Investor Charter

Stock Brokers Research Analyst KRA Depository Participant

Investor Charter – Stock Brokers

VISION

To follow highest standards of ethics and compliances while facilitating the trading by clients in securities in a fair and transparent manner, so as to contribute in creation of wealth for investors.

MISSION

To provide high quality and dependable service through innovation, capacity enhancement and use of technology.
To establish and maintain a relationship of trust and ethics with the investors.
To observe highest standard of compliances and transparency.
To always keep ‘protection of investors’ interest’ as goal while providingservice.
To ensure confidentiality of information shared by investors unless such information is required to be provided in furtherance of discharging legal obligations or investors have provided specific consent to share such information.

Services provided to Investors

Execution of trades on behalf of investors.
Issuance of Contract Notes.
Issuance of intimations regarding margin due payments.
Facilitate execution of early pay-in obligation instructions.
Periodic Settlement of client’s funds.
Issuance of retention statement of funds at the time of settlement.
Risk management systems to mitigate operational and market risk.
Facilitate client profile changes in the system as instructed by the client.
Information sharing with the client w.r.t. relevant Market InfrastructureInstitutions (MII) circulars.
Provide a copy of Rights & Obligations document to the client.
Communicating Most Important terms and Conditions (MITC) to the client.
Redressal of Investor’s grievances

Rights of Investors

Ask for and receive information from a firm about the work history andbackground of the person handling your account, as well as information about the firm itself (including website providing mandatory information).
Receive complete information about the risks, obligations, and costs of anyinvestment before investing.
Receive a copy of all completed account forms and rights & obligationdocument.
Receive a copy of ‘Most Important Terms & Conditions’ (MITC).
Receive account statements that are accurate and understandable.
Understand the terms and conditions of transactions you undertake.
Access your funds in a prescribed manner and receive information about anyrestrictions or limitations on access.
Receive complete information about maintenance or service charges,transaction or redemption fees, and penalties in form of tariff sheet.
Discuss your grievances with compliance officer / compliance team / dedicated grievance redressal team of the firm and receive prompt attention to and fair consideration of your concerns.
Close your zero balance accounts online with minimal documentation
Get the copies of all policies (including Most Important Terms and Conditions)of the broker related to dealings of your account
Not be discriminated against in terms of services offered to equivalent clients
Get only those advertisement materials from the broker which adhere to Codeof Advertisement norms in place
In case of broker defaults, be compensated from the Exchange InvestorProtection Fund as per the norms in place
Trade in derivatives after submission of relevant financial documents to thebroker subject to brokers’ adequate due diligence.
Get warnings on the trading systems while placing orders in securities wheresurveillance measures are in place
Get access to products and services in a suitable manner even if differentlyabled
Get access to educational materials of the MIIs and brokers
Get access to all the exchanges of a particular segment you wish to deal withunless opted out specifically as per Broker norms
Deal with one or more stockbrokers of your choice without any compulsion ofminimum business
Have access to the escalation matrix for communication with the broker
Not be bound by any clause prescribed by the Brokers which arecontravening the Regulatory provisions.

Various activities of Stock Brokers with timelines

S.No.	Activities	Expected Timelines
1	KYC entered into KRA System and CKYCR	3 working days of account opening
2	Client Onboarding	Immediate, but not later than one week
3	Order execution	Immediate on receipt of order, but not later than the same day
4	Allocation of Unique Client Code	Before trading
5	Copy of duly completed Client Registration Documents to clients	7 days from the date of upload of Unique Client Code to the Exchange by the trading member
6	Issuance of contract notes	24 hours of execution of trades
7	Collection of upfront margin from client	Before initiation of trade
8	Issuance of intimations regarding other margin due payments	At the end of the T day
9	Settlement of client funds	First Friday/Saturday of the month / quarter as per Exchange preannounced schedule
10	‘Statement of Accounts’ for Funds, Securities and Commodities	Monthly basis
11	Issuance of retention statement of funds/commodities	5 days from the date of settlement
12	Issuance of Annual Global Statement	30 days from the end of the financial year
13	Investor grievances redressal	21 calendar days from the receipt of the complaint

