Some Frequently asked questions by Investors

G u i d i n g L i g h t
Introduction
National Stock Exchange of India is India's leading stock
exchange set up as a company limited by shares and
recognised in the year April 1993. NSE has set up
infrastructure that serves as a role model for the
securities industry in terms of trading systems, clearing
and settlement practices and procedures. The standards
set by NSE in terms of market practices, products and
technology have become industry benchmarks and are
being replicated by many other market participants. It
provides screen-based automated trading system with
a high degree of transparency and equal access to
investors irrespective of geographical location. The high
level of information dissemination through on-line system
has helped in integrating retail investors across the
nation. The Exchange has a network in more than 350
cities (March end 2003) across the geographical area
of the country and reports an average daily turnover of
about Rs. 2,158 crores and 8.85 lakh trades in the cash
market per day. The Wholesale Debt Market Segment
of NSE, whi ch provi des a tradi ng pl atform for
Government Securities, also has been reporting record
turnover and at times surpasses the volume in the cash
market. The Derivatives Market has been on a
developing trend with introduction of Index Futures,
Stock Futures, Stock and Index Options on individual
securities. The Exchange has also introduced retail
trading in government securities.
At NSE, we strive to continuously upgrade our service
levels and make the system more investor friendly. Since
investors are the backbone of the securities market,
awareness among investors is the foremost concern. It
is of paramount importance to all concerned to protect
the interest of the investors. However, the endeavour to
safeguard the interest of the investors will have limited
effect unless investors exercise certain precautions while
making investment decisions. This booklet is meant to
educate the investors in respect of the various market
practices and serve as a quick reference guide.
Topics
Pg. Nos.
1. Queries pertaining to Issues
prior to trading on NSE 8
Dealing through NSE trading
member/SEBI registered sub-broker 8
Registration as a client 10
Performance of Companies 12
2. Trading related Issues 13
Giving purchase /sale instructions 14
Price at which traded 14
Contract Note 15
Brokerage 17
Documents to be given by
TM/Registered Sub Broker 18
3. Clearing and Settlement
related Issues 19
Rolling settlement 20
Pay-in/Pay-out of securities and funds 20
Settlement Guarantee Fund 22
Demat Settlement 23
Auction of shares 26
4. Redressal of Complaints 27
Complaints to be addressed to 28
Investor Protection Fund 33
5. Investors Rights and Obligations 34
6. Forms and Proforma of
Contract notes 35
7. Investor Service Centres 43
Some Frequently Asked
Questions by Investors
Queries pertaining to Issues prior to trading on the NSE
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Queries pertaining to Issues
prior to trading on the NSE
Dealing through NSE trading member/
SEBI registered sub-broker
1. Where do I go for buying/selling of
shares?
To buy or sell securities you could approach either
SEBI registered trading member of the NSE, or
SEBI registered sub-broker of a trading member
of the NSE
2. What care should I take while investing?
Before making any investment, you must ensure
that you:
1. obtain written documents explaining the
investment,
2. read and understand such documents,
3. verify the legitimacy of the investment,
4. find out the costs and benefits associated with
the investment,
5. assess risk-return profile of the investment,
6. know the liquidity and safety aspects of the
investment,
7. ascertain if it is appropriate for your specific
goals,
8. compare these details with other investment
opportunities available,
9. examine if it fits with other investments you
are considering or you have already made,
10. deal only through an authorised intermediary,
11. seek all clarifications about the intermediary
and the investment,
12. explore the options available to you if some
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thing goes wrong, and then, if satisfied, make
the investment. We call this the Twelve Steps
to Investing.
3. Why should I trade on a Stock Exchange?
Any trade in securities outside stock exchanges
other than spot transactions, are illegal. Hence
you do not get any protection if you trade outside
an exchange. Besides, the stock exchange like
NSE offers a ready market for your securities. If
you are trading outside an exchange, you have to
waste considerable time to find out the right person
who is willing to undertake a corresponding
transaction with you. Other benefits of trading on
an exchange include: you have the right to receive
the best price prevailing at that time for the trade;
you do not take counterparty risk which is
assumed by a clearing corporation; you have
access to the investor grievance redressal
mechanism of stock exchanges; you have
protection upto a limit from the Investor Protection
Fund and you have access to all company related
information to enable an informed decision, etc.
