SEBI introduces Grievance Redressal Mechanism in all Regulations: Notifies SEBI (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 [Read Notification]

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:

1. SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
2. SEBI (Debenture Trustees) Regulations, 1993
3. SEBI (Bankers to an Issue) Regulations, 1994
4. SEBI (Mutual Funds) Regulations, 1996
5. SEBI (Collective Investment Schemes) Regulations 1999
6. SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008
7. SEBI {KYC (Know Your Client) Registration Agency} Regulations, 2011
8. SEBI (Alternative Investment Funds) Regulations, 2012
9. SEBI (Investment Advisers) Regulations, 2013
10. SEBI (Research Analysts) Regulations, 2014
11. SEBI (Real Estate Investment Trusts) Regulations, 2014
12. SEBI (Infrastructure Investment Trusts) Regulations, 2014
13. SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015
14. SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015
15. SEBI (Depositories and Participants) Regulations, 2018
16. SEBI (Portfolio Managers) Regulations, 2020
17. SEBI (Vault Managers) Regulations, 2021

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