DOs and DON’Ts for Investors

S.No.	DOs	DON’Ts
1	Read all documents and conditions being agreed before signing the account opening form.	Do not deal with unregistered stock broker.
2	Receive a copy of KYC, copy of account opening documents and Unique Client Code.	Do not forget to strike off blanks in your account opening and KYC.
3	Read the product / operational framework / timelines related to various Trading and Clearing & Settlement processes.	Do not submit an incomplete account opening and KYC form.
4	Receive all information about brokerage, fees and other charges levied.	Do not forget to inform any change in information linked to trading account and obtain confirmation of updation in the system.
5	Register your mobile number and email ID in your trading, demat and bank accounts to get regular alerts on your transactions.	Do not transfer funds, for the purposes of trading to anyone other than a stock broker. No payment should be made in name of employee of stock broker.
6	If executed, receive a copy of Power of Attorney. However, Power of Attorney is not a mandatory requirement as per SEBI / Stock Exchanges. Before granting Power of Attorney, carefully examine the scope and implications of powers being granted.	Do not ignore any emails / SMSs received with regards to trades done, from the Stock Exchange and raise a concern, if discrepancy is observed.
7	Receive contract notes for trades executed, showing transaction price, brokerage, GST and STT etc. as applicable, separately, within 24 hours of execution of trades.	Do not opt for digital contracts, if not familiar with computers.
8	Receive funds and securities/commodities on time, as prescribed by SEBI or exchange from time to time.	Do not share trading password.
9	Verify details of trades, contract notes and statement of account and approach relevant authority for any discrepancies. Verify trade details on the Exchange websites from the trade verification facility provided by the Exchanges.	Do not fall prey to fixed / guaranteed returns schemes.
10	Receive statement of accounts periodically. If opted for running account settlement, account has to be settled by the stock broker as per the option given by the client (Monthly or Quarterly).	Do not fall prey to fraudsters sending emails and SMSs luring to trade in stocks / securities promising huge profits.
11	In case of any grievances, approach stock broker or Stock Exchange or SEBI for getting the same resolved within prescribed timelines.	Do not follow herd mentality for investments. Seek expert and professional advice for your investments.
12	Retain documents for trading activity as it helps in resolving disputes, if they arise.

Additionally, Investors may refer to Dos and Don’ts issued by MIIs on their respective websites from time to time.

Grievance Redressal Mechanism

The process of investor grievance redressal is as follows:

Investor complaint/Grievances

Investor can lodge complaint/grievance against

stock broker in the following ways:
Mode of filing the complaint with stock broker

Investor can approach the Stock Broker at the designated Investor Grievance e-mail ID of the stock broker. The Stock Broker will strive to redress

the grievance immediately, but not later than 21 days of the receipt of the grievance

Mode of filing the complaint with stock exchanges

SCORES 2.0 (a web based centralized grievance redressal system of SEBI) (https://scores.sebi.gov.in)
- First review done by Designated body/Exchange
- Second review done by SEBI
Emails to designated email IDs of Exchange

Online Dispute Resolution (ODR) platform for online Conciliation and Arbitration.

If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/grievance on SMARTODR platform for its resolution through online conciliation or arbitration.

