The securities regulator has developed an automated system to dissolve customers' complaints within quickest possible timeframe without imposing any fee.
Using the system namely Customer Complaints Address Module (CCAM), the customers will be able to submit their complaints and receive solutions sitting in any part of the world.
The Bangladesh Securities and Exchange Commission (BSEC) will launch the CCAM tomorrow (September 30) at the inaugural ceremony of the World Investors Week to be observed in the capital Dhaka.
"The CCAM will remove the customers' hassles and time of manual submission of their complaints," said Farhad Ahmed, a BSEC executive director.
He said the customers' complaints automatically will be submitted to concerned entities against whom the complaints have been submitted through the BSEC module.
"The BSEC will receive an alert from the CCAM if any complaint remains un-dissolved within the stipulated timeframe. Then the BSE will look into the issues to provide solutions," Ahmed said.
The securities regulator has included all possible stakeholders in their CCAM who deals the customers.
The stock exchanges will provide the customers' solutions if the complaints are filed against their TREC (Trading Right Entitlement Certificate) holders, formerly known as members.
The Central Depository Bangladesh Limited (CDBL) will handle the complaints submitted against the DPs (Depository Participants), while other entities such as merchant banks, listed companies and asset management companies will dispose off the complaints directly.
"Different features have been included in the CCAM taking into account the nature of the customers' complaints," said BSEC executive director Mr. Ahmed.
A window of the CCAM will be available on the website of the securities regulator.
After entering the CCAM window by using BO (beneficiary owner's) account, cell phone number and e-mail address, a customer will receive an OTP (one time password) through his e-mail and cell phone.
The customer will write his complaint in Bengali or English in the complaint box.
There is also an option of attaching documents relevant to his/her complaints.
On completion of submission, the complaint will be sent to the market intermediaries such as stock exchanges, among other stakeholders, via the securities regulator.
And the customer will receive a complaint ID having the numeric figures of year and month which will help the securities regulator to find out the complaint, if it remains un-dissolved, in the next time.
Using the OTP, received through cell phone and e-mail address, the customer will be able to check the status of his/her complaint.
The customer can also take a print copy of his complaint submitted via the securities regulator.
In case of submitting complaint against a TREC holder for un-authorised sales of shares, among others, the stock exchange will receive the complaint using same procedure maintained by the customers.
Then the stock exchange will send the allegation to managing director or chief executive officer of the concerned TREC holder against whom the complaint has been submitted.
Along with setting a timeframe, the exchange also can write something or attach a document, if required, to the complaint sent to the TREC holder.
By resolving the complaint, the TREC holder will send its reply to the stock exchange.
The exchange again can seek a clarification from the TREC holder if the reply to the complaint is not satisfactory.
"Subsequently, the customer will get reply of his/her complaint and the securities regulator will be informed of the solution," said the BSEC executive director Mr. Ahmed.
He said the customer also has the provision of appeal if he/she is not satisfied with the solution.
"By using the OTP, a customer can also withdraw his/her complaint."
Similarly, the customers' complaints, which have been filed against the listed companies and market intermediaries such as Asset Management Companies, and Merchant Banks, will be solved through CAMM.
The BSEC executive director Ahmed said they would receive an alert if someone's complaint is not dissolved within the stipulated timeframe.
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