This document summarizes a study on small investors' grievances and redressal mechanisms in the Indian capital market. It finds that while reforms have been made, many small investors still face difficulties. It analyzes grievances in the primary market (e.g. non-receipt of shares), secondary market (e.g. price manipulation), and against brokers. The Securities and Exchange Board of India (SEBI) now plays a key role in regulation and handling investor complaints. While the number of complaints SEBI receives has decreased over time, it still did not resolve all issues in a timely manner. The document concludes more must be done to protect small investors and improve their confidence in the capital market to promote further economic growth.

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International Journal of Multidisciplinary Research
Vol.2 Issue 7, July 2012, ISSN 2231 5780
SMALL INVESTORS‟ GRIEVANCES AND REDRESSAL MECHANISM
IN INDIAN CAPITAL MARKET
DR. P. VENUGOPAL*; DR.K.SUDARSAN**; DR.D.HIMACHALAM***
*Principal,
Seshachala Institute of Management Studies,
PUTTUR- 517583, Chittoor District, A.P.
**Assistant Professor,
Sreenivasa Institute of Technology and Management Studies (SITAMS),
Chittoor.
***Professor,
Sri Venkateswara University,
Tirupati.
ABSTRACT
The present article is an exploration of small investors‟ grievances and redressal
mechanism in Indian Capital Market. It explains the importance of Indian security market
and the need for small investors‟ protection. It is a market in which long period securities
are exchanged. At present the capital market plays an important role in mobilizing
resources and diverting them in productive channels. In this way, it facilitates and
promotes the process of economic growth in the country. The capital market helps the
investors to invest in long term financial assets in many ways. The study reveals that in
spite of the market reforms and regulatory measures initiated by those at the helm of
affairs, many investors continue of suffer several difficulties from a multitude of elements
involved in the capital market. The gullibility of the investors is a major factor inviting
difficulties to them. If they educate themselves better on the intricacies of the market and
show more restraint and caution, a major share of their problems could be averted. This
article aims to analyze various grievances in primary market as well as secondary market
and knowledge about their regulatory mechanisms.
Capital Market is a supporting system that provides vitality and sustenance to industrial
and commercial enterprises. Recognizing the need of capital market development as a
precondition for the blossoming of industries allied areas, every government strives hard
for the sustained growth of their capital market. In India, development of capital market
acquired momentum during the liberalization era. Our government took many measures
for the development of the capital market on sound and healthy lines. Introduction of online trading, dematerialization of securities, derivatives trading, rolling settlement in the
148
INTRODUCTION
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KEYWORDS: Capita Market, Small Investors, Primary and Secondary market, SEBI,
Grievances and Redressal Mechanism.
______________________________________________________________________________

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International Journal of Multidisciplinary Research
Vol.2 Issue 7, July 2012, ISSN 2231 5780
stock exchanges etc. are notable among them. This has resulted in increased transparency
in dealings, rise in market volume, increased market capitalization of companies etc.
The Indian capital market also went through a major transformation after 1992,
although the beginning of such an initiative could be seen since the second half of 1980‟s.
Since then the market has been growing in leaps and bounds and aroused interests in the
investors. The reason for such a development was an increasing uncertainty caused due to
liberalization and standardization of the prudential requi8rements of the banking sector
for global integration of the Indian financial system, rise in their non-performing assets led
to a decrease in credit from banks to the commercial sector. With liberalization and
opening of the gates led to an expansion of three broad channels of financing the private
sector investments: a) Domestic capital market
b) International capital market
(American depository receipts and Global depository receipts) and c) Foreign direct
investment.
Individual investors in our country suffer from certain inherent drawbacks. There
is a general reluctance on the part of the people to invest either directly or indirectly in
capital market. This may be due to many reasons. Firstly, successful investment in capital
market can be done only by those who have a fairly good knowledge of capital market.
Consequently people shy away from investing in it. Secondly, investors encounter various
impediments created by other market participants. Consequent investor complaints keep
escalating year after year. “The standard of service information being provided to
149
Small investors are the backbone of Indian Capital Market. Their active
participation results in channeling savings into various infrastructural and productive
activities. As per the latest estimate made by SEBI, there were 19 million share owning
individuals in India. This is too small a figure considering the fact that the population of
our country exceeds one billion. In many developed countries like USA, a large proportions
of people ark their investment in capital market instruments. It is true that Indian capital
market underwent radical changes as a result of liberalization measures. However such
reforms have not proved instrumental in attracting the majority of investors into the
capital market. Considering the fact that individual savings represent a major chunk of
domestic savings, more investors must be brought to the mainstream of the capital market.
Hence there is a need to instill confidence in capital market investment in the minds of
investors.
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The efficiency of the capital market which can be defined in terms of its ability to
reflect the impact of all relevant information in the prices of the securities and the large
number of profit driven individuals who act dependently on one another grew
tremendously in the Indian context. The number of issues enlisted before and after 1991
has been exponential in nature. Some of the major reasons for its growth are advent of
SEBI and abolishment of Capital Issues control act, new regulations for protection of
investors, on-line trading , depositories and credit rating system etc. here it has been tried
to highlight the major problems linked with new issue market and the problem solving
mechanisms built to take care of the investors.

