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 the 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.
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 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.
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 only those advertisement materials from the broker which adhere to Code of Advertisement norms in place.
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.
| Sl.No | Activities | Expected timelines |
|---|---|---|
| 1. | KYC entered into KRA System and CKYCR | 3 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 days from the receipt of the complaint |
| Do’s | Dont’s |
|---|---|
| 1. Read all documents and conditions being agreed before signing the account opening form. | 1. Do not deal with unregistered stockbroker. |
| 2. Receive a copy of KYC, copy of account opening documents and Unique Client Code. | 2. 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. | 3. Do not submit an incomplete account opening and KYC form. |
| 4. Receive all information about brokerage, fees and other charges levied. | 4. 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. | 5. Do not transfer funds for the purposes of trading to anyone other than a stockbroker. No payment should be made in the name of employee of stockbroker. |
| 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. | 6. 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. | 7. 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. | 8. 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. | 9. 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). | 10. 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. | 11. 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. | 12. - |
Additionally, Investors may refer to Dos and Don’ts issued by MIIs on their respective websites from time to time.
| 1 | Investor complaint/Grievances |
Investor can lodge a complaint/grievance against a stockbroker in the following ways: Mode of Filing the Complaint with Stock Broker Investors can approach the Stock Broker at the designated Investor Grievance e-mail ID of the stockbroker. The Stock Broker will strive to redress the grievance immediately, but not later than 21 days from the receipt of the grievance. Mode of Filing the Complaint with Stock Exchanges
Two-Level Review for Complaint/Grievance Against Stock Broker
Emails to designated email IDs of the Exchange.
|
| 2 | Online Dispute Resolution (ODR) platform for online Conciliation and Arbitration |
If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration. |
| 3 | Steps to be followed in ODR for Review, Conciliation and Arbitration |
|
Handling of Investor’s claims / complaints in case of default of a Trading Member / Clearing Member(TM/CM)
Following steps are carried out by Stock Exchange for benefit of investor, in case stockbroker defaults:Circular is issued to inform about declaration of Stockbroker as Defaulter.
Circular is issued to inform about declaration of Stockbroker as Defaulter.
Information of defaulter stockbroker is disseminated on the Stock Exchange website.
Public Notice is issued informing declaration of a stockbroker 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.
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 stockbroker. FAQ on processing of investors’ claims against Defaulter stockbroker. 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.
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