Investor Grievance Policy
Document Control
| Document title | Investor Grievance Policy |
| Entity | Choice Equity Broking Private Limited (CEBPL) |
| Policy owner | Compliance Officer, CEBPL |
| Version | 2.0 |
| Reviewed / approved by Board | 22.04.2026 (previous review: 21.04.2025) |
| Effective date | 01.05.2026 |
| Supersedes | “Policy on incentives and referral schemes” reviewed by the Board on 21.04.2025 |
| Regulatory basis | SEBI SCORES 2.0 framework — SEBI Circular SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated 20.09.2023 (effective 01.04.2024); SEBI Master Circular on Online Resolution of Disputes in the Indian Securities Market dated 31.07.2023 (as amended); SEBI (Research Analysts) Regulations, 2014 (as amended) and SEBI Master Circular for Research Analysts dated 20.06.2025, with BSE recognised as the Research Analyst Administration and Supervisory Body (RAASB) w.e.f. 25.07.2024; applicable exchange / depository circulars and the Investor Charter. Read with the 21-day investor-grievance-redressal timeline and compliance-officer obligations under the SEBI (Stock Brokers) Regulations, 2026. |
| Next review due | Annually, or earlier upon any SEBI / exchange circular affecting this policy |
1. Objective
The objective of this policy is to establish a structured, transparent and effective mechanism for receiving, addressing and resolving client / investor grievances in a timely and fair manner, in compliance with the requirements prescribed by the Securities and Exchange Board of India (SEBI), the stock exchanges, the depositories, the Research Analyst Administration and Supervisory Body (RAASB) and other applicable regulatory authorities.
2. Scope
This policy applies to all complaints / grievances received from clients / investors of CEBPL in respect of services provided across the equity, derivatives, commodity, depository and allied segments, and its research analyst services (research recommendations), through any mode and any channel (including SCORES and the Online Dispute Resolution platform).
3. Level I — Grievance Redressal at the Company Level
3.1 Dedicated grievance redressal channels
CEBPL has established dedicated channels exclusively for investor grievance redressal:
- E-mail: ig@choiceindia.com and care@choiceindia.com;
- Telephone: +91-8824242424.
3.2 Escalation matrix
Clients / investors who are not satisfied at the first point of contact may escalate within CEBPL through the following matrix, which is published on the website and in client communications:
| Level | Contact point | Contact person | E-mail / telephone | TAT |
| 1 | Customer Care | Mr. Lokesh Lodhi | care@choiceindia.com / +91-7556759051 | 10 days |
| 2 | Head of Customer Care | Ms. Swetha Devadiga | swetha.devadiga@choiceindia.com / +91-22-69588967 | 5 days |
| 3 | Compliance Officer | Mr. Prashant Salian | compliance@choiceindia.com / +91-22-67079999, Ext. 2310 | 3 days |
| 4 | CEO / Designated Director | Mr. Sunil Bagaria | ea.sunil@choiceindia.com / +91-22-67079999, Ext. 816 | 3 days |
| 4 | Principal Officer (research analyst services only) | Mr. Sumeet Bagadia | research@choiceindia.com / +91-22-69586445 | 3 days |
The level-wise TATs above operate within, and in aggregate do not exceed, the overall 21-calendar-day resolution timeline referred to in Section 3.4.
3.3 Dissemination of information
Details of the grievance redressal mechanism — including contact details, the escalation matrix, the SCORES reference and the ODR reference — are disseminated through the Company’s website, contract notes, the Client Registration Form (CRF) / Account Opening Kit, and other client communications. The SEBI SCORES link and the Online Dispute Resolution (SMARTODR) link are displayed on the website (and, for research analyst services, on the website and mobile application) for investor awareness.
3.4 Complaint handling process and timeline
All complaints are centrally received and monitored at the Head Office, acknowledged on receipt, and forwarded to the concerned office / department for verification and resolution, with periodic follow-ups to ensure timely closure.
Resolution timeline: CEBPL endeavours to resolve every grievance at the first level, and in any event addresses investor grievances within 21 calendar days of receipt, in line with the SCORES 2.0 framework, the investor-grievance-redressal timeline now codified under the SEBI (Stock Brokers) Regulations, 2026, and the 21-day timeline applicable to research analyst grievances.
