Write notes on the following: Grievance redressal mechanism of stock exchange.

The grievance redressal mechanism at stock exchanges involves several steps: Investor Services Cell (ISC): An aggrieved investor shall firstly send his/her complaint to the Investor Services Cell (ISC) of Stock Exchanges (SE)/Depositories through SCORES (SEBI Complaints Redress System). Stock exchanges have been advised to redress the complaint within 15 working days. Investor Grievance Redressal Committee (IGRC): If not satisfied, the aggrieved investor shall approach the Depository/Investor Grievance Redressal Committee (IGRC) of SEs. Complaints not redressed through ISCs also get referred to IGRCs. IGRC shall have a statutory time period of 15 working days to amicably resolve the investor complaint. If not resolved, IGRC ascertains the value of the claim admissible to the investor and the amount is blocked in the Investors Protection Fund (IPF). Members are given 7 days from the date of IGRC to inform whether they would pursue arbitration. In case of 'YES', the Stock Exchange shall release 50% of the admissible value or ₹2 lakhs (whichever is less) to the investor from IPF. In other cases, the stock exchange shall release the amount to the investor. Arbitration: If one party feels that satisfactory redressal of grievance has not taken place at IGRCs, he/she can opt for Arbitration (a quasi-judicial process of settlement of dispute). If arbitration is in favour of the investor and the member decides to make an application in the appellate arbitrator panel, then the positive difference of the following is paid from IPF of the exchange: (A) 50% of the amount mentioned in the arbitration award or ₹3 lakhs (whichever is less) AND (B) Amount already released to the investor earlier. Appellate Arbitrator Panel: In case of the Appellate Arbitrator Panel, if arbitration is in favour of the investor and the member decides to make an application to the next higher court, then the positive difference of the following is paid from IPF of the exchange: (A) 75% of the amount mentioned in the appellate award or ₹5 lakhs (whichever is less) AND (B) Amount already released to the investor earlier. Further Proceeding to Court: In case of further proceeding to court, an undertaking is given by the investor to the stock exchange to return the amount released to him, in case the proceedings are decided against the investor, or he decides not to pursue further. Monetary Relief Limits: The total amount released to the investor through monetary relief shall not exceed ₹10 lakhs in one financial year. Consequences of Non-Payment: In case of non-payment of the amount by the investor, trading is not allowed on any stock exchange and the demat account shall be frozen.