Reference of complaints/claims to the Grievance Committee

1.                 All claims/complaints (whether admitted or not), difference and disputes between and individual/investor/general public and members of Cochin Stock Exchange as well as non-members (the term non-member shall include a sub-broker, remisier , authorized assistant or employee of a member) arising out of or in relation to dealing, transactions and contracts made subject to the Rules, Bye-laws and Regulations of Cochin Stock Exchange shall be referred to and decided by the Grievance Committee as constituted by the Council of Management of the Exchange from time to time.

2.                 The Grievance Committee shall take cognizance of any claim, difference or disputes arising out of or in relation to dealing, transactions and contracts made subject to the Rules, Bye-laws and Regulations of Cochin Stock Exchange only and the same shall be adjudicated upon by the Committee if the same has been preferred and received by the Exchange within six months of the same having arisen.  Any dispute as to whether a claim, complaint, difference or dispute falls within the ambit of this rule shall be decided by the Grievance Committee.  Any claim / complaint arising out of dealing, transaction and contracts subject to the Rules, Bye-laws and Regulations of other Exchanges shall be preferred at the respective Exchanges.

3.                 A reference may be decided by the Grievance Committee on the pleadings of the parties and documents produced and admitted as evidence.

4.                 The Grievance Committee may proceed with the reference notwithstanding any failure to file a written statement within due time and may also proceed with the reference in the absence of any or all the parties who after due notice fail or neglect or refused to attend the appointed time and place.

5.                 The Grievance Committee may adjourn the hearings from time to time upon the application of any party and based on valid reasons to be recorded.

6.                 The Grievance Committee shall endeavor to make their order within three months after entering on the reference. 

7.                 The Grievance Committee may during the course of their hearing a complaint/claim  

a)      Admit such evidence, oral and documentary, as in the opinion of the committee is necessary for passing a just and proper order. 

b)     Administer to any party to the reference such interrogatories as may in the opinion of the committee be necessary. 

c)      Made any conditional order.

8.                 Every order made by the Grievance Committee shall be in writing and shall be signed by all the members adjudicating.

9.                 Every order shall stay the reasons upon which it is based, unless- 

a)     the parties have agreed that no reasons be given, 

b)    the order is based on terms agreed between the parties. 

10.             Every order shall bear the date and place of committee’s sitting and order shall be deem to have been made at that place.

11.             After the order is passed a copy of the same signed by all the members adjudicating shall be delivered to all the parties to the reference/claim/complaint.

12.             The parties to the reference/complaint/claim shall abide by and forthwith carry into effect the order of the Grievance Committee which shall be binding on the parties and persons claiming under them respectively notwithstanding the death or legal disability occurring to any party before or after the making of the order and such death/legal disability shall not operate as a revocation of the reference or order.

13.             Any party aggrieved by the order of the Grievance Committee shall within 15 days file an appeal before the Council of Management and the same shall be disposed off by the Council of Management on its own or by delegating the same to any committee that may be formed for hearing the appeal.

14.             Every appeal as stated above shall be disposed off within 30 days from the day it is first taken up by the Council of Management / any delegated committee.

15.             The Council of Management shall make all endeavors to reconstitute the Grievance Committee after Annual General Meeting in such manner that not less than 60% of the members of the Committee are persons having knowledge/experience in the filed of Law, Trade, Commerce, industry Arbitration, Securities Market or Stock Exchange transactions.

16.             An Officer of the Exchange authorized by the Council of Management shall act as the Secretary of the Grievance Committee.  The Secretary or an employee acting under his authority shall – 

a)     maintain a register of complaints/claims. 

b)    Receive all complaints/claim and give proper acknowledgement. 

c)     Give notice of hearing and other notices before or during the course of committee’s sitting. 

d)    Communicate to parties all orders and directions of the Grievance Committee. 

e)     Enter into a minutes book kept for this purpose, all proceedings that has taken place in the meeting and get it signed by the  Committee Members. 

f)      Generally do all such things and take all such steps as may be necessary to assist the committee in the execution of their functions.

These rules shall come into force with immediate effect and binding on all the members of the Exchange and shall remain so until any modification/clarification/addition is effected by the Council of Management.