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The Financial Express
Swasti Lankabangla Swasti Lankabangla

Aggrieved investors get prompt service from CCAM

| Updated: August 07, 2020 09:39:31


Aggrieved investors get prompt service from CCAM

The securities regulator has settled 90 per cent complaints filed by investors in last six months through online complaint module.

Investors lodged a total of 167 complaints through Customer Complaints Address Module (CCAM) during the period of January to June this year.

Of 167 complaints, 90 per cent or 150 complaints were resolved by the Bangladesh Securities and Exchange Commission (BSEC). The settlements of remaining 17 complaints are in process.

The complaints settled through the CCAM were about non-payment of cash dividend, non-disbursement of stock dividend, and non-payment of sale proceeds.

The complaints were also about 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 securities regulator introduced the CCAM on September 30 last to ease the submission of investors' complaints.

The BSEC officials said due to introduction of online complaints module investors are getting quick solution within shortest possible time period compared to previous complaints lodged manually.

Previously investors filed complaints with the securities regulator manually. In some cases, it took more than two years to resolve the complaints.

A BSEC official said now investors' complaints, other than complicated ones, do not remain pending for a long time.

According to BSEC information, a total of 19 complaints were submitted in January last and all of these complaints were addressed before the closure of that month.

In February, a total of 23 complaints were filed and all complaints were settled by that month.

The complaints which were submitted in March were also resolved within that month.

Of 56 complaints submitted in June, 51 were addressed within the same month while the settlements of the remaining 5 complaints are in process.

In July, 39 complaints were filed and 28 were addressed while the remaining 11 complaints are in process to be addressed.

The securities regulator has included all possible stakeholders in their CCAM.

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

The BSEC officials said investors should include accurate information, including mobile number, in the form of opening BO (beneficiary owner's) account for the sake of their investment safety.

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