some like Monsanto who have given special dividends; Coal India had plans but the board simply pushed off the decision to February. I think MCA must make a ruling may be through Company Law Board or simiar body that there should be a time frame within which such things must happen.

Take D S Kulkarni - they sold shares at a premium; such premiums are supposed to be shared at a later date, I think, thru bonus issue. Nothing has happend. What do we do?

Simiarly, when buy-back is offered, and delisting is done, the promoters can do what they want, without any regulation. What do we do? Later on they sell the equity on private placement. Why not the buy-back system also provide that a percentage of holding by the promoters should also be "got back" by the company?

Like to hear views and suggestions on these issues from fellow readers.

Sweena Jain

3 years ago

The company fixed deposit is a menace brokers induce depositors to deposit for companies they get hefty brokerage,the depositor generally don't have knowledge of company. Neesa leisure,Unitech,Bilcare are companies failing to repay interest and are unilaterally extending period without obtaining investors approval.In such cases can investor complain to SEBI against brokers for mis-selling and collecting deposits from gullible investors?Fixed deposits too must be brought under SEBI. So that single regulator can handle and take speedy action.Multiplication of regulators in fact make killing of investor by such fraudulent companies and brokers.

Suiketu Shah

3 years ago

Very useful information by ml.

arun adalja

3 years ago

you can file complaint with company law board for fix deposits.

Vaibhav Dhoka

3 years ago

With which authority complaint of fixed deposit of listed /unlisted companies should be lodged.
A Gujarat Based Company named NEESA LESISURE LIMITED has without consent extended FDR tenure by 6 months. As the cheques deposited got bounced that were put in for clearing.
Which authority will take an appropriate action. As being a senior citizen I had invested a substantial amount of my savings in it.The cheque issued for interest payment is ia returned unpaid.Can EOW from police take action?Please advise.

Disastrous last press conference by the PM

Weak defence against corruption charge, attack on Narendra Modi and a desire not to be the PM for another term marked Dr Manmohan Singh’s last press conference

The Prime Minister accepted failure to check unemployment and inflation in the last press conference of his tenure as PM. "I am concerned that we have not been as successful as we need to be in generating employment in the manufacturing sector. This is an aspect of performance which we are working hard to correct," he told the media. He pointed that inflation had been difficult to control due to rising commodity prices and energy prices in the international market. These were reasons beyond the control of the Indian government.

 

Prime Minister Manmohan Singh declared that he will step down after the next Lok Sabha election. "In a few months time, after the general election, I will hand the baton over to a new Prime Minister," Manmohan Singh told the media. "Rahul Gandhi has outstanding credentials to be nominated as the Prime Ministerial candidate, and I hope our party will take that decision at the appropriate time," he added.

 

The Prime Minister also said that it would be disastrous for the country if Narendra Modi were to become the next Prime Minister. He added that he was fully confident that the next Prime Minister, after the Lok Sabha election, will also be from the Congress-led UPA coalition.

 

On the performance of the Indian economy during the time he was the Prime Minister, he said, “The rate of growth achieved in the last nine years of UPA rule "is the highest in any nine year period." He also claimed that that the growth process was made more inclusive than ever. It is another matter that the Congress Party was completely routed in the last four Assembly elections.

 

On the growth versus inflation issue affecting the common man, he said "We have also not been as successful in controlling persistent inflation as we would have wished," he said. "This is primarily because food inflation has increased. However, we should remember that our inclusive policies have put more money in the hands of the weaker sections.”

 

"To keep food prices in control, we need to increase supplies and also improve marketing arrangements and logistics. This is especially important for items which are perishable such as fruits and vegetables," he added. PDS foodgrain prices have not been increased since 2003.

 

On the issue of accelerated policy-led growth, the Prime Minister said: "Reform is not an event it is a process. We will continue to push forward the cause of reform."

 

On the issues of corruption in coal block allocations and 2G spectrum allocations, all the PM said that these related to the UPA-I government and the UPA-II government had been in place after renewing its mandate with the electorate.

 

To a question if he had ever felt like putting in his papers out of frustration, he said: "I never felt like resigning at any time. I have enjoyed doing my work. I have tried to do my work with all honesty, with all sense of integrity without regard for fear or favour."

 

The PM claimed that he would come out unscathed when history is written about this period.

User

COMMENTS

Abhijit Gosavi

3 years ago

Am I reading this right? He says UPA-I did scams, but no problem: the electorate elected us in 2009! Wow!!!!!!!!!!!!!!

And actually the scams didn't really surface until UPA-II. Thus, the electorate was in the dark when they voted in 2009. So even factually, he is incorrect!

MOHAN

3 years ago

Man mohan Singh's attack on Narendra Modi is caluclated attempt by Congress Party to deflect attention from immature Rahul Gandhi.

