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NISM Certifications · NISM-Series-X-A: Investment Adviser (Level 1) · Grievance Redress Mechanism

Mr. Raghav Iyer, a client of a registered investment adviser, is unhappy with the adviser's response to his complaint and wants to escalate it. Which is the most appropriate next step in the standard grievance redress sequence?

The client should first take the complaint to the adviser's compliance officer or grievance cell and, if it stays unresolved or unsatisfactory, escalate it by lodging a complaint on SCORES. This follows the standard escalation sequence from the intermediary to the regulator.

  1. ADirectly file a criminal case without any complaint to the adviser
  2. BApproach the adviser's compliance officer or grievance cell first, and then lodge a complaint on SCORES if unresolvedCorrect
  3. CWait indefinitely for the adviser to reply
  4. DComplain only to the stock exchange trading terminal helpdesk

Explanation

The usual sequence is to first raise the complaint with the intermediary's own grievance mechanism and, if it remains unresolved or unsatisfactory, escalate to SEBI via SCORES. Skipping steps or waiting indefinitely is not the prescribed route. A trading terminal helpdesk is not a forum for adviser complaints.

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