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Yogi Zone

Useful articles for your finance management by our team of experts

investor s grievance lodge online complaint for a quick solution

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It is very pleasing to see that regulators are now showing keen interest in saving customers from clutches of default from insurance companies, banks and mutual funds. It was not the case till technology was harnessed with accountability until recently. Equity market players, insured and banking customers had to visit various offices and tried to lodge complaints, which were not addressed properly. The process of lodging complaints and action taken were far from being interlinked and most of the customers had to remain unsatisfied. However, now the agencies are focusing on increasing the answerability as well as reducing the time for submitting the complaints with the help of software.

Some of the web portals are extremely beneficial for the customers in this regard. Most of the organizations are trying to improve their network by satisfying client complaints and some of them will be doing this soon as the regulator is now acting tough. Customer grievance redressal is already gaining ground as more and more people are getting used to it. Some of the facilities that you can avail are as follows:

Investment Complaints – Direct complaint mechanism of SEBI

SEBI had set the online facility with the name of Scores two years back. The sole purpose is to address the grievances of people when it comes to investment. Any person can complain relating to investment done in Mutual Funds, Equities and even against brokers and Depository participants. ‘Score’ is a separate website that asks for personal details such as name, address, mail id and complaint along with any evidence of the problem.

Earlier, issues were raised that even after complaining, nobody responded in companies. Now, SEBI has made it mandatory that for any criticism raised, individuals should be available in MFs, Exchanges, Listed entities and depository who will look into the matter. The concerned person will get an official intimation from SEBI to which he will have to act. The time period for responding to the client has been fixed at one week from receiving the complaint. SEBI also takes a period of maximum one week to send the intimation after receiving the grievance. Excluding the response time of company, it has to address the issue in the next 30 days.

Mr Prasad, a regular investor from Coimbatore didn’t receive the dividend on equity shares for which he had complained to SEBI. On receiving the complaint, SEBI sends intimation to the company to send a duplicate dividend warrant as well as intimation to Mr Prasad so that he would be aware of the decision. It has been noted that if the investors are not satisfied by the response of the company, than he can again file a complaint with SEBI. In some cases, SEBI has sent alert notices to the entity involved.

Don’t worry if you haven’t heard from the company even after passing of 30 day period, this is because you have a unique complaint registration number also known as the UCRN number. This can be used for the second time and this time it can be a penalty slapped on the company failing to respond.

IssueEmail idPostal AddressPhone NumberWebsite
Investment Complaintssebi@sebi.gov.inPlot No.C4-A,’G’ Block,Bandra Kurla Complex,Bandra(East), Mumbai 4000511800-266-7575or 1800-22-7575www.scores.gov.in
Insurance Complaintscomplaints@irda.gov.inInsurance Regulatory and Development Authority3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004 Andhra Pradesh (INDIA )155255www.igms.irds.gov.in
Banking ComplaintsBank of Baroda – transparency.bcc@bankofbaroda.com  Indian Bank – indmail@indianbank.co.inBank of Baroda –Suraj Plaza-1, Sayaji Ganj, Baroda-390005   Indian Bank – Corporate Office, PB No: 5555, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai – 600 014Bank of Baroda – 1800   22 33 44  Indian Bank –   1800 425 00 000Bank of Baroda –http://www.bankofbaroda.co.in/redressal_comps.asp   Indian Bank - http://apps.indianbank.in:5501/spgrs/

 

Insurance Complaints (Integrated Grievance Management System-IGMS)

This is a service provided by IRDA for taking on any complaints relating to insurance and non insurance companies. The procedure is quite similar to that of Scores. You have to register yourself by entering the details. In this way a complaint gets registered which is linked to online integrated grievance system of the insurance companies. IRDA is the monitoring authority in this case and if the problem is not sorted in 15 days of lodging than IRDA takes action. There have been complaints of cheating and unfair practices.

However, the only demerit of this facility is that if your predicament remains unaddressed, you have an option of going to insurance ombudsman, which is a time consuming process. You will also have to check the ombudsman based on your location as they are located area wise.

Banking Complaints (SPGRS)

This kind of facility is now being adopted by banks; it is known as Standardized Public Grievance Redressal System (SPGRS). This facility has started from 2012 and works like a common platform for accepting the complaints and routes them to various banks. The time period to address the problem here is three weeks. People have complained that number of days to address the issues is way too high.

Final Word

The crux of the matter is this is a beginning of a process where customers are taken seriously. Unfair practices were increasing with every passing day and that needed to be stopped. Thanks to technological mechanisms, this is becoming a reality. The only factor to now look into is that the process should be improved so that it takes less time to solve a query.

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