2020-02-20 19:46:30 BdST
Online module a boon to aggrieved investors
The securities regulator has settled above 92 percent of total complaints made by investors in the last six months through the newly-introduced online complaint module.
The Bangladesh Securities and Exchange Commission (BSEC) introduced the Customer Complaints Address Module (CCAM) on September 30 last to ease the submission of investors' complaints.
So far a total of 198 complaints were lodged by investors and 92.4 percent or 183 complaints have also been settled through the CCAM. And the settlement of the remaining 15 complaints is under process.
"Our newly-introduced CCAM has been witnessing significant responses as it saves time and reduces hassles of submitting complaints manually," said Farhad Ahmed, a BSEC executive director.
The complaints settled through the CCAM were about non-payment of cash dividend, non-disbursement of a stock dividend, non-payment sale proceeds, un-authorized sales of shares, delay in settlement of share transactions, margin finance, and interest, forced selling and financial losses due to non-transfer of shares.
It took 14.4 days, including holidays, to settle those complaints whereas there were instances of resolving a complaint, which was submitted manually, in more than two years.
The securities regulator handled 101 complaints submitted manually by the investors in the fiscal year 2018-19.
On the other hand, the number of investors' complaints submitted through CCAM was 198 in the last six months and 92.4 percent of these complaints have already been settled.
BSEC executive director Mr. Ahmed said after introduction of CCAM the amount of manual submissions of complaints has declined significantly.
"Now we receive a very small number of complaints submitted manually. We also include such complaints in our CCAM for the sake of keeping a record," Mr. Ahmed said.
He said investors must include accurate bank account, mobile number and e-mail address in the form of BO (beneficiary owner's) accounts.
"Proper information included in the form of BO account will help investors to get quick solutions of their problems," the BSEC executive director added.
Using the automated system namely CCAM, investors are now able to submit their complaints and receive solutions sitting in any part of the world.
The securities regulator has included all possible stakeholders in their CCAM who deals with the customers.
After submission, the concern authority automatically receives the complaint via the market intermediaries such as stock exchanges.
The BSEC receives an alert from the CCAM if any complaint remains un-dissolved within the expected timeframe.
The stock exchanges handle the complaints filed against their TREC (Trading Right Entitlement Certificate) holders.
The Central Depository Bangladesh Limited handles the complaints submitted against the DPs (Depository Participants), while other entities such as merchant banks, listed companies, and asset management companies have been asked to dispose of the complaints directly.
An investor has to enter the CCAM window, which is available on the home page of the BSEC website, by using BO account, cell phone number and e-mail address.
Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.