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International Journal of Multidisciplinary Research
Vol.2 Issue 7, July 2012, ISSN 2231 5780
shareowners in India by companies and stock brokers are not only below world standards
but leave a majority of Indian shareowners dissatisfied”. Thirdly, the series of securities
scams unearthed over the past few years have dampened the sprit and enthusiasm of
investors.
The Securities and Exchange Board of India (SEBI), in 1991 made a compilation of
common investor grievances, relevant legal provisions and various remedies available to
the investors. The grievances were grouped under the following heads.
Grievances
2
Non-Receipt of Dividend
3
Non-Receipt of share certificates after transfer
4
Debentures
5
Non-Receipt of letter of offer for rights
6
Collective Investment schemes
7
Mutual funs/ venture capital funds/ Foreign Ventures/ Capital Investors/ Foreign
Institutional Investors/ Portfolio manager, Custodians
8
Brokers/Securities lending Intermediaries/ Merchant Bankers/ Registrars and
Transfer agents/ Debenture Trustees/ Bankers to Issue/ Credit Rating Agencies
Trustees/ Underwriters/ Depository Participants
9
Securities Exchanges/ Clearing and settlement organizations/ Depositories
10
Derivative Trading
11
Corporate Governance/ Corporate Restructuring/ substantial Acquisition and
Takeovers/ Buyback/ delisting/ Compliance with Listing conditions.
Apart from the above grievances, investors face certain other problems as well. This
is mainly due to lack of market liquidity in many securities, excessive speculation in the
market, price rigging on many scrips, insider trading by those possessing price sensitive
information, excessive premium charged by some company promoters under the guise of
free pricing norms etc.
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Refund Order/ Allotment Advise1
150
1

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International Journal of Multidisciplinary Research
Vol.2 Issue 7, July 2012, ISSN 2231 5780
At present there exists a mechanism for redressing grievances of the investors. The
Government of India has made elaborate legislative measures for protecting their interest.
Such legislation lies spread in various Acts like Companies Act, 1956, Securities Contract
(Regulation) Act, 1956 Consumer Protection Act, 1986 and SEBI Act, 1992. An aggrieved
investor can approach a court of law and seek legal remedy. Besides, each stock exchange
maintains an Investor Grievances Cell to redress grievances and an Arbitration Committee
to settle disputes regarding stock market transactions. However, investors look forward
heavily to SEBI has now become a key player in the financial regulatory framework in
India.
ROLE OF SEBI ON INVESTOR PROTECTION
SEBI was established in 1988 as a non-statutory body to deal with all matters
relating to the development and regulation of the securities market and protecting the
interests of investors. Subsequently, it was armed with statutory powers through the
promulgation of SEBI Act, 1992. It is also vested with the power of a civil court and can
summon all categories of market intermediaries to investigate on their working, to impose
penalty and to initiate prosecution against them. For the effective functioning of the capital
market, it has issued several guidelines; notable among them is that on disclosure and
investor protection. It contains a substantial body of requirements for the issuers and
intermediaries to ensure higher standards of integrity and fair dealing. In order to ensure
that no malpractice taken place, a representative of SEBI supervises the allotment process.
SEBI has also issued an advertisement code for the issuers to ensure that the advertisement
remains fair and does not contain statements that mislead the investor or vitiate their
informed judgment. Its regulatory polices and actions are found to have a great bearing on
the efficiency of the capital market and though it on the efficiency of the whole economy.
Investors can approach SEBI by filing their complaints against companies and
brokers. It has set up certain procedures like the categorization of complaints and their
regular follow-up with defaulting companies, Registrars and Merchant Bankers. With a
view to handle a large volume of complaints, the grievances redress cell has been
computerized. A comparative view of the number of investor complaints received by SEBI
and the rate of redress of such complaints is given in Table No.1.
Grievances Received
Years
Grievances Redressed
Redressal
Rate
Year-wise
Redressal
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COMPLAINTS RECEIVED AND REDRESSED BY SEBI
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TABLE NO: 1