Steps to be followed in ODR for Review, Conciliation and Arbitration

Investor to approach Market Participant for redressal of complaint
If investor is not satisfied with response of Market Participant, he/she has either of the following 2 options:
- May escalate the complaint on SEBI SCORES portal.
- May also file a complaint on SMARTODR portal for its resolution through online conciliation and arbitration.
Upon receipt of complaint on SMARTODR portal, the relevant MII will review the matter and endeavor to resolve the matter between the Market Participant and investor within 21 days.
If the matter could not be amicably resolved, then the matter shall be referred for conciliation.
During the conciliation process, the conciliator will endeavor for amicable settlement of the dispute within 21 days, which may be extended with 10 days by the conciliator with consent of the parties to dispute.
If the conciliation is unsuccessful, then the investor may request to refer the matter for arbitration.
The arbitration process to be concluded by arbitrator(s) within 30 days, which is extendable by 30 days with consent of the parties to dispute.

Handling of Investor’s claims / complaints in case of default of a Trading Member / Clearing Member (TM/CM)

Default of TM/CM

Following steps are carried out by Stock Exchange for benefit of investor, in case stock broker defaults:

Circular is issued to inform about declaration of Stock Broker as Defaulter.
Information of defaulter stock broker is disseminated on Stock Exchange website.
Public Notice is issued informing declaration of a stock broker as defaulter and inviting claims within specified period.
Intimation to clients of defaulter stock brokers via emails and SMS for facilitating lodging of claims within the specified period.

Following information is available on Stock Exchange website for information of investors:

Norms for eligibility of claims for compensation from IPF.
Claim form for lodging claim against defaulter stock broker.
FAQ on processing of investors’ claims against Defaulter stock broker.
Provision to check online status of client’s claim.
Standard Operating Procedure (SOP) for handling of Claims of Investors inthe Cases of Default by Brokers
Claim processing policy against Defaulter/Expelled members
List of Defaulter/Expelled members and public notice issued

Investor Charter –Research Analyst

A. Vision and Mission Statements for investors.

Vision:

Invest with knowledge & safety.

Mission:

Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

B. Details of business transacted by the Research Analyst with respect to the investors

To publish research report based on the research activities of the RA.
To provide an independent unbiased view on securities.
To offer unbiased recommendation, disclosing the financial interests in recommended securities.
To provide research recommendation, based on analysis of publicly available information and known observations.
To conduct audit annually.
To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.
To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place

C. Details of services provided to investors (No Indicative Timelines)

Onboarding of Clients.
- Sharing of terms and conditions of research services
- Completing KYC of fee paying clients
Disclosure to Clients
- To disclose, information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any
- To disclose the extent of use of Artificial Intelligence tools in providing research services
- To disclose, while distributing a third party research report, any material conflict of interest of such third party research provider or provide web address that directs a recipient to the relevant disclosures
- To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
To distribute research reports and recommendations to the clients without discrimination.
To maintain confidentiality w.r.t publication of the research report until made available in the public domain.
To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information
To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines
To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services
To treat all clients with honesty and integrity
To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a clienthas provided specific consent to share such information.

D. Details of grievance redressal mechanism and how to access it

Investor can lodge complaint/grievance against Research Analyst in the following ways:

Mode of filing the complaint with research analyst

In case of any grievance / complaint, an investor may approach the concerned
Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.

Mode of filing the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)
1. SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner) (https://scores.sebi.gov.in)
  
  Two level review for complaint/grievance against Research Analyst:
  - First review done by designated body (RAASB)
  - Second review done by SEBI
2. Email to designated email ID of RAASB

If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration.

With regard to physical complaints, investors may send their complaints to:

Office of Investor Assistance and Education,
Securities and Exchange Board of India,
SEBI Bhavan. Plot No. C4-A, ‘G’ Block,
Bandra-Kurla Complex, Bandra (E),
Mumbai - 400 051

E. Rights of investors

Right to Privacy and Confidentiality
Right to Transparent Practices
Right to fair and Equitable Treatment
Right to Adequate Information
Right to Initial and Continuing Disclosure
Right to receive information about all the statutory and regulatory disclosures
Right to Fair & True Advertisement
Right to Awareness about Service Parameters and Turnaround Times
Right to be informed of the timelines for each service
Right to be Heard and Satisfactory Grievance Redressal
Right to have timely redressal
Right to Exit from Financial product or service in accordance with the terms andconditions agreed with the research analyst
Right to receive clear guidance and caution notice when dealing in Complex andHigh-Risk Financial Products and Services
Additional Rights to vulnerable consumers
Right to get access to services in a suitable manner even if differently abled
Right to provide feedback on the financial products and services used
Right against coercive, unfair, and one-sided clauses in financial agreements

