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85 per cent complaints settled

FE Report | October 18, 2020 00:00:00

The securities regulator has addressed 88.4 per cent of the complaints submitted by investors since January through Customer Complaints Address Module (CCAM), an automated system launched on September 30, 2019.

According to the latest information of the Bangladesh Securities and Exchange Commission (BSEC), investors submitted a total of 455 complaints since January 1 to October 15.

Of the complaints, 399 have already been addressed while the settlement of remaining 56 complaints is under process.

The securities regulator introduced the CCAM on September 30, 2019 to ease the settlement of customers' complaints.

After introduction of the CCAM, wastage of time for settlement of complaints declined significantly both at the regulator and customers end.

The BSEC officials said average settlement days of each complaint stood at 14.5.

Previously, it took a lot of time to settle a complaint submitted manually.

The BSEC officials said the complaints which are submitted through CCAM are about non-payment of cash dividend, non-disbursement of stock dividend, non-payment sale proceeds, un-authorised sales of shares, delay in settlement of share transactions, margin finance and interest, forced selling and financial losses due to non-transfer of shares.

The number of submission of customers' complaints marked rise between June and October.

Of 455 complaints, 19 were submitted in January, 23 in February, 24 in March, five in April, one in May, 56 in June, 39 in July, 46 in August, 55 in September. The remaining 21 complaints were submitted in October as of Thursday.

According to BSEC information, of 21 complaints submitted in October, three have been settled while the settlement of remaining 18 complaints is under the process.

Majority number of complaints submitted for the period of January to September has been settled.

Using the CCAM, investors can easily submit their complaints and receive solutions sitting at any corner of the world.

All possible stakeholders who deal customers are included in the CCAM.

After submission, the authority concerned automatically receives the complaint via the market intermediaries such as stock exchanges.

The stock exchanges handle the complaints filed against their TREC (Trading Right Entitlement Certificate) holders.

Central Depository Bangladesh Limited monitors the complaints submitted against the DPs (Depository Participants).

Other entities such as merchant banks, listed companies and asset management companies are required to dispose off their clients' complaints directly.

As per the system, the securities regulator receives an alert from the CCAM if a complaint remains un-addressed within the expected timeframe.

An investor has to enter the CCAM window, which is available on the home page of the websites of the BSEC and stock exchanges, by using BO account number, cell phone number and e-mail address.


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