4. Is it necessary to deal with a SEBI
registered broker/ sub-broker/ NSE
trading member ?
You are advised to deal only with registered
intermediaries as it ensures speedy settlement as
well as a speedy dispute resolution mechanism.
The exchange can ensure the settlement and
handle disputes/claims arising out of only those
trades which are executed on NSE through
registered trading members/ or registered sub-
brokers. Thus, in case of any trade executed
through a non-NSE entity, the investor may not
be able to approach the investor grievance cell of
the exchange in case of non-settlement or a
dispute arising out of the same.
5. How do I verify the authenticity and the
conduct of the trading member/sub-
broker ?
All the SEBI registered trading member/sub-
brokers get the SEBI registration certificate/
number. You may ask the trading member to
furni sh the same documents to veri fy the
antecedents of the person. You may verify the
authenticity and the validity of the registration with
the exchange, or from the Exchanges website
www. ns ei ndi a. c om/ c ont ent / member s /
mem_directory.htm. General reputation of a
trading member/sub-brokers can be known from
the existing clients. Besides, the Exchange issues
press releases as and when it approves the
surrender application of any trading member and
also when it expels any trading member or
declares any trading member a defaulter.
6. What are my general rights and
obligations?
As an investor, you have the right to receive all
documents evidencing your investment. If you are
trading on NSE, you should get the best price at
that point of time and receive money and securities
in time. Your general obligations are to remain
informed about the intermediary and securities you
are dealing with/in, to pay/deliver funds/securities
as and when called upon, to exercise all rights
conferred on you and to remain vigilant.
Registration as a Client
7. What are the formalities for registration
as a client for NSE trading member/
registered sub-broker ?
You (clients) should register yourself with
registered trading member/sub-brokers by:
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Filling a client registration form,
Signing a member-constituent agreement
Signing a sub-broker-client agreement, if
dealing through a sub-broker
Obtaining a copy of the above agreement for
ones' own records
The member-constituent agreement/sub-broker
cl i ent agreement contai ns the terms and
conditions including order/trade confirmation,
brokerage charged by a tradi ng member/
registered sub-broker, delivery of securities and
funds and therefore helps reduce the chances of
disputes. This agreement is mandatory for all
persons registering as a new client of a NSE
trading member/SEBI registered sub-broker. On
registration with a trading member or a sub-broker,
an uniform and unique client-id needs to be
obtained which is required to be incorporated in
all transactions on NSE.
8. What check points/precautions should
one take before signing the member-
constituent agreement/sub-brokers-
client agreement ?
a. One should read the various terms and
conditions carefully and understand their
i mpl i cati ons before enteri ng i nto thi s
agreement with the trading member/registered
sub-broker.
b. A check shoul d be done whether the
agreement is on the stamp paper of requisite
value and whether the stamp paper is valid.
Date of agreement should be within the validity
period of the stamp paper.
c. The Clients name and the name of the trading
member/sub-broker shoul d be cl earl y
mentioned in the agreement. All the pages of
the agreement should be duly signed by the
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trading member as well as the client (investor).
The witnesses should also put their names
and addresses against their signature.
d. The investor (client) should check whether the
trading member/registered sub-broker or their
representatives have the authority (such as
board resolution, power of attorney etc.) to
sign the member-constituent agreement/sub-
broker-client agreement.
Performance of companies
9. How do I know of the performance of
companies whose securities I want to
trade in?
