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- Annexure A
- Annexure B
- Equity
- Depository Participant
To follow highest standards of ethics and compliances while facilitating the trading by clients in securities in a fair and transparent manner, so as to contribute in creation of wealth for investors.
- To provide high quality and dependable service through innovation, capacity enhancement and use of technology.
- To establish and maintain a relationship of trust and ethics with the investors.
- To observe highest standard of compliances and transparency.
- To always keep ‘protection of investors’ interest’ as goal while providing service.
- To ensure confidentiality of information shared by investors unless such information is required to be provided in furtherance of discharging legal obligations or investors have provided specific consent to share such information.
- Execution of trades on behalf of investors.
- Issuance of Contract Notes.
- Issuance of intimations regarding margin due payments.
- Facilitate execution of early pay-in obligation instructions.
- Periodic Settlement of client’s funds.
- Issuance of retention statement of funds at the time of settlement.
- Risk management systems to mitigate operational and market risk.
- Facilitate client profile changes in the system as instructed by the client.
- Information sharing with the client w.r.t. relevant Market Infrastructure Institutions (MII) circulars.
- Provide a copy of Rights & Obligations document to the client.
- Communicating Most Important terms and Conditions (MITC) to the client.
- Redressal of Investor’s grievances.
- Ask for and receive information from a firm about the work history and background of the person handling your account, as well as information about the firm itself (including website providing mandatory information).
- Receive complete information about the risks, obligations, and costs of any investment before investing.
- Receive a copy of all completed account forms and rights & obligation document.
- Receive a copy of ‘Most Important Terms & Conditions’ (MITC).
- Receive account statements that are accurate and understandable.
- Understand the terms and conditions of transactions you undertake.
- Access your funds in a prescribed manner and receive information about any restrictions or limitations on access.
- Receive complete information about maintenance or service charges, transaction or redemption fees, and penalties in form of tariff sheet.
- Discuss your grievances with compliance officer / compliance team / dedicated grievance redressal team of the firm and receive prompt attention to and fair consideration of your concerns.
- Close your zero balance accounts online with minimal documentation.
- Get the copies of all policies (including Most Important Terms and Conditions) of the broker related to dealings of your account.
- Not be discriminated against in terms of services offered to equivalent clients.
- Get only those advertisement materials from the broker which adhere to Code of Advertisement norms in place.
- In case of broker defaults, be compensated from the Exchange Investor Protection Fund as per the norms in place
- Trade in derivatives after submission of relevant financial documents to the broker subject to brokers’ adequate due diligence.
- Get warnings on the trading systems while placing orders in securities where surveillance measures are in place.
- Get access to products and services in a suitable manner even if differently abled.
- Get access to educational materials of the MIIs and brokers.
- Get access to all the exchanges of a particular segment you wish to deal with unless opted out specifically as per Broker norms.
- Deal with one or more stockbrokers of your choice without any compulsion of minimum business.
- Have access to the escalation matrix for communication with the broker.
- Not be bound by any clause prescribed by the Brokers which are contravening the Regulatory provisions.
| Activitiy | Expected Timelines | |
|---|---|---|
| 1 | KYC entered into KRA System and CKYCR | 3 working days of account opening |
| 2 | Client Onboarding | Immediate, but not later than one week |
| 3 | Order execution | Immediate on receipt of order, but not later than the same day |
| 4 | Allocation of Unique Client Code | Before trading |
| 5 | Copy of duly completed Client Registration Documents to clients | 7 days from the date of upload of Unique Client Code to the Exchange by the trading member |
| 6 | Issuance of contract notes | 24 hours of execution of trades |
| 7 | Collection of upfront margin from client | Before initiation of trade |
| 8 | Issuance of intimations regarding other margin due payments | At the end of the T day |
| 9 | Settlement of client funds | First Friday/Saturday of the month / quarter as per Exchange pre-announced schedule. |
| 10 | ‘Statement of Accounts’ for Funds, Securities and Commodities | Monthly basis |
| 11 | Issuance of retention statement of funds/commodities | 5 days from the date of settlement |
| 12 | Issuance of Annual Global Statement | 30 days from the end of the financial year |
| 13 | Investor grievances redressal | 21 calendar days from the receipt of the complaint. |
| Dos | DON'Ts | |
|---|---|---|
| 1 | Read all documents and conditions being agreed before signing the account opening form. | Do not deal with unregistered stock broker. |
| 2 | Receive a copy of KYC, copy of account opening documents and Unique Client Code. | Do not forget to strike off blanks in your account opening and KYC. |
| 3 | Read the product / operational framework / timelines related to various Trading and Clearing & Settlement processes. | Do not submit an incomplete account opening and KYC form. |
| 4 | Receive all information about brokerage, fees and other charges levied. | Do not forget to inform any change in information linked to trading account and obtain confirmation of updation in the system. |
| 5 | Register your mobile number and email ID in your trading, demat and bank accounts to get regular alerts on your transactions. | Do not transfer funds, for the purposes of trading to anyone other than a stock broker. No payment should be made in name of employee of stock broker. |
| 6 | If executed, receive a copy of Demat Debit and Pledge Instruction (DDPI) However, DDPI is not a mandatory requirement as per SEBI / Stock Exchanges. Before granting DDPI, carefully examine the scope and implications of powers being granted. | Do not ignore any emails / SMSs received with regards to trades done, from the Stock Exchange and raise a concern, if discrepancy is observed. |
| 7 | Receive contract notes for trades executed, showing transaction price, brokerage, GST and STT etc. as applicable, separately, within 24 hours of execution of trades. | Do not opt for digital contracts, if not familiar with computers. |
