Investor Service Centres of Stock Exchanges
Summary
This circular mandates Recognized Stock Exchanges to establish and maintain Investor Service Centres (ISCs) across specified Indian cities. It outlines the basic minimum facilities, infrastructure, and training requirements that these centres must provide to investors. The document also details the phased implementation timeline and rescinds previous related circulars.
Text
Stock exchanges shall make use of existing ISCs at locations mentioned in paragraph 2 and open additional ISCs wherever required or as specified by the Board. ISCs can be set up either by one stock exchange or jointly by two or more stock exchanges as per their mutual agreement.
ISCs shall provide four financial daily newspapers with at least one in the regional language of the place where the ISC is situated. If not available in the regional language, any leading newspaper in that regional language shall be provided.
A dedicated desktop or laptop with internet connectivity shall be provided to enable investors to access relevant public domain information and SEBI’s and stock exchange’s grievance redressal portals.
Facilities for receiving investor complaints in both physical and electronic form are required. One dedicated staff shall be posted at the ISC to register investor complaints and guide/counsel them, maintaining updated status of all complaints in electronic form.
Facilitation desks shall be provided at all ISCs to assist investors in the dispute resolution process, providing required documents or details for making applications to investor Grievance Redressal Panels and filing arbitration applications.
Arbitration and appellate arbitration facility including video-calling facility shall be available at all ISCs for investors attending online arbitration or Grievance Redressal meetings.
ISCs must provide a meeting room for 5-6 persons, additional sitting space, telephone, photocopier, printer, scanner, furniture, and a library on relevant laws and securities market materials.
A register or database of visitors including investors shall be maintained for future correspondence whenever required.
Stock exchanges shall ensure officials receive adequate training on securities markets, counseling, grievance resolution, and investor education. Training must cover overview of markets, functions of exchanges/clearing corporations/depositories, and operations of market intermediaries.
Officials at ISCs should have requisite NISM certification covering the areas mentioned in paragraph 3.3(ii).
The provisions of this circular, except those at paragraph 3.3, shall come into effect from the 90th day of issuance of this circular.
Requirements at paragraph 3.3 shall be complied with in a phased manner: at least one official at ISCs shall comply within 6 months and all officials within 12 months from the date of issuance.
You have read the preview. Create a free account to read the full document and see every order that applied it.
Free accounts include 10 searches/day with full text access.
Source: SecMarx — Investor Service Centres of Stock Exchanges. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.