There are a number of sources where information
about the company can be received. In terms of
listing agreement, the companies are required to
make continuous disclosures about the price
sensitive information. These disclosures are
di ssemi nated through the websi tes of the
exchanges. Besides, SEBI provides EDIFAR
(Electronic Data Information Filing and Retrieval
System), which contains information about (i)
financial statements comprising of balance sheets,
profit and loss account and full version of the
annual report, half yearly financial statements ,
(ii) corporate governance reports (iii) shareholding
pattern and (iv) action taken against the company
by a regulatory body. Apart from the above, the
details of a company are also available with the
various market participants and numerous public
online sites. News magazines also carry out
analysis of the companies periodically.
Trading Related
Issues
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Giving purchase/sale instructions
10. How do I give sale/purchase instructions
to my trading member/registered sub-
broker?
A trading member will have to be communicated
the order instructions in writing. The order
instructions should clearly indicate the security
name, whether the order is for buy or sell, the
quant i t y f or each of t he securi t y, rat e
specifications, and other relevant instructions.
This reduces chances of miscommunication
between the client (investor) and the trading
member/registered sub-broker at the time of
placing the deals on behalf of the client. You
are advised to quote your uniform and unique
client id, while communicating with the trading
member or the sub-broker.
Price at which traded
11. What is price-time priority?
The system arranges all orders in the priority of
price and within price by time. You have, let us
say placed a buy order for 100 shares of company
A at Rs.285 and another investor has placed a
buy order at Rs.290, then anyone who places a
sell order in company A will be first matched with
the buy order of second investor as he has given
a better price. This is price priority. Let us say both
of you have quoted Rs.285 as the price at which
you want to buy shares of company A, then sell
order which comes into the system at this price
will be matched against the order which was
placed first.
12. How do I know my TM has given me the
best price?
The NSE trading system matches orders in such
a way that the order gets executed at a price which
is either equal to or better than the specified price
but never worse than it. Therefore, if you have
given an order for selling 100 shares at the rate of
Rs.50, your order will be traded in the system in
such a way that you will get a sale price of Rs.50
or more but never less. Similarly, if you have given
an order for buying 100 shares at the rate of Rs.50,
your order will be traded in the system in such a
way that you will get a buy price of Rs.50 or less
but never more.
13. How do I know that the broker has given
me the correct price ?
Regulations provide that the client receives a
contract note indicating details like order number,
trade number, time, price, brokerage, etc. within
24 hours of the trade. In case of any doubts about
the details of the contract note, you (investor)
can avail the facility provided by NSE, wherein
you can veri fy the trades on our websi te
www. n s e i n d i a . c o m/ c o n t e n t / e q u i t i e s /
eq_trdverify.htm. The Exchange generates and
maintains an audit trail of orders/trades for a
number of years and you can counter check details
of order/trade with the Exchange.
Contract Note
14. What is a contract note? What is the
need for it? What is important in a
contract note?
Contract Note is a confirmation of trades done on
a particular day on behalf of the client. It
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establishes a legally enforceable relationship
between the client and the trading member with
respect to the settlement of the trades. It also helps
to settle disputes/claims/differences in terms of
the contract note. It is a prerequisite for filing a
complaint or arbitration proceeding against the
trading member/sub-broker in case of a dispute.
A valid contract note should be in the prescribed
form, contain the details of trades, stamped with
requisite value and duly signed by the authorised
signatory.
Contract notes are made in duplicate, the trading
member and the client should keep one copy each.
After verifying the details contained therein, the
client keeps one copy and returns the second copy
to the trading member duly acknowledged by him.
15. Will a contract note be issued even if
the trade has been executed through a
registered sub-broker?
In case of a deal executed through a registered
sub-broker, the sub-broker is required to issue
purchase/sale notes to the client (investor).
However, the trading member would issue to the
registered sub-broker back-to-back contract notes
giving details of all transactions done by the sub-
broker through the trading member's terminal.
16. What if the details contained in the
contract/ purchase/ sale notes are
incorrect or the notes include some
transaction not pertaining to my orders/
trades?
