Sebi to digitise processing of investor service requests, complaints by RTAs Capital markets regulator Sebi on Thursday decided to provide a mechanism for processing of investors’ service requests and complaints through online mode by RTAs and thereafter track the status as well as obtain periodical updates.Looking to digitise the process in two phases, Sebi said that the mechanism would provide benefits such as a database for service requests and complaints, online acknowledgement and intimation to the investor and online tracking of status of service requests and complaints by investors. At present, holders of physical security certificates are required to submit various documents to the registrars to an issue and share transfer agents (RTAs) with respect to various service requests such as issuance of duplicate security certificates, folio consolidation and services through depository participants such as dematerialisation and rematerialisation.In the first phase, Sebi said that all RTAs servicing listed companies will have a functional website. Such a website will mandatorily display basic details of the RTA like registration number, registered address of head office and branches, names and contact details of key managerial personnel (KMPs) including compliance officer, according to a circular.In addition, such websites will have to display step-by-step procedures for various service requests, Frequently Asked Questions (FAQs), procedure for filing a complaint and finding out the status of the complaint. This website will have the functionality of adding companies and RTAs to its search list as and when required.This new framework will be applicable to the RTAs which deal in folios of listed companies. Also, while transferring the business from one RTA to another, the listed company will have to ensure that the new RTA is in compliance with the framework.
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)