Investor Charter –
Stock Broker
VISION
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.
MISSION
- i)
To provide high quality and dependable service through innovation,
capacity enhancement and use of technology.
- ii)
To establish and maintain a relationship of trust and ethics with the
investors.
- iii)
To observe highest standard of compliances and transparency.
- iv) To
always keep ‘protection of investors’ interest’ as goal while providing
service.
Services provided to
Investors
- 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.
- Settlement
of client’s funds.
- Intimation
of securities held in Client Unpaid Securities Account (CUSA) Account.
- Issuance
of retention statement of funds.
- 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. exchange circulars.
- Redressal
of Investor’s grievances.
Rights of Investors
- 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
recommendations consistent with your financial needs and investment
objectives.
- Receive
a copy of all completed account forms and agreements.
- Receive
account statements that are accurate and understandable.
- Understand
the terms and conditions of transactions you undertake.
- Access
your funds in a timely 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.
- Discuss
your grievances with compliance officer of the firm and receive prompt
attention to and fair consideration of your concerns.
Various
activities of Stock Brokers with timelines
|
S.No. |
Activities |
Expected Timelines |
|
1 |
KYC entered into KRA System and CKYCR |
10 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 |
30 days / 90 days for running account
settlement (RAS) as per the preference of client. If consent not given for
RAS – within 24 hours of pay-out |
|
10 |
‘Statement of Accounts’ for Funds,
Securities and Commodities |
Weekly basis (Within four trading days of
following week) |
|
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 |
30 days from the receipt of the complaint |
DOs
and DON’Ts for Investors
|
DOs |
DON’Ts |
|
1. Read all documents and conditions being
agreed before signing the account opening form. |
1. Do not deal with unregistered stock
broker. |
|
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 stock broker. No payment should be made in
name of employee of stock broker. |
|
6. If executed, receive a copy of Power of
Attorney. However, Power of Attorney is not a mandatory requirement as per
SEBI / Stock Exchanges. Before granting Power of Attorney, 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 within 24 hours from pay-out. |
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 (30 or 90
days). |
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. |
Grievance Redressal Mechanism
Level
1 – Approach the Stock Broker at the designated Investor
Grievance e-mail ID of the stock broker. The Stock Broker will strive to
redress the grievance immediately, but not later than 30 days of the receipt of
the grievance. Level 2 –
Approach the Stock Exchange using the grievance mechanism mentioned at the
website of the respective exchange. Complaints Resolution Process at Stock
Exchange explained graphically:
Timelines
for complaint resolution process at Stock Exchanges against stock brokers
|
S.No. |
Type of Activity |
Timelines for activity |
|
1 |
Receipt of Complaint |
Day of complaint (C Day). |
|
2 |
Additional information sought from the
investor, if any, and provisionally forwarded to stock broker. |
C + 7 Working days. |
|
3 |
Registration of the complaint and forwarding
to the stock broker. |
C+8 Working Days i.e. T day. |
|
4 |
Amicable Resolution. |
T+15 Working Days. |
|
5 |
Refer to Grievance Redressal Committee
(GRC), in case of no amicable resolution. |
T+16 Working Days. |
|
6 |
Complete resolution process post GRC. |
T + 30 Working Days. |
|
7 |
In case where the GRC Member requires
additional information, GRC order shall be completed within. |
T + 45 Working Days. |
|
8 |
Implementation of GRC Order. |
On receipt of GRC Order, if the order is in favour of the investor, debit the funds of the stock
broker. Order for debit is issued immediately or as per the directions given
in GRC order. |
|
9 |
In case the stock broker is aggrieved by the
GRC order, will provide intention to avail arbitration |
Within 7 days from receipt of order |
|
10 |
If intention from stock broker is received
and the GRC order amount is upto Rs.20 lakhs |
Investor is eligible for interim relief from
Investor Protection Fund (IPF).The interim relief will be 50% of the GRC
order amount or Rs.2 lakhs whichever is less. The same shall be provided
after obtaining an Undertaking from the investor. |
|
11 |
Stock Broker shall file for arbitration |
Within 6 months from the date of GRC
recommendation |
|
12 |
In case the stock broker does not file for
arbitration within 6 months |
The GRC order amount shall be released to
the investor after adjusting the amount released as interim relief, if any. |
Handling
of Investor’s claims / complaints in case of default of a Trading Member /
Clearing Member (TM/CM)
Default of TM/CM 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
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.
Level 3 – The complaint
not redressed at Stock Broker / Stock Exchange level, may be lodged with SEBI
on SCORES (a web based centralized grievance redressal system of SEBI) @
https://scores.gov.in/scores/Welcome.html
Investor
Complaints Data for Time Capital Limited (Stock Brokers)
Data
for Every Month Ending – May,2022
|
S.No |
Received from |
Carried forward from previous month |
Received during the month |
Total Pending |
Resolved* |
Pending at the end of the month** |
Average Resolution time^ (in days) |
|
|
Pending for less than 3 months |
Pending for more than 3 months |
|||||||
|
1 |
Directly from Investors |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
2 |
SEBI (SCORES) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
3 |
Stock Exchanges |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
4 |
Other Sources (if any) |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
5 |
Grand Total |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Trend
of monthly disposal of complaints
|
S.No |
Month |
Carried forward from previous month |
Received |
Resolved* |
Pending** |
|
1 |
Apr-2021 |
0 |
0 |
0 |
0 |
|
2 |
May-2021 |
0 |
0 |
0 |
0 |
|
3 |
Jun-2021 |
0 |
0 |
0 |
0 |
|
4 |
Jul-2021 |
0 |
0 |
0 |
0 |
|
5 |
Aug-2021 |
0 |
0 |
0 |
0 |
|
6 |
Sep-2021 |
0 |
0 |
0 |
0 |
|
7 |
Oct-2021 |
0 |
0 |
0 |
0 |
|
8 |
Nov-2021 |
0 |
0 |
0 |
0 |
|
9 |
Dec-2021 |
0 |
0 |
0 |
0 |
|
10 |
Jan-2022 |
0 |
0 |
0 |
0 |
|
11 |
Feb-2022 |
0 |
0 |
0 |
0 |
|
12 |
Mar-2022 |
0 |
0 |
0 |
0 |
|
13 |
Apr-2022 |
0 |
0 |
0 |
0 |
|
14 |
May-2022 |
0 |
0 |
0 |
0 |
*Should include
complaints of previous months resolved in the current month, if any. **Should
include total complaints pending as on the last day of the month, if any.
^Average resolution time is the sum total of time taken to resolve each
complaint in the current month divided by total number of complaints resolved
in the current month.
Trend
of Annual disposal of complaints
|
S.No. |
Year |
Carried
forward from previous year |
Received
during the year |
Resolved
during the year |
Pending
at the end of the year |
|
1 |
2017-18 |
0 |
0 |
0 |
0 |
|
2 |
2018-19 |
0 |
0 |
0 |
0 |
|
3 |
2019-20 |
0 |
0 |
0 |
0 |
|
4 |
2020-21 |
0 |
0 |
0 |
0 |
|
5 |
2021-22 |
0 |
0 |
0 |
0 |
|
6 |
2022-23 |
0 |
0 |
0 |
0 |
|
7 |
Grand
Total |
0 |
0 |
0 |
0 |