Counter-check the details contained in the
contract note/purchase/sale notes with those on
the order and trade confirmation slip. Check
whether the order number, trade number and
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other details on the trade confirmation slip match
with those on contract/purchase/sale notes. In
case of discrepancy, bring the same to the
notice of the trading member /registered sub-
broker i mmedi at el y by way of wri t t en
communication.
17. What are the points to be checked by an
investor to check the validity of a
contract note?
To ensure that the contract note issued to you
by the trading member is a valid one, you must
verify the following details:
(a) The cont ract not e shoul d be i n t he
prescribed format (annexure)
(b) Name and address of the trading member
(c) SEBI registration no. of the trading member
(d) Details of trades like order no., trade no.,
trade time, security name, quantity, price,
brokerage, client code etc.
(e) The trade price should be separately shown
from the brokerage charged
(f) Signature of the authorized person.
Brokerage
18. What is the brokerage chargeable ?
As stipulated by SEBI, the maximum brokerage
chargeable by a trading member in respect of
trades executed on the Exchange is fixed at 2.5%
of the trade value. This maximum brokerage is
inclusive of the brokerage charged by a sub-broker
which shall not exceed 1.5% of the trade value.
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Apart from the above, the trading member can
charge statutory levies.
Documents to be given by the TM/
Registered Sub Broker
19. What documents should I receive
from the trading member in respect
of trade ?
After the order/trade is placed/executed you
(i nvestor) shoul d recei ve an order/trade
confirmation slip from the trading member. Within
24 hours of the execution of the trade, you should
also receive a contract note from the trading
member. Receipts of all the monies paid to the
brokers, specifying the nature of payment should
also be obtained from the trading member.
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Clearing and Settlement
related Issues
Rolling settlement
20. What is rolling settlement?
Under rolling settlement, all open positions at
the end of the day mandatorily result in payment/
delivery 'n' days later. This ensures certainty of
trades, reduces risk and delay in settlement
and keeps excessive speculation under control.
Currently trades in rolling settlement are settled
on T+2 basis where T is the trade day. For
exampl e, a trade executed on Monday i s
mandatorily settled by Wednesday (considering
two working days from the trade day). The funds
and securities pay-in and pay-out are carried
out on T+2 day.
Pay-in and Pay-out of securities and
funds
21. When and how do I pay/receive payment
for the securities that I have bought/
sold?
You should pay for your purchases within 24
hours of trade. It is advisable to make payment
by way of account payee cheque/demand draft
in the name of the trading member/sub-broker
only. A proper receipt should be collected from
the intermediary. You should receive payment
for securities within 24 hours of declaration of
pay-out by the Stock Exchange.
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22. When and how do I deliver and receive
securities?
In case of a sale transaction, you should deliver
securities within 24 hours of trade. For this,
i nstructi ons shoul d be gi ven to the DP to
t ransf er securi t i es f rom your benef i ci ary
account to the pool account of your trading
member. In case of purchase, you should
receive securities (in your beneficiary account
with DP), within 24 hours of the securities pay-
out of the Exchange. For this, instructions
should be given to the DP to receive securities
i n your benefi ci ary account from the pool
account of your trading member.
23. What are the margins payable on
securities and transactions?
Exchange prescribes margin rules from time to
time and such margining rules are posted on
the website of the Exchange. Currently the
Exchange calculates margins on the basis of
Value at Risk principles as well as Mark to
Market basis. The margins are charged on client
level positions. The investors are advised to
educate themsel ves about the margi ni ng
principles.
24. Do I need to keep any deposit with the
trading member /sub-broker?
The regulations do not mandate any such
requirement. It depends on your understanding
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with the trading member /sub-broker. You are, however,
required to pay upfront margin to the trading
member before the trade is executed.
