The capital markets regulator, SEBI (Securities and Exchange Board of India) has resolved 70% of capital markets related complaints received in the last three years.
“SEBI has reported that 70 percent of the complaints with regard to capital market retail participation have been resolved,” the Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha. SEBI has redressed 53,841 complaints in 2011-12 and 66,552 in 2010-11. While in 2009-10, the regulator has resolved 42,742 complaints of capital markets. But in 2011-12, cumulative pending grievances stood at 24,292 complaints compared to 28,653 in 2010-11.
The minister said that, SEBI takes various measures to redress investor grievances. These include sending reminders... If SEBI finds that the progress on the redressal of any investor’s grievance is not satisfactory, it could take enforcement measures. To improve the efficiency in its complaints handling mechanism, SEBI had introduced a web based centralised grievance redressal system called SCORES (SEBI Complaints Redress System) in 2011.
He added, “Under the new system, all the activities of the complaint redressal mechanism beginning with the lodging of complaint to its closure by SEBI can be monitored online.” The regulator has also launched a toll free number service number (1800227575) in December to provide replies to various queries on matters relating to securities market.