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International Journal of Multidisciplinary Research
Vol.2 Issue 7, July 2012, ISSN 2231 5780
During
the Year
Cumulative
During
the Year
Percentage
Rate
(%)
(%)
Cumulative
1,8794
4,061
4,061
21.61
21.6
1992-93
1,10,317
1,29,111
22,946
27,007
20.92
20.8
1993-94
5,84,662
7,13,773
3,39,517
3,66,524
51.35
58.0
1994-95
5,16,080
12,29,853
3,51,842
7,18,366
58.41
68.2
1995-96
3,76,478
16,06,331
3,15,652
10,34,081
64.37
83.8
1996-97
2,17,394
18,23,725
4,31,865
14,65883
80.38
198.66
1997-98
5,11,507
23,35,232
6,76,555
21,42,438
91.74
132.27
1998-99
99,132
24,34,364
1,27,227
22,69,665
93.24
128.34
1999-„00
98,605
25,32,969
1,46,553
24,16,218
95.39
148.63
2000-01
96,913
26,29,882
85,583
25,01,801
95.13
88.31
2001-02
81,600
27,11,482
70,328
25,72,129
94.86
86.19
2002-03
37,434
27,48,916
38,972
26,11,101
94.99
104.11
2003-04
36,744
27,85,660
21,531
26,32,632
94.51
58.60
2004-05
54,435
28,40,095
53,361
26,85,993
94.57
98.03
2005-06
40,485
28,80,580
37,067
27,23,060
94.53
91.56
2006-07
26,473
29,07,053
17,899
27,40,959
94.28
67.61
2007-08
54,933
29,61,986
31,618
27,72,577
93.61
57.58
Source: SEBI Annual Report 2008-09
It can be seen form the table that during the financial year 1991-92 SEBI received
18,794 complaints of which 4,061 were resolved marking a redress rate of 21.6%. The
number of complaints registered a substantial increase in subsequent years and reached
the peak level of 5,84,662 in 1993-94. Subsequently it gradually declined and in 2007-08, it
received only 54,933 complaints. Considering the fact that investor problems cannot be
warded off within a short period, it is worth inquiring whether it is a sign of the deflated
investor confidence in SEBI. On the redressal front also a corresponding progress was
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18,794
152
1991-92

