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Grievances
Process/Procedure for complaint redressal at IIBX:
  • Clients can lodge their grievance/complaints against members registered with IIBX along with the supporting documents by sending the same via email ongrievance@iibx.co.in or by submission of physical copy along with the supporting documents at the registered office either in person or by post. Clients need to ensure providing their valid email id, contact details, PAN and other relevant details while submitting the complaint. Grievances received will be addressed suitably in a time bound manner. Complainant should not submit the originals of their documents. They should only provide copies of the documents supporting their complaint. If required, original copies of the document may be called for by IIBX.
The complaint shall be taken up by IIBX in the following process:
  • The complainant shall lodge the complaint with IIBX through the designated email ID within 90 days, from the date of cause of action. The MD & CEO shall have the right to admit a complaint beyond 90 days depending on the merits of the case.
  • IIBX shall accept client complaints only against the members registered with IIBX.
  • The complaint received from client will be forwarded to the concerned member for resolution.
  • The concerned member will be required to submit their response within 10 working days from the date of receipt of complaint forwarded by the Exchange.
  • The response received from the member shall be forwarded to the client by IIBX within five working days.

REQUEST FOR FIRST REVIEW:
  • In case no reply is received from the member (for the client complaint forwarded by the Exchange) or the response received from the member does not satisfy the client or if the matter is not getting settled amicably, the same would be placed before the Investors Grievance Redressal Committee (IGRC). The matter will be placed before the IGRC for consideration based on the request received from the client. The client shall be required to place such request with IIBX within 15 working days from the date of receipt of response received from the member.
  • Where the complaint lodged does not involve any monetary claims, the same shall be dealt with by the Regulatory department of Exchange.
  • Where the complaint lodged involves monetary claims, then the complaint involving claims upto USD 35,000 shall be referred to the IGRC comprising of one member, and those involving claims more than USD 35,000 shall be referred to IGRC comprising of three members committee.
  • The parties to the complaint need to pay the relevant IGRC Members’ fees and IIBX administration/processing fees, as may be prescribed by IIBX from time to time. The said fees plus applicable taxes and charges, if any, shall be collected from both the parties separately.
  • IGRC shall decide the claim value of the client against the member on the basis of merits of the case. In case the claim value is decided by IGRC in favour of client, and accepted by the members, then complaint shall stand resolved.
  • Further on passing of the claim value, the IGRC members’ fees paid by the party in whose favour the award is passed would be refunded and the members’ fees of the party against whom the award has been passed would be utilized towards payment of the IGRC Member fees.
IGRC shall take up the matter within 15 working days of submission of the request for review.

REQUEST FOR SECOND REVIEW: In case the claim value as decided by IGRC is not acceptable to the member, then member shall be required to intimate IIBX within 10 working days from receipt of the IGRC decision that he is challenging the decision of the IGRC before arbitration. Member shall be required to pay the relevant fess to the arbitrator. Members shall also be required to pay IIBX administration/processing fees, as may be prescribed by IIBX, from time to time. The said fees plus applicable taxes and charges etc., if any, shall be collected from both parties separately by IIBX.
In case of matters referred to arbitration and where the arbitration award is finalized in favour of the client, IIBX shall implement the said award.
The complainant shall be updated by way of automated email on the status of the complaint.

Complaints not taken up at the Exchange: IIBX will not deal with the following list of nature of complaints:
  • Complaints which are relating to entities which are not regulated/administered/supervised by IIBX/entities which are not enrolled with IIBX.
  • Complaints which are relating to activities other than related to the Exchange.
  • Complaints relating to transactions which are in the nature of loan or financing and not within the defined IFSCA and IIBX framework.
  • Complaints in respect of transactions which are already subject matter of Arbitration proceedings.
  • Claims for mental agony/harassment and expenses incurred in pursuing the matter with the Exchange.
  • Claim for notional loss, opportunity loss for the disputed period or for trading on the Exchange.

Annexure_Complaint Form
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