43pc of investors' complaints resolved thru CCAM in seven and a half months

The Customer Complaints Address Module (CCAM) has resolved over 43 per cent of the investor complaints submitted in the first seven and a half months of this year, underscoring its role as a critical tool for investor protection and redress.

According to data from the Bangladesh Securities and Exchange Commission (BSEC), investors filed a total of 227 complaints through the CCAM between January and mid-August. Of these, 98 complaints have already been resolved, while 129 are currently under process.

The online platform, launched by the BSEC in September 2019, is designed to address a range of investor grievances, including non-payment of cash and stock dividends, incomplete sale proceeds, and unauthorised share sales.

Monthly and short-term figures also reflect the module's ongoing activity. In January alone, 28 complaints were submitted and 23, the highest of any month this year, were addressed. In contrast, of the 11 complaints filed so far in August, only two have been resolved.

Over the past three and a half months, a total of 104 complaints were lodged, of which 32 or 30.74 per cent have been addressed.

Despite monthly variations, the long-term performance of the CCAM remains strong. Since its inception, the platform has received 2,099 complaints, of which 1,936 or 92.2 per cent have been resolved, according to BSEC figures.

Before the CCAM was introduced, investors were required to physically visit the BSEC or stock exchanges to file complaints manually, often leading to long delays.

In many cases, investors had to wait months or even years for a resolution, without receiving any status updates.

The CCAM has changed that significantly. According to the BSEC, the average resolution time for a complaint submitted through the module has dropped to just 33.7 days.

The platform has proven especially helpful for non-resident Bangladeshis, who previously faced even greater challenges in accessing complaint resolution services.

Now, both local and overseas investors can file complaints by visiting the CCAM portal on the BSEC website, entering their BO account details, phone number, and email address.

Md. Abul Kalam, spokesperson for the BSEC, said the module's transparency has contributed significantly to its success.

"Investors can now track the status of their complaints online. The regulator also gets alerts if a complaint remains stuck in a desk unnecessarily," he said, adding that investors receive email notifications as soon as their complaints are resolved.

The stock market regulator brought all possible stakeholders, including bourses and stockbrokers, under the network of the CCAM to facilitate the settlement of the complaints filed by the investors.

The stock exchanges handle the complaints filed against their TREC (Trading Right Entitlement Certificate) holders while the Central Depository Bangladesh Ltd (CDBL) deals with the complaints filed against the DPs (Depository Participants).

Any complaint is transferred online to the concerned authorities and the securities regulator receives an alert from the CCAM if a complaint remains unaddressed within the expected timeframe.

Then the BSEC asks the bourses to solve the problem through discussions with the market intermediaries concerned.

The CCAM also allows investors to file complaints related to delayed settlement of share transactions, margin financing, forced sales, and financial losses due to non-transfer of shares.

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