Article

Investor Grievances? Know Where to Lodge Your Complaints
April 20 , 2013

The first step in getting a grievance settled is ensuring it is heard by the right set of people. You cannot expect a bank to help get an insurance claim settled or sebi to settle your complaint against not getting preferential shares.

Not only would they give you a cold shoulder but it would also be a colossal waste of time, energy and other resources in pursuing grievances with the wrong authorities. So if you have a complaint against a bank, insurance company, other company where you are a shareholder and wondering who is the right body to approach here is a list of regulators for some of your complaints.

Though SEBI, RBI, IRDA and other regulators have marked out their respective jurisdiction in some complaints it might be difficult to ascertain in whose domain it falls under. A complaint that is already under consideration by a law court or one that falls under the purview of another regulatory or body will be quickly rejected.

Your grievances relates to

Regulator/Authority for lodging complaint

Banks deposits or banking

Reserve Bank of India (RBI)       www.rbi.org.in

Fixed Deposits with Non Banking Financial Companies (NBFCs) and other matters pertaining to NBFCs

Primary Dealers

Issues and transfer of securities, non-payment of dividend by listed companies

Securities and Exchange Board of India (SEBI) www.sebi.gov.in

Brokers, Depositories and other registered share market intermediaries

Fixed Deposits with manufacturing companies

Ministry of Corporate Affairs(MCA) www.mca.gov.in

Unlisted companies

Mismanagement of companies, financial performance of the company, Annual General Meeting, Annual Report, minority shareholders interest, non-receipt of preferential allotment shares, etc. and corporate actions as per the court order such as mergers, amalgamation, reduction of share capital/par value, etc.

Nidhi Companies

Insurance Companies/Brokers/Agents/products and Service

Insurance Regulatory and Development Authority of India (IRDA) www.irdaindia.org

Commodities

Forward Market Commission (FMC) www.fmc.gov.in/

Pension fund

Pension Fund Regulatory and Development Authority (PFRDA) www.pfrda.org.in

Monopoly and anti competitive practices

Competition Commission of India (CCI) www.cci.gov.in

Chit funds

Registrars of Chit Funds of the concerned state

Housing Finance Companies

National Housing Bank (NHB)     www.nhb.org.in


It will be useful to remember a few general tips while approaching any regulator or authority for a complaint redressal:
1. Never approach a regulator or higher authority without first taking the matter up with the bank, insurer or respective company. As far as possible try to get a response, no matter whether positive or not, from the company, bank, etc which will be useful for escalating it to a higher authority.
2. Make sure your complaint is in the format prescribed and is complete in every way.
3. Don't miss attaching relevant documents supporting the matter. If making online complaint the file size should not exceed what is recommended. If you have more documents than what is permitted in online complaint registration you should file and post complaint through physical mail.

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