F. Expectations from the investors (Responsibilities of investors)

Do’s
1. Always deal with SEBI registered Research Analyst.
2. Ensure that the Research Analyst has a valid registration certificate.
3. Check for SEBI registration number.Please refer to the list of all SEBI registered Research Analysts which is available on SEBI website in the following link:(https://www.sebi.gov.in)
4. Always pay attention towards disclosures made in the research reports before investing.
5. Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCoM) of RAASB if research analyst has opted for the mechanism. (Applicable for fee paying clients only)
6. Before buying/selling securities or applying in public offer, check for the research recommendation provided by your research Analyst.
7. Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation.
8. Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high risk financial products and services.
9. Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.
10. Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.
11. Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.
12. Inform SEBI about Research Analyst offering assured or guaranteed returns.
Don’ts
1. Do not provide funds for investment to the Research Analyst.
2. Don’t fall prey to luring advertisements or market rumours.
3. Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.
4. Do not share login credentials and password of your trading and demat accounts with the Research Analyst.

INVESTOR CHARTER - KYC {KNOW YOUR CLIENT REGISTRATION AGENCIES(KRAs)

1. Vision:

To be investor service oriented, market wide repository, facilitating timely

processing, storage and incidental services of KYC records in the securities

market, maintaining the highest standards of data security and record quality.

2. Mission

To enable centralized management and safekeeping of KYC data and reducing the burden of repeat KYC while ensuring uniform KYC compliance across the securities market.
To enable seamless and efficient client on-boarding, ensuring real-time updation of unique client's KYC record and automated dissemination of updates to all linked SEBI Registered Intermediaries
To foster a secure, efficient, and compliance-driven ecosystem, setting global benchmark for data integrity and operational excellence.

SERVICES PROVIDED BY KRAs TO INVESTORS

KYC Registration and Modification: KRA facilitates registration and modification of KYC records of investors in securities market through SEBI Registered Intermediaries, ensuring verification and validation of the investor's identity.
KYC Status Tracking: KRA provides ease of access to investors/ SEBI Registered Intermediaries to track status of KYC registration and modification, online.
Solicited/ Unsolicited Feeds: KRA empowers investor to update their KYC information with any of the SEBI Registered Intermediary for utilisation of their KYC details across the securities market at the behest of the investor. For this purpose, KRAs promptly disseminates updated KYC information of an investor to the relevant linked SEBI Registered Intermediary for further processing.
Alert Mechanism KRA sends alerts (SMS/Email/physical) at concurrent interval to the investors at the time of processing registration, modification of download of KYC records.
Verification of KYC attributes KRA verifies KYC attributes of investors' KYC records with official databases for PAN (except for PAN exempt records), Aadhaar, Name, Address. Additionally Email Id and Mobile Number are also been verified. Depending on the status of verification/validation of KYCs attributes, KRA assigns status to KYC as either:
- KYC Validated: The validated records are allowed portability i.e. the client need not undergo the KYC process again when he approaches different intermediary in securities market and the intermediary shall fetch the validated records from the KRA database.
- KYC Registered: Investor is required to perform KYC each time,
  investor approach a new SEBI Registered Intermediary.
- KYC On-Hold/Rejected: This may be owing to deficiency in the KYC documents such as PAN validation failure, Mobile number and Email Id not verified, etc. Such clients shall be allowed to transact further in the securities market subject to verification of attributes.
Data Protection and Privacy: KRA implements safeguards to maintain KYC data privacy, security, and confidentiality.

