The Financial Express

95.2pc complaints addressed

Customer Complaints Address Module

Mohammad Mufazzal | Published: March 29, 2020 11:39:00 | Updated: April 02, 2020 11:26:49

95.2pc complaints addressed

The securities regulator has addressed 95.2 per cent of the total complaints so far made by investors since the introduction of online complaint module.

After introduction of Customer Complaints Address Module (CCAM) on September 30 last, a total of 229 complaints were lodged by investors as of Wednesday.

According to information of Bangladesh Securities and Exchange Commission (BSEC), 95.2 per cent or 218 complaints were addressed so far. And the settlements of other 11 complaints are in process.

The complaints which were settled through the CCAM were 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.

After introduction of the CCAM, investors submitted one compliant in September, 82 complaints in October, 56 in November, 27 in December, 19 in January, 23 in February and 21 in March.

Of 23 complaints submitted in February, 19 have been settled and the settlements of the remaining four are in process.

Of 21 complaints submitted in March, 14 have been addressed while the settlements of remaining seven are in the offing.

The complaints which were lodged in previous months were addressed timely.

After introduction of the CCAM, the time of settling investors' complaints has reduced significantly compared to the time previously required for manual settlement of investors' complaints.

According to BSEC information, the average settlement days of each compliant now has come down to 14.3, whereas there were instances of resolving a complaint, which was submitted manually, in more than two years.

The BSEC handled 101 complaints submitted manually by the investors in the fiscal year 2018-19.

On the other hand, the number of investors' complaints submitted through CCAM was 229 in last seven months and 95.2 per cent of those complaints have already been settled.

The BSEC officials said after introduction of CCAM the amount of manual submissions of complaints has declined significantly.

They said investors must include accurate bank account, mobile number and e-mail address in the form of BO (beneficiary owner's) accounts.

Using the automated system namely CCAM, investors are now 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 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, cell phone number and e-mail address.


Share if you like