Activity Day
Trading Rolling Settlement
Trading T
Settlement Securities and Funds T+2 working
pay in days
Securities and Funds T+2 working
pay out days
Post Auction T+3 working
Settlement days
Auction settlement T+5 working
days
Settlement Guarantee Fund
25. What is Settlement Guarantee Fund?
The Clearing Corporation (NSCCL) has set up
the Settlement Guarantee Fund (SGF) that is
intended primarily to guarantee completion of
settlement upto the normal pay-out for trades
executed in the regular market and does not act
as guarantee for company objection case. The
SGF, therefore, ensures that the settlement is
not delayed on account of failure of trading
members to meet their obligations and all other
trading members who have completed their part
of the obligations are not affected in any manner
whatsoever.
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26. Is an investor affected, in case a counter
trading member fails to pay-in funds as
per his obligation ?
No, the investor is not affected in case the
counter tradi ng member fai l s to meet hi s
obligation since National Securities Clearing
Corporation Limited (NSCCL) guarantees the
net set t l ement obl i gat i ons. The cl eari ng
corporation guarantees completion of settlement
through SGF in case of any default by the trading
member towards his obligation.
Demat Settlement
27. What is a depository ?
A depository is like a bank wherein the deposits
are securities (viz., shares, debentures, bonds,
government securities, units etc.) in electronic
form. Besides holding securities, a depository
also provides services related to transaction in
securities.
28. Who is Depository Participant?
Depository provides its services to investors
t hr ough i t s agent s cal l ed deposi t or y
par t i ci pant s ( DPs) . These agent s ar e
appointed by the depository with the approval
of SEBI . Accordi ng t o SEBI regul at i ons,
amongst others, three categories of entities
i.e. Banks, Financial Institutions and Members
of Stock Exchanges regi stered wi th SEBI
[TMs] can become DPs.
29. What is dematerialisation?
Dematerialisation is the process by which
physical certificates of an investor are converted
t o an equi val ent number of securi t i es i n
electronic form and credited in the investor's
account with his depository Participant (DP).
30. What is the procedure for
dematerialization ?
In order to dematerialize certificates, you will
have to first open an account with a DP and
then request for the demateri al i zati on of
certificates by filling up a dematerialization
Request Form (DRF), which is available with
DP and submitting the same along with the
physi cal cer t i f i cat es. Ensur e t hat t he
cer t i f i cat es ar e def aced by mar ki ng:
Surrendered for Dematerialisation" on the
face of the certificate before the certificates
are handed over to the DP.
31. Why should I hold securities in
depository and is it compulsory for every
investor to open a depository account
to trade in the capital market ?
Hol di ng securi t i es i n deposi t ory enabl es
immediate transfer of securities in case of
purchases. The stamp duty to be paid on
transfer of securities is not needed, all risks
associated with physical certificates like fake
securities, forgery, bad delivery etc. is not
involved. Also, since more than 99% of the
settlement at the stock exchanges is taking
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place in the demat form, it is advisable that
securities be held in demat form with any
depository participant (DP).
32. How do I receive demat shares in my
account towards my purchase
transaction and pay-in demat shares
towards my sale obligation ?
For recei vi ng demat securi ti es i n case of
purchases made, you may give a one-time
st andi ng i nst ruct i on t o your Deposi t ory
Participant. This standing instruction can be
given at the time of account opening or later.
Alternatively, you may choose to give a separate
receipt instruction to your depository participant
for receiving every credit.
For pay-in obligations, you should instruct your
DP to give 'Delivery Out' instructions to transfer
the shares from your beneficiary account to the
pool/principal account of your trading member
through whom you have sold the shares. The
details of the pool/principal account of your
trading member/clearing member to which
shares are to be transferred, security, quantity
etc. should be mentioned in the 'Delivery Out'
instructions given by you to your DP.
The instructions should be given well before the
prescribed securities pay-in day. SEBI has
advised that the 'Delivery Out' instructions
should be given at least 24 hours prior to the
cut-off time for the prescribed securities pay-in
to avoid any rejection of instructions due to data
entry errors, network problems etc.
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Auction of Shares
33. What is an auction ?
On account of non-delivery of securities, by the
trading member, the securities are put up for
auction by the Exchange. This ensures that the
buying trading member receives the securities
on time. Non-delivery by the selling trading
member can arise on account of short delivery
and bad deliveries not rectified. The Exchange
purchases the requisite quantity in auction
market and gives them to the buying trading
member.
