The periodic report for Research Analysts (RAs) requires detailed information about complaints received, resolved, and pending. This includes ageing of complaints and average resolution time. This article provides a comprehensive technical analysis of the complaint details required.
Regulatory Basis
The complaint details are specified in the periodic reporting format (Table-2) of the circular dated October 25, 2024 (SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/148).
Required Information
1. Complaint Overview
| Information | Description |
|---|---|
| Pending at End of Previous Half-Year | Number of complaints pending |
| Received During the Period | Number of complaints received |
| Resolved During the Period | Number of complaints resolved |
| Pending at End of the Period | Number of complaints pending |
2. Complaint Ageing
| Information | Description |
|---|---|
| Pending for Up to 21 Days | Number of complaints |
| Pending for 22-90 Days | Number of complaints |
| Pending for More Than 90 Days | Number of complaints |
3. Resolution Time
| Information | Description |
|---|---|
| Average Resolution Time | Sum total of time taken to resolve each complaint in days, in the concerned half year period divided by total number of complaints resolved in the said half year period |
4. Break-up of Complaints
| Type | Description |
|---|---|
| Grievances Related to Recommendations | Complaints about recommendations |
| Issues Related to Fees Charged | Complaints about fees |
| Inadequacy/Issues Related to Services | Complaints about service quality |
| Promise of Assured Returns | Complaints about assured returns promises |
| Other | Other types of complaints |
Complaint Ageing Analysis
What is Ageing?
Ageing refers to the length of time a complaint has been pending.
Ageing Categories
| Category | Days Pending |
|---|---|
| Up to 21 Days | 0-21 days |
| 22-90 Days | 22-90 days |
| More Than 90 Days | 90+ days |
Why Ageing Matters
- Indicates efficiency of grievance redressal
- Identifies bottlenecks
- Highlights areas for improvement
Resolution Time Calculation
Formula
Average Resolution Time = (Sum total of time taken to resolve each complaint in days) ÷ (Total number of complaints resolved in the said half year period)
Example
| Complaint | Resolution Time (Days) |
|---|---|
| Complaint 1 | 5 |
| Complaint 2 | 10 |
| Complaint 3 | 7 |
| Complaint 4 | 15 |
| Complaint 5 | 8 |
Average Resolution Time = (5 + 10 + 7 + 15 + 8) ÷ 5 = 45 ÷ 5 = 9 days
Reporting Format
Table Format
| Particulars | SCORES | Other Sources | Total |
|---|---|---|---|
| Pending at end of previous half-year | |||
| Received during the period | |||
| Resolved during the period | |||
| Pending at end of the period | |||
| Up to 21 days | |||
| 22-90 days | |||
| More than 90 days | |||
| Average resolution time (days) |
Break-up of Complaints
| Type | Number |
|---|---|
| Grievances related to recommendations | |
| Issues related to fees charged | |
| Inadequacy/issues related to services | |
| Promise of assured returns | |
| Other |
Common Compliance Gaps
1. Incomplete Complaint Data
Some RAs do not report complete complaint data.
Solution: Maintain complete complaint records.
2. Incorrect Ageing
Some RAs report incorrect ageing data.
Solution: Accurately track ageing.
3. Incorrect Resolution Time
Some RAs calculate resolution time incorrectly.
Solution: Use the correct formula.
4. Missing Break-up
Some RAs do not provide a break-up of complaints.
Solution: Provide the required break-up.
Conclusion and How Anuj Desai & Associates Can Help
Complaint details are a critical part of the periodic report.
Anuj Desai & Associates offers specialized services to help RAs comply with complaint reporting requirements:
- Review of complaint data
- Calculation of resolution time
- Compliance audit and advisory
Contact us today to ensure your complaint reporting is accurate. Our team will guide you through the process.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Readers are advised to consult qualified professionals for legal and compliance matters. Anuj Desai & Associates is a SEBI compliance consulting firm based in India.