Keywords: SEBI, Investors, Dispute, Mechanism
The market regulator has been tenacious in its quest for investor justice. With SCORES, it already has a reliable grievance redressal system in place. Beyond this, investors might turn to IGRC if they weren’t happy with how their complaints were resolved.
But now, the Securities and Exchange Board of India (Sebi) intends to broaden the application of this investor protection safeguard. On August 15, it will introduce an online dispute resolution (ODR) programme for the benefit of investors who have been wronged. The abbreviations SCORES and IGRC stand for Investor Grievance Redressal Committee and Sebi Complaint Redress System, respectively.
The circular dated July 31, 2023 on the online resolution of disputes in the Indian securities market has been amended by the Securities and Exchange Board of India (SEBI). This is a response to criticism that called for additional clarification and language improvements.
Several of the prior circular’s clauses have been changed by the corrigendum cum amendment. Significant changes include the replacement of clauses 8, 11, 13, 17, and 27, among others, and the provision of new instructions for ODR Portal registration, dispute start, conciliator nomination, and selection of venue and seat for online hearings. The revision also changes the percentage from 75% to 100% in clauses 20(c) and 25, signifying a full reference to the relevant subject.
Additionally, Schedule A has been updated, bringing Research Analysts and Commodities Clearing Corporations under its expanded purview. The deadline indicated in Schedule C, paragraph 7, has been extended and is now October 31, 2023, which is a significant alteration.
LIVE MINT https://www.livemint.com/money/personal-finance/sebi-to-launch-online-dispute-resolution mechanism-for-investors-on-august-15-11691339001139.html (last visited on 07th August 2023).
Written by- Kameshwari Gaur , College name- Mahatma Jyotiba Phule Rohilkhand University Semester- 5th semester (3-year Ll.b. programme)
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