The Securities and Exchange Board of India (Sebi) is planning to strengthen the existing complaint resolution procedure in the securities market by making use of the online dispute resolution mechanism.
The regulator has proposed to make the existing market infrastructure institution- (MIIs) administered mediation and arbitration mechanism more accessible and effective for investors. It suggested that these processes be conducted online on an end-to-end basis using the capacity, technology, and other assistance of online dispute resolution institutions.
Sebi said the current processes administered by MIIs should be modified such that it gets extended to all investor grievances against securities market intermediaries. “This will make the grievance redressal process more simplified, streamlined and efficient for the investors,” Sebi said in a discussion paper.
Also, Sebi has sent a notice to Deccan Chronicle Holdings’ promoters T Venkattram Reddy, T Vinayak Ravi Reddy and PK Iyer, asking them to pay ₹4.29 crore in a matter related to misrepresentation of financial statements from FY2008-09 to 2011-12.