Narendra Modi and BJP should see through the games and should focus only on immature Gandhi, the son of a man who presided over the mass murders of Sikhs. Man Mohan Singh already bid farewell and it is useless to respond what he says.

Man Mohan Singh's game is over and the wily Congress leaders want to place an immature person on the seat of a PM to continue their looting of people's wealth.

Iron ore mines: Is it Goa’s time to get the ban lifted?

Considering the hardship to mine labourers and their families, fall in export, starving of supplies to the domestic level, steel industry and miners are hoping for a positive reaction from the Supreme Court for Goa as well

At the close of 2013, the good news is the lifting of the ban imposed on the iron ore mines, by the Supreme Court, has brought some cheer to the iron ore-starved steel mills. Only 15 iron ore mines are in operation that can mine about 15 million tonnes; if efforts are made to speed up production of iron ore, and if there are no environmental hiccups, the maximum that can be mined would be approximately 22 million tonnes of iron ore.

 

Actually, the steel industry in Karnataka alone requires 36 million tonnes of iron ore. Out of the 15 million tonnes of iron ore mined in this state, National

Mineral Development Corporation (NMDC) accounts for nine million tonnes of iron ore from its mines in Karnataka.

 

Although the Supreme Court has lifted the ban on iron ore mining, apart from Ministry of Environment and Forest (MoEF) clearances, many mine owners require approvals of land leases. Many of these may have expired in the interim period, when the ban was effective. They have to get these clearances before mining can commence. Anyway, the lifting of the ban on iron ore mining is welcome and long overdue.

 

Apart from meeting domestic needs, export shipments of iron ore in 2012-13 touched a measly 18 million tonnes against 168 million tonnes shipped in 2010-11, because the Supreme Court stopped illegal mining activities, both in Karnataka and Goa. It may be recalled that between July and August 2011, iron ore mining in Karnataka was banned while a similar ban was imposed in Goa in October 2012.

 

India's iron ore exports, prior to this ban, was valued $7 billion. Commerce minister Anand Sharma stated, in an interview, that the trade deficit soared to $191 billion in 2012-13 and the current account deficit (CAD) to $88.2 billion, or 4.8% of the India’s gross domestic product (GDP).

 

While the iron ore export ban, as a result of illegal mining activity, caused a great loss in foreign exchange earnings, our coal imports cost the country a mammoth $22 billion. The coal industry needs to do a lot more to overcome the obstacles of MOEF clearances. India's largest iron ore miner, the NMDC, which accounts for 40% of the country's supplies are able to get its output from mines both in Karnataka and Chhattisgarh. This is one of the government organisations doing its mining operations quietly. India's steel manufacturers expect to increase their production by 24 million tonnes by 2017-18 from the current level. This means not only NMDC but other mines will also have to increase their production to meet their demand.

 

In 2012-13, iron ore production reached 140 million tonnes. Since the lifting of ban has just been announced, it would be at least 12 to 18 months before signs of increased production can be felt. Unless the Supreme Court also decides to lift the ban on mining operations in Goa, it may be necessary to import iron ore from Australia or elsewhere. In fact, Australia, the largest iron ore supplier in the world, expects to push up its exports to 670 million tonnes this year. Iron ore prices rose to $135 per (dry) tonne.

 

During a recent press conference, Manohar Parrikar, the Goan chief minister mentioned that, hopefully, mining operations in Goa would resume this year.

He felt, that, if and when the mining ban is lifted, it would be necessary for both Central and state governments to work out the modalities to reduce windfall profits earned by miners, and hopes that extraction of ore would be done keeping in mind the environmental concerns.

 

The steel industry and miners are hoping for a positive reaction from the Supreme Court, considering the hardship to mine labourers and their families, fall in export, starving of supplies to the domestic industry. Hence, the ban in

Goa should be lifted as soon possible.

 

(AK Ramdas has worked with the Engineering Export Promotion Council of the Ministry of Commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)

User

COMMENTS

N Kanitkar

3 years ago

I agree with Mr Shiv Kumar. Locals are much happier with the mines closed as in the case of Netravalli in 2003. Read this report at http://articles.timesofindia.indiatimes....

N Kanitkar

Shiv Kumar

3 years ago

Iron ore from Goa is not suitable for Indian steel mills because of poor ferrous content. Goan ore is therefore exported to Japan and China.

Remains to be see if the Parrikar government can prevent iron ore miners from going overboard to fill their coffers. If indiscriminate mining resumes, the government will have a major problem in its hands.

Most of the people employed directly by Goa's mining industry are migrants while the locals are engaged in ancillary industries like hiring out trucks to the mines.

Thus when mining is indiscriminate only a handful of local people benefit while everyone suffers from pollution of air, water and other natural resources.

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