Posts Tagged ‘Investors’


CIRCULAR, CIR/MIRSD/01 /2013, dated January 04, 2013

1. All Recognized Stock Exchanges

2. Stock Brokers through Recognized Stock Exchanges

3. Depository Participants through Depositories

4. Mutual funds

5. Association of Mutual Funds in India

6. Portfolio Managers

7. KYC Registration Agencies (KRAs)

8. Alternative Investment Funds (AIFs)

9. Collective Investment Schemes (CIS)


1. Please refer to SEBI circular no CIR/MIRSD/16/2011 dated August 22, 2011; MIRSD/SE/Cir-21/2011 dated October 5, 2011 and CIR/MIRSD/11/2012 dated September 05, 2012.

2. With a view to bring about operational flexibility and in order to ease the PAN verification process, the intermediaries may verify the PAN of their clients online at the Income Tax website without insisting on the original PAN card, provided that the client has presented a document for Proof of Identity other than the PAN card.

3. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Click here to download the complete text of the above Circular in PDF Format.

Source: Securities and Exchange Board of India.


Arbitration Mechanism in Stock Exchanges 

CIRCULAR, CIR/MRD/ICC/ 29 /2012, dated November 7, 2012 

The Managing Director/Executive Director,

All Stock Exchanges.

1. Reference may be made to circular no. CIR/MRD/DSA/29/2010 dated August 31, 2010. In this regard, SEBI has received inputs regarding amount to be deposited by the investors at the time of making arbitration reference. Accordingly, para 7.2 of the circular no. CIR/MRD/DSA/29/2010 dated August 31, 2010 is being modified. The para 7.2 of aforementioned circular dated August 31, 2010 shall now read as under:

“7.2 A client, who has claim / counter claim upto Rs. 10 lakh and files arbitration reference, shall be exempt from the deposit. Expenses thus arising with regard to such applications shall be borne by the Stock Exchanges.”

2. The stock exchanges are advised to:-

a. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately;

b. bring the provisions of this circular to the notice of the members of the stock exchange and also to disseminate the same through their website; and

c. communicate to SEBI, the status of implementation of the provisions of this circular in the Monthly Development Reports to SEBI.

3. SEBI inspection of stock exchange shall cover implementation of this circular.

4. This Circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and shall come into effect immediately.

5. This Circular is available on SEBI website at www.sebi.gov.in.

Click here to download the complete text of the above Circular in PDF Format- CIRCULAR, CIR/MRD/ICC/ 29 /2012, dated November 7, 2012.

Source: Securities and Exchange Board of India.


Processing of Investor complaints against KRA {KYC (Know Your Client) Registration Agency} in SCORES

CIRCULAR, CIR/MIRSD/12/2012, September 21, 2012

To

All KYC Registration Agency (KRAs)

1. SEBI has commenced processing of investor complaints in a centralized web based complaints redress system, “SCORES”. The salient features of this system are:

  • Centralised database of all complaints,
  • Online movement of complaints to the concerned KRA,
  • Online upload of Action Taker Report (ATRs) by the concerned KRA, and
  • Online viewing by investors of actions taken on the complaint and its current status.

2. Accordingly, all complaints pertaining to KRAs will be electronically sent through SCORES at http://scores.gov.in/Admin. You are hereby directed to view the pending complaints and submit the ATR along with supporting documents electronically in SCORES. Please note that updation of action taken would not be possible with physical ATRs. Hence, submission of physical ATR will not be accepted for complaints lodged in SCORES.

3. The user id and password for logging into SCORES at http://scores.gov.in/Admin are being communicated separately to KRAs.

4. KRAs shall take adequate steps for redressal of grievances within one month from the date of receipt of the complaint and keep the investor and SEBI duly informed on the action taken thereon. Failure to comply with the said requirement will render the KRA liable for penal action.

5. KRAs are advised to:

a. develop the monitoring mechanism through internal audit and inspections.

b. encourage investor to use SCORES for lodging their grievances.

6. This Circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

7. This circular is available on SEBI website at www.sebi.gov.in under the categories “Legal Framework” and “Circulars”.

Click here to download the complete text of the above Circular in PDF Format- CIRCULAR, CIR/MIRSD/12/2012, September 21, 2012.

Source: Securities and Exchange Board of India.