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The Financial Express

88pc customers' complaints addressed

| Updated: January 26, 2021 09:17:12


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88pc customers' complaints addressed

The securities regulator has addressed 88 per cent of the total complaints submitted online by investors since the introduction of online complaint module.

After introduction of Customer Complaints Address Module (CCAM) on September 30, 2019, a total of 590 complaints were lodged by investors as of Thursday.

According to information of the Bangladesh Securities and Exchange Commission (BSEC), of 590 complaints, 512 have been addressed while the remaining 78 complaints are in process to be settled.

The complaints which are submitted through the 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.

According to the BSEC information, investors lodged 36 complaints with the CCAM in January, 2020 and 17 complaints have already been addressed and the remaining 19 complaints are in process.

In December, 2020, 55 complaints were made by investors and the BSEC addressed 37 complaints.

A total of 24 complaints were submitted in November, 2020 and the regulator addressed 24 complaints.

Besides, the securities regulator addressed 28 complaints in October last, 43 in September, 39 in August, 34 in July, 53 in June, one in May, and four in April.

According to BSEC information, the average settlement days of each compliant now has stood at 20.80 which was 14.3 in March, 2020.

Using the automated system namely CCAM, investors are 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 the customers.

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

The BSEC also 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 are 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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