INVESTORS have RIGHT to:

Assurance of privacy and protection for KYC data, with limited access to authorized Registered Intermediaries only.
Verify and ensure that KYC information is accurate and updated.
Access to prompt grievance redressal mechanism for complaints or issues arising from KYC process in securities market.
Avail guidance from KRA on KYC related processes for securities market.
Access to privacy policy, use of information policy, website policy of KRA for awareness of the investors.
View their KYC status online and carry out necessary updates through SEBI Registered Intermediary.
Avail facility of delinking the KYC record through an intermediary on reporting closure of account based relationship by such intermediary.

DOs AND DON'Ts FOR INVESTORS: Investors are encouraged to take the following actions to ensure seamless KYC compliance

DO's for Investors:

Submit valid, accurate, and complete documentation during KYC registration or modification process.
Notify SEBI Registered Intermediary of any changes in KYC details (such as address, contact details, etc.) to maintain the accuracy of the KYC information and perform re-KYC, as and when required.
In case investor receives alert from KRAs, about registration, modification or KYC record download, which is not associated with any of the investor-induced transaction(s), investors should promptly communicate to KRA on the designated email ID.
Know about the Investor Grievance Redressal Mechanism and ensure that grievances are taken up with the concerned entities within the time limits prescribed..

DONT's for Investors:

Do not deal with unauthorized person(s) for any investor service request such as updation of KYC details (address, email ID, mobile number etc).
Do not share One Time Password (OTP), specimen signature, KYC documents etc. with unknown person(s)

GRIEVANCE REDRESSAL - MODES AND ESCALATION MECHANISM
I] DIRECT COMPLAINT TO KRA:

Investor can dial on helpline numbers of KRA for any query or concern.
Investor shall check the website of KRAs for the dedicated grievance e-mail ID and other relevant details of the grievance redressal division / compliance officer for registering grievance(s).
The investor may initially lodge their grievance directly with the KYC Registration Agency (KRA) on dedicated e-mail ID or through physical letter with the details of issue being faced.
Upon receipt of the grievance, KRA after due verification shall send intimation of redressal of complaint via e-mail / physical letter as applicable, within 21 days from the date of receipt of such grievance.

II] ESCALATION VIA SCORES PORTAL:

In case the grievance remains unresolved or the investor is not satisfied with the redressal, then they may escalate the issue to SEBI electronically through SEBI Complaints Redress System - SCORES (a web based centralized grievance redressal system of SEBI at (https://scores.gov.in/)

III] DISPUTE RESOLUTION VIA ODR PORTAL:

In case the grievance continues to be unresolved even after utilizing the SCORES escalation process, the investor may initiate dispute resolution through the SMART Online Dispute Resolution (ODR) Portal to seek the resolution at (https://smartodr.in/login)

Investor Charter – Depository Participant

1. Vision:

Towards making Indian Securities Market - Transparent, Efficient, & Investor friendly by providing safe, reliable, transparent and trusted record keeping platform for investors to hold and transfer securities in dematerialized form.

2. Mission

Illustration of New Grievance Redressal System: The flow-chart of New Grievance Redressal System.

To hold securities of investors in dematerialised form and facilitate its transfer, while ensuring safekeeping of securities and protecting interest of investors.
To provide timely and accurate information to investors with regard to their holding and transfer of securities held by them.
To provide the highest standards of investor education, investor awareness and timely services so as to enhance Investor Protection and create awareness about Investor Rights.

