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SETTLING COMPLAINTS OF INVESTORS



New Delhi~ July 3, 2001

The Department of Company Affairs (DCA) has advised the public to approach the Reserve Bank of India for complaints relating to deposits in Banking Companies and Non-Banking Financial Companies and the Securities and Exchange Board of India (SEBI) for complaints relating to Non-Banking Non- Financial Companies (Listed) and DCA for complaints against Non-Banking Non-Financial Companies (Unlisted). The investors are advised to approach these regulatory bodies for redressal of their grievances in the first instance itself.

Similarly complaints against companies in liquidation should be addressed to the concerned Official Liquidators attached to the High Courts. In the case of deposits from Non-Banking Non-Financial Companies the depositors should in the first instance approach the Company Law Board (CLB) and if the orders passed by the CLB are not honoured then they should approach the concerned Registrar of Companies with a certified copy of the order of CLB. Investors' complaints against Unlisted companies are dealt with by the DCA. These may be in the nature of non-registration of transfer of shares non-refund of share application money, non-receipt of dividends, non-receipt of duplicate shares, non-issue of share certificates on conservation after endorsement. On receipt of a complaint the same is registered and number is given. The Department pursues the matter with the company and in the case of non-settlement of the complaints the matter is referred to Registrar of Companies for prosecution. The status of the complaints is also displayed in the Website of the Department at http://www.nic.in/dca.

The DCA would like to inform the general public that there are four types of companies such as banking companies, non-banking financial companies, non-banking non-financial companies (Listed) and non-banking non-financial companies (Unlisted). The DCA receives from general public a number of complaints relating to Deposits, Mutual Funds, Collective Investment Schemes, Companies in Liquidation and also other investor complaints.