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Sebi extends deadline till Jan 27 for comments on proposal to strengthen grievance redressal

Sebi on Monday prolonged deadline until January 27 for submission of public feedback on a proposal to strengthen the present criticism redressal course of within the securities market by making use of on-line dispute decision mechanisms. The capital markets regulator had positioned the session paper on its web site on December 19, 2022 and had sought feedback by January 9, 2023.

“It has been determined to increase the timeline for submission of feedback to January 27, 2023,” the Securities and Exchange Board of India (Sebi) stated.

In its session paper, Sebi has prompt measures to deepen the present market infrastructure establishment, or MII, administered mediation and arbitration mechanism by making these processes extra accessible and efficient.

MIIs are inventory and commodities exchanges and depositories.

In response to Sebi, these processes must be performed on-line on an end-to-end foundation utilizing the capability, expertise, and different help of on-line dispute decision establishments and proposed to switch the present processes for the good thing about the investor.

The proposed modifications within the current MII-administered mediation and arbitration mechanism embrace relabelling the investor grievance redressal committee course of, offering for a sole mediator or arbitrator regardless of the quantity of the dispute, and abolishing appellate arbitration system.

One of many ideas is to increase the MII-administered mediation and arbitration mechanism for decision of investor grievances towards all specified securities market intermediaries.
It will make the grievance redressal course of extra simplified, streamlined and environment friendly for the traders.

With the coronavirus pandemic, the MII-administered conciliation and arbitration mechanism occurred on-line, utilizing video conferencing instruments.

The prevailing partially on-line mode will be enhanced additional by efficient use of instruments, applied sciences and platforms, which can allow an end-to-end on-line expertise for traders, intermediaries, mediators and arbitrators in conducting the arbitration course of on-line, Sebi had stated.

Presently, in case an investor is dealing with any problem, the investor first approaches the involved middleman for decision of the criticism. If the investor shouldn’t be happy with the decision, a criticism is lodged with the SCORES portal.

In case the investor remains to be unhappy with the response, then she or he can go for MII-based mediation.

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