Mumbai, Feb 7: Fed up of finding its name on the list of top defaulters (in terms of redressal of investor complaints) much too often, the Reliance group has swung into action. It has been able to wipe out its name from the list of top defaulters at the Bombay Stock Exchange (BSE) by asking its registrars, Karvy Consultants, to set up a cell at the exchange premises to address the complaints received against the company. A similar initiative is being launched by MCS Ltd from February 13. It, too, will set up a cell at the exchange to redress investor grievances. Officials would be present at the exchange on the first Friday of every month.Reliance Industries, which was third in the list of 20 companies which topped the list in December, does not figure in the list released for January. In December, Reliance Industries had 337 complaints pending against it. Most of these complaints were in the form of non-receipt of debentures or share certificates. Similarly, another defaulter was Reliance Petroleum, whichstood second in the list of top 20 companies with about 128 complaints pending with the exchange. This company, too, is out of the defaulters list.
According to BSE officials, Karvy has solved about 200-odd investor-related complaints during the past fortnight alone and brought down the number of pending complaints to a mere 35. "The overwhelming response to Karvy's approach has provided the right medicine for investor-related problems," a BSE official said.
"With the share registrar and exchange authorities in close proximity, it is easier for us to resolve the problems, which saves on the time aspect also," he explained. MCS chairman Arun Aggarwal welcomed the move of the exchange and has decided to send his representatives to the exchange on the first Friday of each month.
Preliminary rounds of discussions with the brokers of the exchange and MCS took place on Friday, with the transfer agent collecting documents relating to complaints against IPCL, Hero Honda and SBI.
Similarly, Share Pro alsoaddresses investor grievances on the second Friday of every month and Escort officials visit the exchange on the first Wednesday of every month.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