34. Can I avail the benefit of the auction
mechanism, if I have shares to deliver ?
Yes, you can direct your trading member to sell
your securities in the auction. However, you
should ensure that the securities are readily
available for delivery. Securities not delivered
on auction pay-in day are directly squared off
at a price specified by the Exchange/Clearing
Corporation.
35. What happens if the shares are not
bought in the auction ?
If the shares are not bought in the auction, the
transacti ons are squared up as per SEBI
guidelines.
Redressal of Complaints
Complaints to be addressed to
36. Whom should I approach if I have a
gri evance agai nst a sub- broker/
company?
You should bring it to the notice of the broker with
whom the sub-broker is affiliated. In case the sub-
broker/broker fails to resolve the dispute and in
case of complaints against a broker/ company, you
should take up the matter with Investor Grievance
Cell of the exchange. The Cell takes up complaints
for redressal in respect of trades executed on the
exchange or trades pertaining to companies traded
on the exchange. You should lodge the complaints
in the prescribed form with all associated
documents such as contract notes, purchase/sale
notes, bills, statement of accounts and the
member-client agreement.
37. 37. 37. 37. 37. Who should I approach for Redressal Who should I approach for Redressal Who should I approach for Redressal Who should I approach for Redressal Who should I approach for Redressal
of my Complaints ? of my Complaints ? of my Complaints ? of my Complaints ? of my Complaints ?
Despite all the precautionary measures taken
by you and the Exchange, there might be some
grievances. The Exchange tries to solve and sort
out all the grievances, in addition to this you also
have the freedom to take up the grievance with
SEBI, Consumer forum and Court of law.
38. Whom should I address my complaint
against a trading member/registered
sub-broker or against company traded
on NSE
You should address the complaint to the Mumbai
office or the Regional office of NSE based on
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State in which dealing office of the
trading member is located where
trade was executed
Complaint to be addressed to
Maharashtra, Gujarat, Goa, Daman,
Diu, Dadar & Nagar Haveli, Madhya
Pradesh, Chattisgarh
Investor Grievance Cell
National Stock Exchange of India Ltd.
Exchange Plaza,
Bandra-Kurla Complex,
Bandra (East), Mumbai 400051.
Tel. No. (022) 26598100-114
Fax No. (022) 26598191
email : [email protected]
Del hi , Haryana, Punj ab, Ut t ar
Pradesh, Uttaranchal , Hi machal
Pradesh, Jammu & Kashmi r,
Chandigarh, Rajasthan
National Stock Exchange of India Ltd.
Thapar House, Western Wing,
Mezzanine Floor, Janpath Lane,
124 Janpath, New Delhi - 110 001.
Tel No.: (011) 2334 4313 to 2334
4327
Fax No.: (011) 2336 6658
West Bengal , Bi har, Jharkhand,
Orissa, Assam, Arunachal Pradesh,
Mi zoram, Mani pur, Si kki m,
Meghal aya, Nagal and, Tri pura,
Jharkhand
National Stock Exchange of India Ltd.
Ideal Plaza, 11/1, Sarat Bose Road,
Kolkatta - 700 020.
Tel No.: (033) 2280 1202-05, 2280 5950-
55
Fax No.: (033) 2240 9783, 2280 5957
Andhra Pradesh, Karnataka, Kerala,
Tamilnadu, Andaman & Nicobar,
Lakshwadeep, Pondicherry
National Stock Exchange of India Ltd.
7th Floor, Arihant Nitco Park, 90,
Dr Radhakrishanan Salai, Mylapore,
Chennai - 600 004
Tel No.: (044) 2847 5100 / 2847 3670
Fax No.: (044) 2847 3633
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t he deal i ng of f i ce where t he deal s were
executed as given below:
39. What complaints are taken up for
redressal by the IGC ?
