PURPOSE:
The Investor Grievance Policy is to understand and redress the grievances put up by an investor effectively and in timely manner with regards to the products and services provided by Pravin Ratilal Share And Stock Brokers Ltd (“PRSSB” or “The Company”). The main objective of the policy is to address the grievances of the customers. One of the core value of our company is “Customer first” and we ensure that customers are satisfied with the services rendered by us.
POLICY & PROCEDURE:
The company has a separately designated investor grievances email id ig@prssb.com on which the client or investor can lodge a complaint. The designated email‐id is displayed on the website of the Company www.prssb.com and printed prominently on the Notice Boards displayed at the Branch and Authorised Person’s office, printed on various documents and communications sent to Clients.
The company has a Compliance Department at its Head office witzh requisite staff strength headed by the Compliance Officer.
RECEIPT OF COMPLAIN:
PRSSB can receive client complaint either directly from client ‐ in any of the modes i.e. physical letters, fax, e‐mail, phone and personal visit. Further, clients’ complaints are also received through SCORES, Regulatory authorities, Advocates, Consumer forums etc. Handling of all investor grievances is a centralized function and is being handled by Compliance Department at the Head office of the company.
RECORDING OF COMPLAIN:
A Register of Complaints is maintained in accordance to the rules, regulations, Bye laws and directives of the Exchanges/SEBI stating complete detail of complaints including name of originating branch, authorized person etc. All the Investors complaints are recorded immediately in Investor Grievance Register maintained separately for each Exchange and Depository.
The Complaint received either physically or electronically by email shall be filed serially. The Compliance Officer will be responsible for receiving and recording all the Investor complaint.
HANDLING OF COMPLAINT:
It will be the duty of Compliance Officer to ensure that the complaints received from investors are redressed earliest and without delay. All the Investor Grievances received are verified and scrutinized by the compliance department. On receipt of the complaint, the Compliance Officer can seek further information from the complainant and also seek any details/information from the concerned department/officials/Authorised Person for verification against allegations made in the complaint. If there is no response from concerned department/officials/Authorised Person within 7 working days of the complaint, the same is escalated to Management of the Company.
The company has set a target period of maximum 30 days for redressal of any complainant and providing prompt reply to the Investor. Once the complaint is resolved/closed, the Compliance Officer gives the sign‐off.
REVIEW OF COMPLAINT:
The Compliance Officer regularly monitors and reviews complaints according to its nature, originating branch, against a particular employee and/or authorized person etc. and on the basis of such analysis, inform the management to take adequate steps to strengthen the systems. Designated Directors review the status of pending complaints.
The Internal Auditors review grievances status on a periodic basis. A MIS of the complaints received, pending and resolved during the Quarter are placed before the Board of Directors of the company for their review and necessary advice.
MAINTAINENCE OF RECORDS:
The Complaint Register will be maintained for such period as prescribed by regulatory authority.
REVIEW OF THE POLICY:
This policy is to be reviewed as & when management thinks fit or whenever changes are mandated by statutory authorities.