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International Journal of Multidisciplinary Research
Vol.2 Issue 7, July 2012, ISSN 2231 5780
noticed. In 1997-98 SEBI resolved a record number of 6,76,555 complaints. Surprisingly
during the years from 1996-97 to 2007-08 the number of complaints resolved surpassed the
number of complaints received. Even though this may be termed as sign efficiency, it could
not also be as read as a failure to resolve the grievances in time. In spite of these acts the
role taken by SEBI as a market regulator, through Marker Surveillance, Enforcement of
Discipline among different market players and other policy measures regarding capital
market operations is to be appreciated.
GRIEVANCES OF INVESTORS
GRIEVANCES IN THE PRIMARY MARKET
Making investment in the new issue market is relatively simple. With an element of
luck, investors could get allotment of good securities at reasonably low prices from the
primary market. This is the main factor, which induces more and more investors to the
153
In my field enquiry, as many as 175 investors opined that they have experienced a
difficulty or another while investing in the capital market. But the nature and cause of the
difficulty varied form person to person. In the context of close analysis investor grievances
were classified under four heads namely grievances in the primary market, the secondary
market and those against brokers. A ranking of investor grievances has been made taking
into account the relative differences in the gravity of the problem. Only the first three
ranks are considered for analysis and weighted scores are prepared by assigning weight of
3, 2 and 1 for the first, second and third rank respectively. The non-commendable practices
leading to grievances are analysed under each head separately.
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The foregoing discussion analyses that individual investors are facing many
difficulties in the capital market. Some of them owe their origin to lack of marker
experience and ill-conceived decisions of investors, while many others are caused by factors
beyond their control. There is a misconception among the public that capital market is a
short-cut to multiply investments within a short span of time. This paradox has attracted
some investors to the market, who do not posses even an elementary knowledge of capital
market investment. The irrational and haphazard investment decisions of these half-baked
investors have resulted in untold miseries to them. Besides this, the manipulative practices
of other market participants like share brokers and company promoters have aggravated
their grievances. Among the consequences are inadequately or lack of returns, opportunity
loss form alternative investments and above all the mental strain of investors. It will
seriously impair the confidence of investors leading to their massive withdrawal from the
capital market, which adversely affect the economic development of the country. It makes
imperative to study the difficulties encountered by investors in the capital market. The
study was conducted identifying Andhra Pradesh (AP) as the sample area. For the purpose
of the study, the state of AP is divided into three geographical regions- Rayalaseema,
Kostha, Telangana. A district at random has been selected from each of the three regions.
The districts selected are Chittoor in Rayalaseema, Krishna in Kostha and Hyderabad in
Telagana. A sample 300 individual investors, i.e. 100 each form each of the above districts
have been selected for detailed investigation.

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International Journal of Multidisciplinary Research
Vol.2 Issue 7, July 2012, ISSN 2231 5780
primary market. At the same time the incidence of grievances is also relatively high in this
sector. The grievances of investors were mainly due to misleading advertisements, nonreceipt of allotment advice or refund orders, non-receipt or delayed receipt of share
certificates, issues made by vanishing companies and non-listing of securities in the stock
exchanges. The nature of grievances in the primary market as pointed out by respondents
presented in Table No.2 shows that investing in issues made by the vanishing companies,
i.e. fly-by-night companies promoted with a view to mobiles funds though public issues,
ranked first with a weighted score of 30.46%. Misleading advertisement (25.27%), Nonlisting of securities (15.23%) and Non-receipt of share certificate (12.63%) followed suit.
TABLE NO.2
NATURE OF GRIEVANCES IN THE PRIMARY MARKET
Percentage
Weighted
Rank
Issues make by Vanishing Companies
228
30.46
I
Misleading advertisements
189
25.27
II
Non-listing of securities
114
15.23
III
Non-receipt of share certificate
95
12.63
IV
Non-receipt of allotment advice
62
8.26
V
Non-receipt of refund orders
61
8.15
VI
Total
750
100
GRIEVANCES IN THE SECONDARY MARKET
Investors could buy and sell the existing securities from the stock exchange through
the stockbrokers. Since investors were not permitted entry to stock exchanges, stock
market transactions were characterized by lack of transparency. It is true that
technological reforms in the marketing like on-line trading and dematerialization of
securities led to increased transparency and helped in solving some of the major problems.
However many problems continue to haunt investors. They include bad delivery, delay in
transfer and transmission, problems relating to conversion to shares, problems of
consolidation and splitting, delay in issue of duplicate certificate and liquidity problems.
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Weighted
Score
154
Nature of grievances

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International Journal of Multidisciplinary Research
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155
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The responses of investors collected in the course of the study show that (Table No.3)
liquidity problem with a weighted score of 30.08% in the most distressing one in the
secondary market followed by bad delivery (27.38%), delay in transfer and transmission of
securities (19.98%) and problems relating to conversion to shares (9.76%). Hence the
analysis reveals that the benefits offered by stock exchange are not fully enjoyed by
investors in respect of the majority of listed scrips.

