Lodge stock complaints online

Investors will be able to file stock market-related complaints online on the Bangladesh Securities and Exchange Commission’s (BSEC) website from tomorrow, a move aimed at expediting its redress mechanism.

To open on a separate window, the system -- Customer Complaint Address Module -- promises delivering remedies in three weeks.

This is a massive shift considering the fact that it takes anywhere between three to four months, even more in some cases, to get solutions through the current practice of physically registering grievances via letters and applications.

Investors will need a beneficiary owner’s account number, email address and mobile number to file objections and be able to attach any supporting document.

The stock market regulator will send the complaints to the related office through emails setting specific timeframes for responses and solutions.

Investors will be provided a complaint ID and be able to check the status of complaints anytime. Those unsatisfied with responses will be able to make further appeals with the regulator.

Meanwhile, the BSEC will continue to receive complaints through physical means.

“The new system will ease the delivery system of solutions and will be more transparent and swift,” said a top official of the regulator.

Remedies may take additional time only when there is a demand for regulatory punishment of any stakeholder, he said.

The online system will also lead to the creation of a database. “With the database, the BSEC will be able to evaluate entities of the stock market,” said another official.

Entities repeatedly commi-tting offences will be issued warnings before being penalised, he said, pointing out that there was no such digital database in the current manual system, making it very tough to carry out these evaluations.

“We enabled the system with passion in favour of investors because with the system the BSEC will also be accountable for pending complaints,” the official said.

So it will improve the BSEC’s supervision, he said, adding that all the initiatives would turn successful once investors start using the system and spread the word.