Sebi not to act on complaints without documents, identity disclosure

Markets regulator Sebi on Friday said it will entertain only those complaints, where an investor discloses his identity and provides supporting documents to substantiate an allegation.

The Securities and Exchange Board of India (Sebi) in a statement said, it will not take any action on complaints, where it is not able to reach back to the complainants.

The statement comes in the backdrop of an individual Charul Singh making several complaints against a market infrastructure institution (MII) wherein he made grave allegations over certain issues and demanded investigation by Sebi into each allegation.

Sebi said the complainant made these allegations without any supporting documentary evidence and without disclosing his/her real identity.

The name turned out to be fake, the address and phone number non-existent and there was no response from the e-mail ID.

The complainant, also purported to be whistle blower, shared his unsubstantiated allegations with various media houses, it added.

Since it has not been possible to reach to the complainant, the markets regulator said, "it is important to bring to notice of general public that Sebi can entertain complaints only if the concerned investor/complainant is reachable to substantiate any allegation and provide supporting documents.

"Sebi may not take any action on complaints where Sebi is unable to reach back to the complainant," it added.

As per Whistle Blower Protection Act, a whistleblower shall make a complaint, indicating his/her identity accompanied by supporting documents.