| 8 | Receive funds and securities/ commodities on time, as prescribed by SEBI or exchange from time to time. | Do not share trading password. |
| 9 | Verify details of trades, contract notes and statement of account and approach relevant authority for any discrepancies. Verify trade details on the Exchange websites from the trade verification facility provided by the Exchanges. | Do not fall prey to fixed / guaranteed returns schemes. |
| 10 | Receive statement of accounts periodically. If opted for running account settlement, account has to be settled by the stock broker as per the option given by the client (Monthly or Quarterly). | Do not fall prey to fraudsters sending emails and SMSs luring to trade in stocks / securities promising huge profits. |
| 11 | In case of any grievances, approach stock broker or Stock Exchange or SEBI for getting the same resolved within prescribed timelines. | Do not follow herd mentality for investments. Seek expert and professional advice for your investments. |
| 12 | Retain documents for trading activity as it helps in resolving disputes, if they arise. |
Complaints Resolution Process at Stock Exchange explained graphically:
| Type of Activity | Timelines for Activity | |
|---|---|---|
| 1 | Investor Complaint/ Grievances | Investor
can lodge complaint/grievance against
stock broker in the following ways:
|
| 2 | Online Dispute Resolution (ODR) platform for online Conciliation and Arbitration | If the Investor is not satisfied with the resolution provided by DP or other Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through by online conciliation or arbitration.smartodr.in/login |
| 3 | Steps to be followed in ODR for Review, Conciliation and Arbitration |
|
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Following steps are carried out by Stock Exchange
for benefit of investor, in case stock broker
defaults:
- Circular is issued to inform about declaration of Stock Broker as Defaulter.
- Information of defaulter stock broker is disseminated on Stock Exchange website.
- Public Notice is issued informing declaration of a stock broker as defaulter and inviting claims within specified period.
- Intimation to clients of defaulter stock brokers via emails and SMS for facilitating lodging of claims within the specified period.
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Following information is available on Stock
Exchange website for information of
investors:
- Norms for eligibility of claims for compensation from IPF.
- Claim form for lodging claim against defaulter stock broker.
- FAQ on processing of investors’ claims against Defaulter stock broker.
- Provision to check online status of client’s claim.
- Standard Operating Procedure (SOP) for handling of Claims of Investors in the Cases of Default by Brokers.
- Claim processing policy against Defaulter/Expelled members.
- List of Defaulter/Expelled members and public notice issued.
Towards making Indian Securities Market - Transparent, Efficient, & Investor friendly by providing safe, reliable, transparent and trusted record keeping platform for investors to hold and transfer securities in dematerialized form.
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To hold securities of investors in dematerialised form and facilitate its transfer, while ensuring safekeeping of securities and protecting interest of investors.
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To provide timely and accurate information to investors with regard to their holding and transfer of securities held by them.
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To provide the highest standards of investor education, investor awareness and timely services so as to enhance Investor Protection and create awareness about Investor Rights.
A Depository is an organization which holds securities of investors in electronic form. Depositories provide services to various market participants - Exchanges, Clearing Corporations, Depository Participants (DPs), Issuers and Investors in both primary as well as secondary markets. The depository carries out its activities through its agents which are known as Depository Participants (DP). Details available on the link
| SR.NO | Brief about the Activity / Service | Expected Timelines for processing by the DP after receipt of proper documents |
|---|---|---|
| 1 | Dematerialization of securities | 7 days |
| 2 | Rematerialization of securities | 7 days |
| 3 | Mutual Fund Conversion / Destatementization | 5 days |
| 4 | Re-conversion / Restatementisation of Mutual fund units | 7 days |
| 5 | Transmission of securities | 7 days |
| 6 | Registering pledge request | 15 days |
| 7 | Closure of demat account | 30 days |
| 8 | Settlement Instruction | Depositories to accept physical DIS for pay-in of securities upto 4 p.m and DIS in electronic form upto 6 p.m on T+1 day |
| SR.NO | Type of Activity /Service | Brief about the Activity / Service |
|---|---|---|
| 1 | Value Added Services | Depositories also provide value added
services such as
|
| 2 | Consolidated Account statement (CAS) | CAS is issued 10 days from the end of the month (if there were transactions in the previous month) or half yearly (if no transactions). |
| 3 | Digitalization of services provided by the depositories | Depositories offer below technology
solutions and e-facilities to their
demat account holders through DPs: |
| Sr.No | ||
|---|---|---|
| 1 | Investor Complaint/ Grievances | Investor can lodge complaint/ grievance
against the Depository/DP in the
following ways: a. Electronic mode -
|
| 2 | Investor Grievance Redressal Committee of Depository | If no amicable resolution is arrived, then the Investor has the option to refer the complaint/ grievance to the Grievance Redressal Committee (GRC) of the Depository. Upon receipt of reference, the GRC will endeavor to resolve the complaint/ grievance by hearing the parties, and examining the necessary information and documents. |
| 3 | Arbitration proceedings | The Investor may also avail the arbitration mechanism set out in the Byelaws and Business Rules/Operating Instructions of the Depository in relation to any grievance, or dispute relating to depository services. The arbitration reference shall be concluded by way of issue of an arbitral award within 4 months from the date of appointment of arbitrator(s). |
| Sr.No | Type of special circumstances | Timelines for the Activity/ Service |
|---|---|---|
| 1 |
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Client will have a right to transfer all its securities to any other Participant of its choice without any charges for the transfer within 30 days from the date of intimation by way of letter/email. |
