The Securities Exchange Board of India (SEBI) vide notification No. SEBI/LAD-NRO/GN/2023/146 has introduced Grievance Redressal Mechanism in all its Regulations including SEBI (Merchant Bankers) Regulations, 1992, SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, SEBI (Debenture Trustees) Regulations, 1993..etc.
In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, in regulation 9A, in sub-regulation (1), in clause (c), for the words “one month”, the words “twentyone calendar days” shall be substituted.
Also, after regulation 28B, the following regulation shall be inserted, namely:
Grievance Redressal Mechanism.
28C. (1) The Merchant Banker shall redress investor grievances promptly but not later than twenty one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.
(2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
Similarly, SEBI has inserted Grievance Redressal Mechanism in following regulations:
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