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SEBI empowers Investor Services Centres (ISCs) of Stock Exchanges

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SEBI through a circular in 1997 has advised all stock exchanges to open or maintain at least one Investor Service Centre (ISC) for the benefit of the investors which it followed by circulars in 2012 and 2013 in relation to the same.

However, considering significant development in the securities market including technological advancements since then, SEBI has in consultation with recognized stock exchanges sought to review the provisions related to ISCs of stock exchanges and has recently on June 26, 2023 issued a circular in relation to the same.

The new SEBI Circular has inter alia asked recognized stock exchanges such as BSEIndia, NSE India, Metropolitan Stock Exchange of India Ltd., Calcutta Stock Exchange Ltd., Multi Commodity Exchange of India Ltd., National Commodity and Derivatives Exchange and INDIAN COMMODITY EXCHANGE LTD (ICEX) to provide for the following at their ISCs:

1. Basic facilities such as financial daily newspapers including one in regional language, dedicated desktop / laptop with internet connectivity and library with relevant laws.

2. Facilities to receive complaints in physical and electronic form, dedicated staff to assist investors in registering their complaints and updated status of all complaints in electronic form.

3. Facilities to assist investors for making application to investor Grievance Redressal Panels and filing arbitration applications (including appellate arbitration).

4. Arbitration and appellate arbitration facility including video-calling facility for investors to attend online arbitration and Grievance Redressal meetings.

5. Providing officials at ISC adequate training on securities market, resolving investor grievances promotion of investor education and awareness to enhance securities market literacy and retail participation. Further, the officials at ISC should have relevant certification from National Institute of Securities Markets (NISM).

The SEBI Circular shall come into effect from the 90th day of its issuance (except point 5 above which shall be effected within 6 to 12 months in a phased manner).

A copy of the SEBI Circular is enclosed herewith.

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