INVESTOR CHARTER
Vision
To follow highest standards of ethics and compliances while facilitating the trading byclientsin securities in a fair and transparent manner, so as to contribute in creation of wealthforinvestors.
Mission
To provide high quality and dependable service through innovation, capacity enhancement and use of technology.
To establish and maintain a relationship of trust and ethics with the investors.
To observe highest standard of compliances and transparency.
To always keep ‘protection of investors’ interest’ as goal while providing service.
Services provided to Investors
Execution of trades on behalf of investors.
Issuance of Contract Notes.
Issuance of intimations regarding margin due payments.
Facilitate execution of early pay-in obligation instructions.
Settlement of client’s funds.
Intimation of securities held in Client Unpaid Securities Account (CUSA) Account.
Issuance of retention statement of funds.
Risk management systems to mitigate operational and market risk.
Facilitate client profile changes in the system as instructed by the client.
Information sharing with the client w.r.t. exchange circulars.
Redressal of Investor’s grievances.
Rights of Investors
Ask for and receive information from a firm about the work history and backgroundof the person handling your account, as well as information about the firmitself.
Receive complete information about the risks, obligations, and costs of any investment before investing.
Receive recommendations consistent with your financial needs and investment objectives.
Receive a copy of all completed account forms and agreements.
Receive account statements that are accurate and understandable.
Understand the terms and conditions of transactions you undertake
Access your funds in a timely manner and receive information about any restrictionsor limitations on access.
Receive complete information about maintenance or service charges, transactionor redemption fees, and penalties.
Discuss your grievances with compliance officer of the firm and receive prompt attention to and fair consideration of your concerns.
Various activities of Stock Brokers with timelines
S.No. Activities Expected Timelines
KYC entered into KRA System and CKYCR 10 days of account opening
2. Client Onboarding Immediate, but not later than one week
3. Order execution Immediate on receipt of order, but not later than the same day
4. Allocation of Unique Client Before trading
5. Copy of duly completed Client Registration 7 days from the date of upload of Unique
Documents to clients Client Code to the Exchange by the trading member
6. Issuance of contract notes 24 hours of execution of trades
7. Collection of upfront margin from client Before initiation of trade
8. Issuance of intimations regarding other
margin due payments At the end of the T day
9. Settlement of client funds30 days / 90 days
for running account settlement (RAS) as per
the preferenceof client. If consent not given for RAS - within 24 hours of pay-out
10. ‘Statement of Accounts’ for Funds, Securities and
CommoditiesWeekly basis (Within four tradingdaysof Securities and Commodities following week)
11.Issuance of retention statement of funds/commodities 5 days from the date of settlement
12.Issuance of Annual Global Statement 30 days from the end of the financial year
DOs and DON’Ts for Investors download here
Grievance Redressal Mechanism
Level 1– Approach the Stock Broker at the designated Investor Grievance e-mail ID of the stock broker. The Stock Broker will strive to redress the grievance immediately, but not later than 30 days of the receipt of the grievance.
Level 2– Approach the Stock Exchange using the grievance mechanism mentioned at the website of the respective exchange.
Complaints Resolution Process at Stock Exchange explained graphically:Click here to download
Timelines for complaint resolution process at Stock Exchanges against stock brokers
S.No. Type of ActivityTimelines for activity
Receipt of ComplaintDay of complaint (C Day).
Additional information sought from the investor, if any, and provisionally forwarded to stock broker.C + 7 Working days.
Registration of the complaint and forwarding to the stock broker.C+8 Working Days i.e. T day.
Amicable ResolutionT+15 Working Days.
Refer to Grievance Redressal Committee (GRC), in case of no amicable resolution.T+16 Working Days.
Complete resolution process post GRC.T + 30 Working Days.
In case where the GRC Member requires additional information, GRC order shall be completed within.T + 45 Working Days.
Implementation of GRC Order.On receipt of GRC Order, if the order is in favour of the investor, debit the funds of the stock broker. Order for debit is issued immediately or as per the directions given in GRC order.
In case the stock broker is aggrieved by the GRC order, will provide intention to avail arbitration Within 7 days from receipt of order
If intention from stock broker is received and the GRC order amount is upto Rs.20 lakhsInvestor is eligible for interim relief from Investor Protection Fund (IPF).The interim relief will be 50% of the GRC order amount or Rs.2 lakhs whichever is less. The same shall be provided after obtaining an Undertaking from the investor.
Stock Broker shall file for arbitration Within 6 months from the date of GRC recommendation
In case the stock broker does not file for arbitration within 6 monthsThe GRC order amount shall be released to the investor after adjusting the amount released as interim relief, if any.
INVESTOR CHARTER FOR DEPOSITORY
