Commodity bourses to set up grievance redressal system

Markets watchdog Sebi today asked commodity exchanges to set up investor service centers and put in place arbitration mechanism for faster resolution of grievances.
The move is part of Sebi's effort to streamline and strengthen the framework of investor redressal and arbitration mechanism at commodity derivatives exchanges in line with the securities market.
Earlier, erstwhile commodity markets regulator FMC (Forward Market Commission) was merged with Sebi (Securities and Exchange Board of India) on September 28.
In a circular issued today, Sebi directed national commodity derivative exchanges to set up investor service centers for the benefit of the public/investors.
Also, they will have to constitute Investor Grievance Redressal Committee (IGRC) in the exchanges to look into admissibility of claims and conciliation process.

They will have to maintain panel of arbitrators, code of conduct for arbitrators, arbitration process, appellate arbitration, place of arbitration (nearest address provided by the client in the KYC form), implementation of arbitration award in favour of clients, records and disclosures among others.
The exchanges have been asked to implement these directions by April 1, 2016.