IGRP
Investor Grievance Redressal Panel (IGRP) is the dispute-resolution mechanism operated by stock exchanges (NSE and BSE) to settle complaints between investors and trading members (brokers). How it works: An investor first files a complaint via the ex
Investor Grievance Redressal Panel (IGRP) is the dispute-resolution mechanism operated by stock exchanges (NSE and BSE) to settle complaints between investors and trading members (brokers).
How it works: An investor first files a complaint via the exchange grievance portal. If unresolved within 30 days, the exchange refers it to an IGRP — typically a panel of 1-3 retired judges or industry experts who hear both sides and issue a decision within 15 days.
Example: A broker unauthorisedly squared off your delivery position. After raising it with the broker and getting no action in 30 days, you file via NSE NICE+ portal. The IGRP hears the case, accepts your evidence (logs, statements), and orders the broker to reimburse Rs 47,500. If the broker does not comply, the order is enforced via the exchanges Investor Protection Fund.
When to use: Broker disputes — wrongful trades, mis-selling, account-freeze without notice, non-receipt of dividends or bonus shares.
When NOT to use: Disputes with mutual fund AMCs or PMS managers — those go through SCORES at SEBI, not IGRP.
Caveat: IGRP orders are appealable to an Arbitration Panel within 6 months. This page is for awareness only — consult a lawyer for active disputes.