The IGC takes up complaints for redressal in
respect of:
Trades executed on the NSE through its NEAT
terminal and routed through the NSE trading
member or SEBI registered sub-broker of NSE
trading member.
Trades pertaining to Companies traded on the
NSE.
The investors are therefore required to furnish
relevant contract or purchase/sale notes for
referring their case to the Investor Grievance
Cell.
40. How do I lodge a complaint with the
IGC ? What documents do I need to
enclose for the same ?
You are requested to use the following forms for
lodging complaints:
Investor Complaint Form - I (ICF-I) for lodging
complaints against trading members/registered
sub-brokers.
Investor Complaint Form - II (ICF-II) for
complaints in respect of companies traded on
NSE.
The complaint forms are available at NSEIL
website (www.nseindia.com/content/assist/
assist
_
invcentre.htm).
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Following documents needs to be enclosed when
lodging a complaint against trading members/
registered sub-broker:
Copies of contract or purchase/sale notes
Copi es of member-cl i ent agreement/
registered sub-broker client agreement
Statement of accounts
Certificate from your bankers giving details
of the cheque/pay-order no., date, amount,
encashment details etc. issued by you in
favour of the trading member/registered
sub-broker
Transaction statement issued by your DP
reflecting transfer of securities from your
account to the account of the trading member/
registered sub-broker
Acknowledgement of securities delivered to
the trading member in case of physical
certificates
Copies of previous correspondence with the
trading member with regards to the dispute
Other documents as listed on the reverse of
ICF-I
Following documents needs to be enclosed when
lodging a complaint against a company:
Copies of contract or purchase/sale notes
Copies of previous correspondence with the
company/registrars
Other documents as listed on reverse of ICF-II
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41. What steps are taken by the IGC to
ensure speedy redressal of the
complaints by the trading members/
registered sub-brokers and companies ?
Complaints against trading members/registered
sub-brokers
Compl ai nt s recei ved f rom t he i nvest or i f
accompani ed by rel evant document s as
ment i oned above are f orwarded t o t he
respective trading member/registered sub-
broker asking them to provide their comments
or for resolving the case. The trading members
are expected to file their replies within 15 days.
In case of the trading member/registered sub-
broker disputes the claim of the investor, the
response of the trading member is forwarded
to the investor. If required both the parties are
called for a joint meeting. Most of the complaints
are resolved in this manner. In cases where the
disputes remain unresolved in IGC, the parties
may refer the matter for arbitration if they so
desire.
(Complaints against Companies)
Complaints received from the investors are
forwarded to the respective Companies/Share
Transfer Agents for necessary action at their
end. In case no response is received from the
Company/Share Transfer Agents within 21 days,
a follow up by way of letters, telephone calls
and
32
personal meetings is undertaken to expedite
their replies.
Investor Protection Fund
42. What protection is available from
Investor Protection Fund?
The Exchange maintains an Investor Protection
Fund to make good investor claims, which may
arise out of non settlement of obligations by the
trading member, who has been declared a
defaulter, in respect of trades executed on the
Exchange. The maximum amount of claim
payable from the Fund is Rs. 10 lakh in respect
of trades on NSE.
33
34
Investor Rights and Obligations
Investor Rights Investor Obligations
Right to get
* The best price
* Proof of pri ce/brokerage
charged
* Money/shares on time
* Shares through aucti on
where del i very i s not
received
* Square up amount where
del i very not recei ved i n
auction
The obligation to
* Si gn a proper member-
constituent/sub broker-client
agreement
* Possess a valid contract or
purchase/ sale note
* Deliver securities with valid
documents and proper
signatures
Right for redressal against
* Fraudulent price
* Unfair brokerage
* Delays in receipt of money
or shares
* Investor unfriendly
companies
The obligation to ensure
* To make payment on time
* To deliver shares on time
* To ensure that securities
purchased are received in
the cl i ent' s benefi ci ary
account
* To send securities for transfer
to the company on time
* To deal onl y wi th SEBI
registered trading members
and sub-brokers
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