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International Journal of Multidisciplinary Research
Vol.2 Issue 7, July 2012, ISSN 2231 5780
TABLE NO.3
NATURE OF GRIEVANCES IN THE SECONDARY MARKET
Nature of grievances
Weighted
Score
Percentage
Weighted
Rank
Liquidity problem (lack of Trading/delisting)
237
30.08
I
Bad Delivery
216
27.38
II
Delay in transfer and transmission
158
19.98
III
Problems relating to conversion to shares
77
9.76
IV
Delay in issue of duplicate certificate
58
7.30
V
Problems on consolidation & Splitting
43
5.50
VI
Total
789
100
GRIEVANCES AGAINST BROKERS
156
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The operational flaws of companies caused the giant share of the grievances to
investors in the primary and secondary market as analysed above. Apart from companies,
stock brokers and sub-brokers constitute a major source of investor complaints. The
complaints raised against brokers include delay or non-receipt of contract notes, arbitrary
commission charged by brokers and sub-brokers, delay in payment or even non-payment
of securities sold and delay in delivery or non-delivery of securities purchased by investors.
The major complaints raised by the respondents against brokers are depicted in Table
No.4. It is evident from the table that delays in payment or non-payment on the sale of
securities is the major complaint against brokers with a weighted score of 33.39% while
charging arbitrary commission (29.13%) and delay in delivery or non-delivery of share
certificate (28.62%) are other major complaints in the order of importance.

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International Journal of Multidisciplinary Research
Vol.2 Issue 7, July 2012, ISSN 2231 5780
TABLE NO.4
GRIEVANCES OF INVESTORS AGAINST BROKERS
Nature of grievances
Weighted
Score
Percentage
Weighted
Rank
Delay in payment or non-payment
174
33.39
I
Arbitrary commission
151
29.13
II
Delay in delivery or non-delivery of share
certificates
149
28.62
III
Delay or non-receipt of contract note
46
8.86
IV
Total
520
100
REDRESS OF GRIEVANCES
As has been pointed out above, Government and policy-makers have evolved a
number of measures to solve the problems faced by investors in the capital market. But
many investors are not seen to have adequately utilized the grievance redress mechanism
available in the capital market.
The following Table No.6 compiles in a tabular form the responses received from
the small investors regarding their knowledge about the redressal system.
TABLE NO: 6
SMALL INVESTORS: KNOWLEDGE ABOUT REDRESSAL SYSTEM
% of
Investors
Investors
SEBI
83
48.57
RBI
26
15.14
Stock Exchange
5
2.86
Consumer Court
9
5.43
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No. of
157
Regulators

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International Journal of Multidisciplinary Research
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Ministry of Corporate Affairs
11
6.29
Company Law Board
9
5.14
Investors organization
5
3.14
Civil Court
3
2.00
Others
19
11.43
Total
170
100.00
Their belief that the SEBI is a regulator is not very encouraging, although it does
performs some regulatory functions. The investors have heard the SEBI as a government
agency connected with the Share Bazaar, Public Issues, Capital market etc. But they do not
seems to know for what type of grievances the SEBI is to be contacted, which department
and who the official concerned. For instance, some small investors seem to have
approached the SEBI for redressal in cases of fraud committed by the private sector, which
is not related to the SEBI at all. While approaching some agency for help and redressal
deserves appreciation, at the same time, it is necessary to inform correctly all investors the
appropriate agencies to be contacted for redressal. As Table No.6 shows, I the sample as
158
From Table No.6 it is clear that 26 of the sample (15.14%) know about RBI
functioning as a regulator. But they did not know which department of the RBI should be
contacted for redressal. The Indian investors in general know that the RBI is one of the
most reputed Indian institutions concerned with banks. But from the survey, it is found
that the knowledge of the respondents about the different functions of the RBI is limited.
Therefore they send their complaint/ grievance for remedying to different departments,
contact the wrong person. In some cases, it is found that they have approached the wrong
institutions. Complaints which ought to be sent to the SEBI are sent to the RBI. Under the
circumstance, what is needed is to encourage small investors, whenever they have a
grievance, at least write to some regulator. And Regulators and the Government should
evolve a system among themselves to pass on the complaints/ grievances of the small
investors received to the appropriate regulators. These bodies should inform the investing
public as to the correct/ right regulator, (either RBI or SEBI) and that their complaints
have been forwarded to the regulator concerned for follow up action.
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The purpose in asking the respondents questions about the redressal system was to
understand their knowledge about the present regulatory system and its status. In some
ways there responses were encouraging. But it was somewhat disconcerting to find the
responses. It was clear that all of them knew that there were many in the system. They
approached various regulators viz. the SEBI, RBI, CLB, MCA, Consumer Courts and
others. They also knew that proper regulator should be approached. Their knowledge that
there are separate regulators for different financial instruments is in a way encouraging.

