Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023

5305 GI/2023 (1)
REGD. No. D. L.-33004/99

xxxGIDHxxx xxxGIDExxx
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
SECURITIES AND EXCHANGE BOARD OF INDIA
Mumbai, August 16, 2023

No. 581] NEW DELHI, THURSDAY, AUGUST 17, 2023/SHRAVANA 26, 1945 CG-MH-E-18082023-248175

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]

No. SEBI/LAD-NRO/GN/2023/146.—In exercise of the powers conferred by section 31 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), section 11, sub-section (2) of section 11A and section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) and section 25 of the Depositories Act, 1996 (22 of 1996), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992, the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999, the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008, the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011, the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015, the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 and the Securities and Exchange Board of India (Vault Managers) Regulations, 2021, namely:–

These regulations may be called the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023.
They shall come into force on the date of their publication in the Official Gazette.
In the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992, in regulation 9, in clause (e), for the words “one month”, the words “twenty-one calendar days” shall be substituted;
In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992,
(1) in regulation 9A, in sub-regulation (1), in clause (c), for the words “one month”, the words “twenty-one calendar days” shall be substituted; (2) after regulation 28B, the following regulation shall be inserted, namely, — “Grievance Redressal Mechanism. 28C. (1) The Merchant Banker shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993,
(1) in regulation 9A, in sub-regulation (1), in clause (e), for the words “one month”, the words “twenty-one calendar days” shall be substituted (2) after regulation 15B, the following regulation shall be inserted, namely, — “Grievance Redressal Mechanism. 15C. (1) The registrar to an issue and share transfer agent shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”;
In the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993,
(1) in regulation 9A, in sub-regulation (1), in clause (c), for the words “one month”, the words “twenty-one calendar days” shall be substituted; (2) after regulation 14A, the following regulation shall be inserted, namely, — “Grievance Redressal Mechanism. 14B. (1) The debenture trustee shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994,
(1) in regulation 8A, in sub-regulation (1), in clause (d), for the words “one month”, the words “twenty-one calendar days” shall be substituted; (2) after regulation 16A, the following regulation shall be inserted, namely, — “Grievance Redressal Mechanism. 16B. (1) The banker to an issue shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”.
In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, after regulation 60, the following shall be inserted, namely, —
“Grievance Redressal Mechanism.
60A. (1) The Asset Management Company shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999,
(1) in regulation 11, in clause (f), for the words “one month”, the words “twenty-one calendar days” shall be substituted; (2) after regulation 14A, the following regulation shall be inserted, namely, — “Grievance Redressal Mechanism. 14B. (1) The Scheme Manager shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008,
(1) in regulation 7, in clause (c), for the words “one month”, the words “twenty-one calendar days” shall be substituted; (2) in regulation 11, in sub-regulation (3), after clause (e), the following clause shall be added, namely, — “(f) shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.” (3) after regulation 11, the following regulation shall be inserted, namely, — “Grievance Redressal Mechanism. 11A. The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011, after regulation 16B, the following regulation shall be inserted, namely, —
“Grievance Redressal Mechanism.
16C. (1) The KYC Registration Agency shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, after regulation 24, the following regulation shall be inserted, namely, —
“Grievance Redressal Mechanism.
24A. (1) The Manager shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, in regulation 21, for sub-regulation (1), the following sub-regulation shall be substituted, namely, —
“(1) The Investment Adviser shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.”
In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, after regulation 26A, the following regulation shall be inserted, namely, —
“Grievance Redressal Mechanism.
26B. (1) The Research Analyst shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, after regulation 26E, the following regulation shall be inserted, namely, —
“Grievance Redressal Mechanism.
26F. (1) The Manager shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, after regulation 26F, the following regulation shall be inserted, namely, —
“Grievance Redressal Mechanism.
26G. (1) The Manager shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, in regulation 13,
(1) for sub-regulation (1), the following sub-regulation shall be substituted, namely, — “(1) The listed entity shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.” (2) after sub-regulation (4), the following sub-regulation shall be added, namely, — “(5) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015, after regulation 27B, the following regulation shall be inserted, namely, —
“Grievance Redressal Mechanism.
27C. (1) The Issuer shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018,
(1) in regulation 7, in clause (g), for the words “thirty days”, the words “twenty-one calendar days” shall be substituted; (2) in regulation 36, in sub-regulation (2), in clause (f), for the words “thirty days”, the words “twenty-one calendar days” shall be substituted; (3) for regulation 72, the following regulation shall be substituted, namely, — “Grievance Redressal Mechanism.
(1) The Issuer or its agent or any person registered as an intermediary under these regulations shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.
(2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020,
(1) in regulation 11, in clause (d), for the words “one quarter”, the words “twenty-one calendar days” shall be substituted; (2) after regulation 34, the following regulation shall be inserted, namely, — “Grievance Redressal Mechanism. 34A. (1) The Portfolio Manager shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
In the Securities and Exchange Board of India (Vault Managers) Regulations, 2021, after regulation 16A, the following regulation shall be inserted, namely, —
“Grievance Redressal Mechanism.
16B. (1) The Vault Manager shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”

