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Settlements of investors' complaints rise 11.17 per cent in 2021

Customer Complaints Address Module


January 16, 2022 00:00:00


FE Report

The settlements of investors' complaints submitted online rose 11.17 per cent in the outgoing year 2021compared to the previous year.

During the outgoing year, a total of 418 complaints submitted through Customer Complaints Address Module (CCAM) were settled.

On the other hand, a total of 376 complaints were settled in the previous year 2020.

The Bangladesh Securities and Exchange Commission introduced the CCAM on September 30, 2019 to ease the investors' complaint submission process along with reducing the time of resolving complaints.

The BSEC introduced the CCAM taking technical support from the Central Depository Bangladesh Limited (CDBL).

The complaints which are submitted through the CCAM are about non-payment of cash dividend, non-disbursement of stock dividend, non-payment sale proceeds and un-authorised sales of shares.

A total of 49 complaints were settled in January, 2021 while 47 were settled in February, 32 in March, 19 in April, 19 in May, 37 in June of the same year, according to the BSEC information.

A total of 39 complaints were settled in July, 2021 while 52 were resolved in August, 32 in September, 24 in October, 33 in November and 35 in December of the same year.

Md. Anowarul Islam, a BSEC executive director, said the introduction of the CCAM has accelerated the process of addressing investors' complaints.

"The rate of settlement of the investors' complaints submitted online is very high," Mr. Islam said.

Asked, whether there is any complaint submitted online remains unsettled, Islam said sometimes it takes time to address the complicated complaints.

"In such cases, investors can lodge the complaints directly. Normally, the regulator also asks the bourses to facilitate the settlement of complicated complaints," Islam said.

He said in many cases the complicated complaints, which are submitted through the CCAM, are referred to the enforcement department.

After introduction of the complaint submission module, investors so far lodged a total of 1045 complaints as on January 13, 2022.

Of 1045 complaints, 475 were submitted in the outgoing year 2021.

Of 1045 complaints, 969 have already been addressed and the 76 complaints are in process to be resolved.

As a result, 93.10 per cent of the complaints submitted so far have been addressed and the average settlement days for each complaint have stood at 23.60.

Investors also submit complaints regarding delay in settlement of share transactions, margin finance and interest, forced selling and financial losses due to non-transfer of shares through the CCAM.

Using the automated system CCAM available on the BSEC website, investors can submit their complaints.

The securities regulator has included all possible stakeholders including stock exchanges and the depository authority in their CCAM. The stakeholders deal the complaints submitted by customers.

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

The securities regulator receives an alert from the CCAM if a complaint remains un-addressed 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).

Other entities such as merchant banks, listed companies and asset management companies have been asked to dispose off their clients' 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 number, cell phone number and e-mail address.

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