Investor Charter of Elara Securities (India) Private Limited – Depository Participant (CDSL)
(as prescribed by SEBI circular No. SEBI/HO/MIRSD/DOP/P/CIR/2021/676 dated 02-Dec-2021)
Vision
Towards making the Indian Securities Market – Transparent, Efficient, & Investor friendly by providing a safe, reliable, transparent, and trusted record-keeping platform for investors to hold and transfer securities in dematerialized form.
Mission
Details of business transacted by the Depository and Depository Participant (DP)
A Depository is an organization which holds securities of investors in electronic form. Depositories provide services to various market participants – Exchanges, Clearing Corporations, Depository Participants (DPs), Issuers and Investors in both primary as well as secondary markets. The depository carries out its activities through its agents which are known as Depository Participants (DP).
Details available on the link [CDSL https://www.cdslindia.com/DP/dplist.aspx ]
Description of services provided by the Depository through Depository Participants (DP) to investors
1. Basic Services
| Sr. No. | Brief about the Activity / Service | Expected Timelines for processing by the DP after receipt of proper documents |
|---|---|---|
| 1. | Dematerialization of securities | 7 days |
| 2. | Rematerialization of securities | 7 days |
| 3. | Mutual Fund Conversion / Destatementization | 5 days |
| 4. | Re-conversion / Restatementisation of Mutual fund units | 7 days |
| 5. | Transmission of securities | 7 days |
| 6. | Registering pledge request | 15 days |
| 7. | Closure of demat account | 30 days |
| 8. | Settlement Instruction | Depositories to accept physical DIS for pay-in of securities up to 4 p.m. and DIS in electronic form up to 6 p.m. on T+1 day |
2. Depositories provide special services like pledge, hypothecation, internet-based services etc. in addition to their core services and these include
| Sr. No. | Type of Activity /Service | Brief about the Activity / Service |
|---|---|---|
| 1. | Value Added Services | Depositories also provide value-added services such as a. Basic Services Demat Account (BSDA) b. Transposition cum dematerialization c. Linkages with Clearing System d. Distribution of cash and non-cash corporate benefits (Bonus, Rights, IPOs etc.), stock lending, demat of NSC / KVP, demat of warehouse receipts etc. |
| 2. | Consolidated Account statement (CAS) | CAS is issued 10 days from the end of the month (if there were transactions in the previous month) or half-yearly (if no transactions). |
| 3. | Digitalization of services provided by the depositories | Depositories offer below technology solutions and e-facilities to their demat account holders through DPs: a. E-account opening: Details available on the link b. Online instructions for execution: Details available on the link c. e-DIS / Demat Gateway: Details available on the link d. e-CAS facility: Details available on the link e. Miscellaneous services: Details available on the link |
Details of Grievance Redressal Mechanism
1. The Process of investor grievance redressal
| 1. | Investor Complaint/ Grievances | Investor can lodge complaint/ grievance against the Depository/DP in the following ways: a. Electronic mode – (i) SCORES (a web based centralized grievance redressal system of SEBI) [https://www.scores.gov.in/scores/Welcome.html] (ii) Respective Depository’s web portal dedicated for the filing of compliant [CDSL – https://www.cdslindia.com/Footer/grievances.aspx ] (iii) Emails to designated email IDs of Depository [CDSL – complaints@cdslindia.com ] b) Offline mode: Emails to designated email IDs of Depository Participant [investor.grievances@elaracapital.com] The complaints/ grievances lodged directly with the Depository shall be resolved within 30 days. |
| 2. | Investor Grievance Redressal Committee of Depository | If no amicable resolution is arrived, then the Investor has the option to refer the complaint/ grievance to the Grievance Redressal Committee (GRC) of the Depository. Upon receipt of reference, the GRC will endeavor to resolve the complaint/ grievance by hearing the parties, and examining the necessary information and documents. |
| 3. | Arbitration proceedings | The Investor may also avail the arbitration mechanism set out in the Byelaws and Business Rules/Operating Instructions of the Depository in relation to any grievance, or dispute relating to depository services. The arbitration reference shall be concluded by way of issue of an arbitral award within 4 months from the date of appointment of arbitrator(s). |
2. For the Multi-level complaint resolution mechanism available at the Depositories
Guidance pertaining to special circumstances related to market activities: Termination of the Depository Participant
| Sr. No. | Type of special circumstances | Type of special circumstances Timelines for the Activity/ Service |
|---|---|---|
| 1. | ▪ Depositories to terminate the participation in case a participant no longer meets the eligibility criteria and/or any other grounds as mentioned in the bye-laws like suspension of trading member by the Stock Exchanges. ▪ Participant surrenders the participation by its own wish. | Client will have a right to transfer all its securities to any other Participant of its choice without any charges for the transfer within 30 days from the date of intimation by way of letter/email. |