Annexure 2: Complaint Data Format

Grievance Procedures and Complaint Management

Data Format Complaint Process Resolution Procedures

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Foundation (Ch 1-4)

Market Analysis (Ch 5-8)

Technical Analysis (Ch 9-11)

Advanced (Ch 12-15)

Annexures (1–3)

Annexure 2 — Complaint Data Format: the three SEBI-mandated disclosure tables Research Analysts must publish monthly on their website or mobile application
SEBI mandates Research Analysts to publicly disclose three complaint data tables each month: the monthly snapshot, the monthly disposal trend, and the annual disposal trend

Formats for investors complaints data to be disclosed monthly by RAs on their website/mobile application:

Monthly complaint data disclosure: Research Analysts must publish this format on their website or mobile app each month, tracking complaints by source (direct, SCORES, other) with resolution metrics
Format 1 — Monthly Snapshot: how many complaints arrived from direct investors, SEBI SCORES, and other sources; how many were resolved; how many remain pending; and the average resolution time

Data for the month ending -

Monthly complaint table columns: Received From (source), Pending from last month, Received this month, Resolved, Total Pending, Pending >3 months, Average Resolution Time (days)
Eight-column monthly complaint table — tracks complaint inflow by source, carry-forward pending, new receipts, resolutions, and highlights complaints overdue beyond 3 months
Sr. No. Received from Pending at the end of last month Received Resolved* Total Pending# Pending complaints > 3 months Average Resolution time^ (in days)
1 Directly from Investors
2 SEBI (SCORES)
3 Other Sources (if any)
Grand Total
Year-on-year complaint data from 2018-19: carry-forward from prior year, new complaints received, complaints resolved (including prior-year backlog), and year-end pending count
The annual table provides regulators and investors a long-run view — a shrinking pending backlog and rising resolution rate year-on-year reflects continuous improvement in investor service
Month-by-month complaint tracking across a financial year — pending complaints carry forward each month, so unresolved issues accumulate and are visible in the trend
Each month's pending count feeds into the next month's carried-forward column — a rising pending figure over months is a red flag for investor protection quality
Three sources of investor complaints: directly from investors, through SEBI SCORES portal, or from other sources — all must be reported with Grand Total row
The monthly snapshot table captures complaints from all three channels — direct, SCORES, and other — with a Grand Total row providing a single view of the RA's complaint workload

^Average Resolution time is the sum total of time taken to resolve each complaint in days, in the current month divided by total number of complaints resolved in the current month.

Average Resolution Time formula: sum of days taken to resolve each complaint in the month ÷ total complaints resolved that month — a key metric of RA responsiveness to investor grievances
Average Resolution Time = total days across all resolved cases ÷ number resolved in the month; a low number signals a responsive, investor-first Research Analyst

Trend of monthly disposal of complaints

Monthly disposal trend table: tracks complaint carry-forward, new receipts, resolutions, and pending count month-by-month from April to March (full financial year)
Format 2 — Monthly Trend: the year-long view of how a Research Analyst manages its complaint pipeline, from April to March, with cumulative Grand Total row
Sr. No. Month Carried forward from previous month Received Resolved* Pending#
1 April, YYYY
2 May, YYYY
3 June, YYYY
4 …………….
5 March, YYYY
Grand Total

*Inclusive of complaints of previous months resolved in the current month.

Resolved* definition: the resolved count includes complaints received in earlier months but resolved only now — encouraging RAs to clear backlogs, not just handle fresh complaints
Note: Resolved* includes prior-month complaints resolved this month; Pending# counts all unresolved complaints as of the last day of the month — both definitions ensure full accountability

#Inclusive of complaints pending as on the last day of the month.

Monthly trend summary: a Research Analyst's complaint disposal trend over 12 months reveals whether its investor service quality is improving, stable, or deteriorating
A consistently low pending count and short average resolution time across all 12 months signals an RA that prioritises investor trust and responsiveness

Trend of annual disposal of complaints

Annual disposal trend table: year-over-year view of complaint inflow, resolution, and pending from 2018-19 onwards — reveals long-term complaint management trajectory
Format 3 — Annual Trend: the multi-year perspective on how a Research Analyst's complaint volume and resolution effectiveness evolve over financial years
SN Year Carried forward from previous year Received Resolved* Pending#
1 2018-19
2 2019-20
3 2020-21
Grand Total

*Inclusive of complaints of previous years resolved in the current year.

#Inclusive of complaints pending as on the last day of the year.

Three-table disclosure framework: monthly snapshot + monthly trend + annual trend — together they give investors, regulators, and the market a complete picture of a Research Analyst's complaint management quality
Complete Annexure 2 framework: monthly snapshot for current month accountability, monthly trend for within-year pattern, and annual trend for long-term service quality — all mandatory public disclosures by RAs