3. Details of business transacted by the Depository and Depository Participant (DP)

A Depository is an organization which holds securities of investors in electronic form. Depositories provide services to various market participants - Exchanges, Clearing Corporations, Depository Participants (DPs), Issuers and Investors in both primary as well as secondary markets. The depository carries out its activities through its agents which are known as Depository Participants (DP). Details available on the link

https://www.cdslindia.com/DP/dplist.aspx /https://nsdl.co.in/dpsch.php

4. Description of services provided by the Depository through Depository Participants (DP) to investors

(1) Basic Services

Sr.No.	Brief about the Activity / Service	Expected Timelines for processing by the DP after receipt of proper documents
1	Dematerialization of securities	7 days
2	Rematerialization of securities	7 days
3	Mutual Fund Conversion	5 days
4	Re-conversion / Restatementisation of Mutual fund units	7 days
5	Transmission of securities	7 days
6	Registering pledge request	15 days
7	Closure of demat account	2 days
8	Settlement Instruction	For T+1 day settlements, Participants shall accept instructions from the Clients, in physical form up to 4 p.m. (in case of electronic instructions up to 6.00 p.m.) on T day for pay-in of securities. For T+0 day settlements, Participants shall accept EPI instructions from the clients, till 11:00 AM on T day. Note: ‘T’ refers ‘Trade Day’

(2) Depositories provide special services like pledge, hypothecation, internet based services etc. in addition to their core services and these include

Sr.No.	Type of Activity /Service	Brief about the Activity / Service
1	Value Added Services	Depositories also provide value added services such as Distribution of cash and non-cash corporate benefits (Bonus, Rights, IPOs etc.), stock lending, demat of NSC / KVP, demat of warehouse receipts etc.
2	Consolidated Account statement (CAS)	CAS is issued within 10 days from the end of the month (if there were transactions in the previous month) or half yearly (if no transactions).
3	Digitalization of services provided by the depositories	Depositories offer below technology solutions and e-facilities to their demat account holders through DPs:

5. Details of Grievance Redressal Mechanism

(1) The Process of investor grievance redressal

Sr.No.
1	Investor Complaint/ Grievances	Investor can lodge complaint/ grievance against the Depository/DP in the following ways: a. Electronic mode - (i) SCORES (a web based centralized grievance redressal system of SEBI)https://scores.sebi.gov.in/ Two Level Review for complaint/grievance against DP: First review done by Designated Body Second review done by SEBI (ii) Respective Depository’s web portal dedicated for the filing of compliant NSDL Portal / CDSL Portal (iii) Emails to designated email IDs of Depository complaints@cdslindia.com / relations@nsdl.com b. Offline Mode The complaints/ grievances lodged directly with the Depository shall be resolved within 21 days.
2	Online Dispute Resolution (ODR) platform for online Conciliation and Arbitration.	If the Investor is not satisfied with the resolution provided by DP or other Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through by online conciliation or arbitration.https://smartodr.in/register
3	Steps to be followed in ODR for Review, Conciliation and Arbitration	Investor to approach Market Participant for redressal of complaint If investor is not satisfied with response of Market Participant, he/she can escalate the complaint on SEBI SCORES portal. Alternatively, the investor may also file a complaint on SMARTODR portal for its resolution through online conciliation and arbitration. Upon receipt of complaint on SMARTODR portal, the relevant MII will review the matter and endeavour to resolve the matter between the Market Participant and investor within 21 days. If the matter could not be amicably resolved, then the Investor may request the MII to refer the matter case for conciliation. During the conciliation process, the conciliator will endeavor for amicable settlement of the dispute within 21 days, which may be extended with 10 days by the conciliator. If the conciliation is unsuccessful, then the investor may request to refer the matter for arbitration. The arbitration process to be concluded by arbitrator(s) within 30 days, which is extendable by 30 days.

(2)

6. Guidance pertaining to special circumstances related to market activities: Termination of the Depository Participant

Sr.No.	Type of special circumstances	Timelines for the Activity/ Service
1	Depositories to terminate the participation in case a participant no longer meets the eligibility criteria and/or any other grounds as mentioned in the bye laws like suspension of trading member by the Stock Exchanges. Participant surrenders the participation by its own wish.	Client will have a right to transfer all its securities to any other Participant of its choice without any charges for the transfer within 30 days from the date of intimation by way of letter/email.

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