Bibita Rayudu, Administrative Officer
[File No. III/4/Extra./363/2023-24]

[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 9
60A. (1) The asset management company shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
9. In the Securities and Exchange Board of India (Collective Investment Schemes) Regulations 1999,
(1) in regulation 11, in clause (f), for the words “one month”, the words “twenty-one calendar days” shall be substituted; (2) after regulation 14A, the following shall be inserted, namely, - “Grievance Redressal Mechanism. 14B. (1) The Collective Investment Management Company shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”;
10. In the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and
Security Receipts) Regulations, 2008,
(1) in regulation 7, in clause (c), for the words “one month”, the words “twenty-one calendar days” shall be substituted.
(2) in regulation 11, in sub-regulation (3), after clause (q), the following shall be inserted, namely, - “(r) redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.”; (3) after regulation 11, the following shall be inserted, namely, - “Grievance Redressal Mechanism. 11A. The Board may recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
11. In the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations,
2011, after regulation 16B, the following regulation shall be inserted, namely, — “Grievance Redressal Mechanism.
16C. (1) The KRA shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”;
12. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, after
regulation 24, the following shall be inserted, namely, - “Grievance Redressal Mechanism.
24A. (1) The Manager shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
13. In the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, in regulation 21,
sub-regulation (1) shall be substituted with the following, namely, - “(1) The Investment Adviser shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.”
14. In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, after regulation 26A,
the following shall be inserted, namely, —
“Redressal of investor grievances

10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 26B. (1) The Research Analyst shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
15. In the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, after
regulation 26E, the following shall be inserted, namely, - “Grievance Redressal Mechanism.
26F. (1) The Manager shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
16. In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, after
regulation 26K, the following shall be inserted, namely, - “Grievance Redressal Mechanism.
26L. (1) The Manager shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
17. In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations 2015, in regulation 13,
(1) sub-regulation (1) shall be substituted with the following, namely, - “(1) The listed entity shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.”. (2) after sub-regulation (4), the following sub-regulation shall be inserted, namely, - “(5) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
18. In Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations,
2015, after regulation 27B, the following shall be inserted, namely, - “Grievance Redressal Mechanism.
27C. (1) The issuer shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
19. In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018,
(1) in regulation 7, in clause (g), for the words “thirty days”, the words “twenty-one calendar days” shall be substituted; (2) in regulation 36, in sub-regulation (2), in clause (f), for the words “thirty days”, the words “twentyone calendar days” shall be substituted; (3) regulation 72 shall be substituted with the following, namely – “Redressal of investor grievances
72. (1) The issuer or its agent or any person who is registered as an intermediary under these
regulations shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
20. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020,

[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 11 (1) in regulation 11, in clause (d), for the words “one month”, the words “twenty-one calendar days” shall be substituted; (2) after regulation 34, the following shall be inserted, namely, - “Grievance Redressal Mechanism. 34A. (1) The Portfolio Manager shall redress investor grievances promptly but not later than twentyone calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.”
21. In the Securities and Exchange Board of India (Vault Managers) Regulations, 2021, after regulation 16A, the
following shall be inserted, namely, -
“Grievance Redressal Mechanism.
16B. (1) The Vault Manager shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. (2) The Board may also recognize a body corporate for handling and monitoring the process of grievance redressal within such time and in such manner as may be specified.” BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./363/2023-24] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023

Lineage: In force