🃏 Flashcards

53 cards · click to reveal the answer · use search to focus on a topic

According to Annexure 2, how frequently must Research Analysts (RAs) disclose investor complaint data?
Monthly
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On which two platforms must Research Analysts disclose their monthly complaint data?
Their website and mobile application
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What is the primary source of the educational content regarding Research Analyst complaint formats?
NISM-Series-XV: Research Analyst Certification Examination Workbook
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In the monthly disclosure table, what is the first category listed under 'Received from'?
Directly from Investors
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In the monthly disclosure table, what is the second category listed under 'Received from'?
SEBI (SCORES)
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Which column in the monthly disclosure table tracks the number of complaints unresolved from the prior period?
Pending at the end of last month
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In the context of the RA complaint disclosure table, what does the asterisk ($*$) next to 'Resolved' signify?
It includes complaints from previous months that were resolved in the current month.
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In the context of the RA complaint disclosure table, what does the hash ($#$) next to 'Total Pending' signify?
It includes all complaints pending as of the last day of the month.
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What specific timeframe is used to flag long-term outstanding complaints in the monthly RA disclosure table?
Pending complaints $> 3$ months
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Formula: Average Resolution time (in days)
$\frac{\text{Sum total of time taken to resolve each complaint in days (current month)}}{\text{Total number of complaints resolved in the current month}}$
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How is the 'Average Resolution time' calculated if multiple complaints are resolved in a month?
By dividing the total days taken for all resolutions by the number of complaints resolved.
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What must the 'Grand Total' row in the monthly disclosure table represent?
The sum of complaints from Investors, SEBI (SCORES), and Other Sources.
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Under what circumstance can an RA adjust the number of complaints in their disclosure table?
When complaints are received due to impersonation of the RA by another entity.
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Which specific total counts can be adjusted by an RA when dealing with impersonation-related complaints?
The total number of received and resolved complaints.
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Who specifies the 'due process' that an RA must follow to close impersonation-related complaints?
SEBI or RAASB
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What does 'RAASB' stand for in the context of complaint management guidelines?
Research Analyst Administration and Supervisory Body
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The 'Trend of monthly disposal of complaints' table requires data starting from which month of the year?
April
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The 'Trend of monthly disposal of complaints' table ends with which month of the year?
March
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Which column in the 'Trend of monthly disposal' table tracks complaints brought over from the month before?
Carried forward from previous month
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In the 'Trend of annual disposal of complaints' table, what is the column used to track unresolved issues from the prior year?
Carried forward from previous year
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According to the workbook, which three specific financial years are included in the initial 'Trend of annual disposal' table?
2018-19, 2019-20, and 2020-21
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According to the updated annexure format, which sequence of years is used for the annual disposal trend?
2021-22, 2022-23, and 2023-24
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Term: SEBI (SCORES)
Definition: SEBI's online platform for centralized grievance redressal for investors in the Indian securities market.
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In the monthly trend table, what does the 'Pending' column represent?
Complaints remaining unresolved as of the last day of that specific month.
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What is the purpose of the 'Trend of annual disposal of complaints' table?
To show the multi-year history of complaint receipt, resolution, and pending status for an RA.
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When calculating 'Average Resolution time', what is the unit of measurement for time taken?
Days
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Where should an investor find information about an RA's complaint history if they do not use a mobile app?
On the Research Analyst's website
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The 'Trend of monthly disposal' table includes which five primary data columns?
Month, Carried forward, Received, Resolved, and Pending
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Which column in the monthly disclosure table is specifically designed to measure efficiency in grievance handling?
Average Resolution time (in days)
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True or False: Complaints resolved in the current month that were received six months ago should be included in the 'Resolved' count for the current month.
True
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If a complaint is received on the 15th and resolved on the 20th of the same month, how many days are added to the 'sum total of time' for the average resolution calculation?
$5$ days
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What is the significance of the 'Pending complaints $> 3$ months' column for regulatory oversight?
It identifies long-standing grievances that may indicate poor compliance or procedural delays.
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In the 'Trend of annual disposal' table, what does 'Resolved*' signify for a specific year?
It includes complaints from previous years that were resolved during that specific year.
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Which entity is responsible for the NISM-Series-XV study guide content?
National Institute of Securities Markets
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Does the monthly disclosure format require RAs to list complaints received from 'Other Sources'?
Yes
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What is the denominator when calculating the 'Average Resolution time' for a given month?
The total number of complaints resolved in that current month.
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What is the numerator when calculating the 'Average Resolution time' for a given month?
The sum total of time taken to resolve each complaint in days during that month.
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If an RA has zero complaints, must they still disclose the complaint data table?
Yes, as RAs must disclose the data monthly on their website/app.
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What action must an RA take regarding complaints arising from impersonation besides adjusting the table?
Close the complaints following the specified due process.
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The disclosure requirement for complaint data applies to which specific type of SEBI-registered professional mentioned in the source?
Research Analysts (RAs)
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Which column is found in the 'Data for the month ending' table but NOT in the 'Trend of monthly disposal' table?
Average Resolution time (in days)
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Which column is found in the 'Data for the month ending' table but NOT in the 'Trend of monthly disposal' table regarding age of complaints?
Pending complaints $> 3$ months
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Which column in the annual trend table tracks the status at the very end of the reporting year?
Pending#
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In the monthly disposal trend, what is the 'Grand Total' for the 'Received' column?
The total number of complaints received across the entire financial year (April to March).
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According to the source, why is disclosure on a 'mobile application' mandated alongside the website?
To ensure investors can access complaint data via the RA's mobile platform.
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The 'Carried forward' column in any disposal trend table refers to what?
Complaints that were pending at the end of the previous reporting period (month or year).
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Is the 'Average Resolution time' calculation based on all pending complaints or only resolved ones?
Only resolved complaints in the current month.
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What does the symbol '$#$' indicate about the 'Pending' count in the annual table?
It is the count of complaints pending as on the last day of the year.
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Under the 'Received from' column, what category represents complaints not coming directly from investors or SEBI?
Other Sources (if any)
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Who is the publisher of the NISM-Series-XV workbook?
National Institute of Securities Markets
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In the monthly trend table, what follows June, YYYY in the sequence of rows?
July, YYYY (represented by dots in the template)
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True or False: The disclosure format requires the name of each individual investor who filed a complaint.
False
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What is the primary objective of Annexure 2 in the NISM Study Guide?
To provide the standardized format for investor complaint data disclosure by RAs.
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Source Attribution

This comprehensive educational content is derived from the NISM-Series-XV: Research Analyst Certification Examination Workbook (June 2025 version), published by the National Institute of Securities Markets.

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