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International Journal of Multidisciplinary Research
Vol.2 Issue 7, July 2012, ISSN 2231 5780
many as 83 persons (48.57%) have approached the SEBI or recognized it as an authority
for investors‟ grievance redressal. But they are not quite sure that it is the right institution
to be approached for the redressal of their particular grievance. Some contact police and
other agencies for different types of fraud not knowing that for their particular problem
the SEBI is the right agency to be contacted.
Among the sample respondents 19 people (11.43%) believed that the police or
broker concerned could be approached for redressal. But the police are an agency
concerned with the maintenance of law and order in general system in the country. Fraud,
cheating, manipulation, and similar irregularities in the stock market do not come under
their purview. It is their ignorance about the redressal system that makes some go to the
police for help.
To summarize knowledge of small investors about the redressal system, it is found
that they have some but imprecise knowledge about the regulatory system, names of
various regulators etc. But their ignorance about it is greater then their knowledge.
Though a small investor knows about the names of various regulators viz., ROC, MCA,
SEBI and others, he does not know about the right agency to be contacted or approached.
Nor does he know about the right department and the person in the agency to be contacted.
He does not understand the technicalities of the redressal system. He gets confused and lost
in it. While going through the responses a unique thing was been observed, it was observed
that almost 50% cases of the sample failed to approach to correct appropriate authority or
regulator.
The aggrieved investors were found to have suffered losses of different magnitudes.
The nature of incidence of losses shows that among the 259 aggrieved investors, 146 have
suffered monetary losses due to the un-commendable practice of market participants. It
follows that even though the offenders could be booked in many cases, the damage caused
could not be repaired. The intensity of loss suffered by aggrieved investors‟ shows in table
no.7.
TABLE NO.7
Frequency
Percentage
0-3000
9
6.29
3001-5000
21
14.15
5001-10000
28
18.87
10001-20000
30
20.44
159
Amount (in Rs.)
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LOSS SUFFERED BY INVESTORS LEADING TO GRIEVANCES

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20001-50000
50
34.28
50001-100000
6
4.09
More than 100000
3
2.20
Total
146
100
The above Table No.7 shows the range of the amount of money lost by the sample
investors. It ranges form Rs.3000 to Rs.3,00,00, the average being approximately
Rs.40,000. Given the size of small investors‟ population in India, it is no ordinary loss to the
investing community.
CONCLUSION
The study reveals that in spite of the market reforms and regulatory measures
initiated by those at the helm of affairs, many investors continue of suffer several
difficulties from a multitude of elements involved in the capital market. The gullibility of
the investors is a major factor inviting difficulties to them. If they educate themselves
better on the intricacies of the market and show more restraint and caution, a major share
of their problems could be averted. At the same time, the market participants and
companies should recognize that the gullibility of the investors is not a sign of their
strength but the result of the weakness of the system. In depriving the investors of what is
due to them and trying to corner illicit wealth, they are killing the goose that lays the
golden egg. Every one should bear in mind that capital survives on and is sustained by
investor satisfaction and trust. Hence the market participants should reciprocate positively
to the efforts taken by the authorities in letter and spirit and avoid delays caused by
protracted legal procedures. Only then Indian capital market will be on par with other
developed markets of the world.
REFERENCES
3. Ram Khanna, Paramjit Singh and Vanita (2004), Financial Markets in India and
Protection of Investors, Published by New Century Publications, New Delhi.
4. Securities and Exchange
www.sebi.gov.in
Board
of
India,
annual
reports
2002
to2009
5. Survey of Indian Investors conducted by Securities and Exchange Board of India
(SEBI) & National Council of Applied Economic Research (NCAER) -1999-2000.
160
2. Nifty 50 Stock of the nation, Indian Securities Market – A Review, National Stock
Exchange of India Limited, Volume X, 2007
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1. Handbook of Statistics on the Indian Securities Market 2009.

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161
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6. www.sebi.com/investor