A dedicated grievance redressal team at the Head Office ensures complaints are handled in a just, equitable and ethical manner, adhering to high standards of commercial honour and regulatory compliance.
4. Level II — Escalation to Exchanges / RAASB / Regulatory Authorities
If a client / investor is not satisfied with the resolution at Level I, or the complaint is not resolved within the prescribed timelines, the grievance may be escalated to the concerned authority, including:
- Stock exchanges: NSE / BSE;
- Commodity exchanges: MCX / NCDEX;
- Depositories / DP: CDSL / NSDL, as applicable;
- Research Analyst Administration and Supervisory Body (RAASB): BSE Limited, for grievances relating to CEBPL’s research analyst services;
- Regulator: SEBI; and
- Any other applicable regulatory authority.
On receipt of a complaint from an exchange, the RAASB or a regulatory authority, the Compliance Department prepares a detailed written submission with supporting documents and responds within the stipulated timelines. CEBPL participates in Investor Grievance Redressal Committee (IGRC) hearings, conciliation and arbitration proceedings, or other proceedings, until the grievance is resolved or concluded.
5. SEBI SCORES 2.0
SCORES (SEBI Complaints Redress System) is SEBI’s online platform for lodging and tracking investor complaints against registered intermediaries. With effect from April 1, 2024, complaints are lodged through SCORES 2.0 at https://scores.sebi.gov.in, in terms of SEBI Circular SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023. The salient features are:
- A uniform resolution timeline of 21 calendar days, within which CEBPL must resolve the complaint and upload the Action Taken Report (ATR);
- Auto-routing of complaints to the concerned entity, and auto-escalation where timelines are not met;
- Two levels of review: a first-level review by the Designated Body — the relevant stock exchange in the case of stock broker / depository participant complaints, and the RAASB (BSE) in the case of research analyst complaints — which the investor may seek within 15 calendar days of the ATR; and a second-level review by SEBI, which the investor may seek within 15 calendar days of the Designated Body’s ATR; and
- Integration with the KYC Registration Agency (KRA) database for investor registration.
CEBPL monitors its SCORES dashboard, submits ATRs within the prescribed timeline, and displays the SCORES link and process on its website. Complaints must be lodged on SCORES within one year from the date of the cause of action.
6. Online Dispute Resolution (ODR)
In accordance with the SEBI Master Circular on Online Resolution of Disputes in the Indian Securities Market dated July 31, 2023 (as amended), investors may seek resolution of disputes through the Online Dispute Resolution (ODR) framework via the common portal SMARTODR (https://smartodr.in), after first taking up the grievance with CEBPL and, where applicable, through SCORES. This applies to grievances relating to CEBPL’s stock broking, depository participant and research analyst services.
The ODR mechanism provides for online conciliation followed by online arbitration, offering timebound and cost-effective resolution. CEBPL participates in ODR proceedings and gives effect to the outcomes as required under the framework.
7. Investor Charter & Complaint-Data Disclosure
In line with SEBI requirements, CEBPL publishes the Investor Charter for stock brokers, depository participants and research analysts on its website (and, for research analyst services, on its website and mobile application), setting out the services provided, investor rights, the grievance redressal mechanism and indicative timelines.
CEBPL also discloses, on its website, the data on investor complaints on a monthly basis, in the format prescribed by the applicable exchange circulars — including the number of complaints pending at the beginning of the month, received, resolved and pending at the end of the month, and the trend of monthly disposal. For research analyst services, the complaint data is disclosed monthly, by the 7th of the succeeding month, in the format prescribed in the Research Analyst Investor Charter.
8. Monitoring, Review and Reporting
- A monthly MIS summarising investor complaints received, resolved, pending and escalated is prepared by the Compliance Department;
- The MIS is placed before the Board of Directors for review and oversight, in line with SEBI and exchange requirements; and
- The grievance redressal mechanism is periodically reviewed to ensure effectiveness and ongoing regulatory compliance.
The Compliance Officer is responsible for the redressal of investor grievances and for prompt reporting of material non-compliance to the recognised stock exchange, consistent with the obligations under the SEBI (Stock Brokers) Regulations, 2026.
9. Policy Review
This policy shall be reviewed at least annually, and amended as required to align with changes in SEBI regulations, exchange, depository and RAASB guidelines, circulars and other applicable laws.