Investor Services


Investor Services Centre of the Exchange deals with the complaints of Investors/Clients against the Members of the Exchange. Investors/Clients may lodge their grievance/complaint through E-registration, Email or using the Client Complaint Form (CCF) as prescribed by the Exchange along with the supporting documents.

Register E-complaint

Please click the file below, for steps to be followed for registering the complaint

IGRS-User Guide
  • All the fields are mandatory while registering the complaint through online portal (IGRS).
  • It is advisable to give as much information as is available with the complainant.
  • A self-attested copy of PAN.
  • Any other relevant documents, correspondence with Member substantiating your claim which you wish to rely upon

Please refer to the nature of complaints as stated below:

  • Execution of trades without consent of client
  • Non-receipt of margin/security deposit given to the member
  • Non-receipt of credit balance as per the statement of account
  • Non-issuance of documents (Contract notes, bills, statement of account, agreement copy, etc)
  • Non-receipt of funds after sale of commodity on a settlement of a contract
  • Non receipt of commodity after purchase on a settlement of a contract
  • Service Related
  • Others

Investor/ Client is required to register his complaint only through E-registration (online portal for lodging the complaint with the Exchange). However, in case, the Investor/ Client is unable to lodge the complaint through the online portal, he may provide duly filled Client Complaint Form (CCF) & the complaint will be registered online by the Exchange.

MCX has set-up 10 Investor Service Centres (ISC) to facilitate Investors/ Clients across multiple locations. A list of all the ISCs is provided in the below link:

Investor Service Centres

The complaint against the Authorise Person (AP) is treated as a complaint against the respective Member, where the AP is registered with.

No, An Authorised Person cannot lodge his complaint against the Member at Investor Grievance.

No, a client is not required to pay any fees while lodging his complaint against the Member at Investor Grievance.

The Exchange shall ensure that all the complaints are resolved at their end within 15 days from the registration of complaint with the Exchange. In case the matter does not get resolved, the same shall be referred to Grievance Redressal Committee (GRC), where the GRC shall be provided a time period of 15days to pass its Order in the respective matter.

The list of GRC Members for all the 10 ISCs is available of the Exchange website. The same is provided in the below link:

Grievance Redressal Committee

If the complaint does not get resolved within the prescribed time lines, the same shall be referred to GRC at the nearest address provided by the Investor/ Client.

Yes, the GRC shall comprise of a single person for claims upto Rs.25 Lakh, whereas, for claims above Rs.25 Lakh, the GRC shall comprise of three persons.
An Investor/ Client and representative of the Member is required to carry his ID proof in original along with authorisation letter, if any.

The Investor/ Client can authorise a person to attend the GRC meeting on his behalf by providing an authority letter in his name. The representative is required to carry original ID proof to present the same during the meeting.

The Investor/ Client can invoke Arbitration proceedings against the GRC Order, in case he is not satisfied with the outcome of the GRC Order.


Arbitration is a quasi-judicial process of settlement of disputes between Members & Investors. Arbitration aims at quicker legal resolution for the disputes. When one of the parties feels that the complaint has not been resolved satisfactorily either by the other party or through the complaint resolution process, the parties may choose the route of Arbitration. Arbitration shall include all claims difference or dispute between the Members inter se or between a Member and a Constituent Member or between a Member and a registered Non-Member Client arising out of or in relation to Trades, Contracts and Transactions executed on the Exchange or against order of GRC and made subject to the Bye-Laws and Business Rules of the Exchange.

Yes, if after the appointment of an Arbitrator, the parties settle the dispute amicably then the Arbitrator will record the settlement of the dispute in the form of an Arbitral Award on agreed terms.

The Arbitrator is required to complete the arbitration proceedings within four months from the date of appointment of Arbitrator/s and pass the Award. However, the period can be extended by two more months by the Managing Director/ Executive Director of the Exchange, on a case to case basis after recording the reasons for the same.

A counter claim is an amount claimed by a respondent against the applicant in an arbitration matter. The counter claim is arrived at by the respondent on the basis of amount of monies, dues to be recovered by him from the applicant

The application under section 34 of the Arbitration and Conciliation Act, 1996, if any, against the decision of the Arbitral/ Appellate Arbitral Tribunal shall be filed in the competent Court nearest to the Regional Arbitration Centre.

The appellant at the time of preferring an appeal submits his preferences of Arbitrators in Form V and after admission of appeal, the respondent may submit his preference of Arbitrators in Form V. Based on the preferences received, the Appellate Arbitrator panel is appointed by the Exchange through a automated software, in terms of SEBI circular.

The Appellate Arbitrator panel comprises of three Arbitrators, where at least one member of the panel shall be a retired Judge.

The investor has to file the reply in Form V and VI provided to him by the Exchange. The Form V   comprises of investors preference of Arbitrators and Form VI comprise of statement for defense to the appeal.

The Appellate Arbitration fees is a non-refundable deposit that is required to be collected from the appellant.  Further, for fees structure, kindly refer the below link:

Arbitration Fees Deposit

Forms and lists of documents required to be submitted while filing an Appellate Arbitration application with the Exchange are as follows

  • Form No. IV:Application for Appellate Arbitration
  • Form No. V: For providing Appellate Arbitrators preference
  • Statement of Appeal:Copy of Arbitral Award which is to be challengedalong with brief description of the grounds which are to be placed in the appeal and relief sought through the appeal process.
  • Arbitration Fees in favour of MCX, towards cost of Arbitration through Cheque, Demand Draft, Pay Order or any other acceptable mode of payment.

When the Arbitral/Appellate Award is passed in favour of the Client, the Exchange shall, on receipt of the same, debit the amount of the Award from the security deposit or any other monies of the Member (against whom an Award has been passed) and keep it in abeyance with the Exchange. The Exchange shall implement the said Arbitral Award, by making payment to the Client, along with the interest earned on the amount that has been set aside, as soon as the time for preferring an appeal before the Appellate panel of Arbitrator has expired and the no appeal has been preferred. 

The Award once passed by the Arbitrator is final and binding on the parties. In case of certain corrections or interpretation required to be made in the Award, any party to Arbitration can file an application with the Exchange, u/s 33 of the Arbitration and Conciliation Act, 1996 for correction or interpretation of the Award, within one month from the date of receipt of the Award. The Exchange will forward the application to the concerned Arbitrator/s and in case the Arbitrator/s feel/s that the correction/interpretation in the Award as requested is required, he can do so by passing a separate Order.

If either of the party is aggrieved by the Award, the aggrieved party may approach the Exchange with an application in the prescribed format for appeal before the Appellate Arbitration Tribunal, along with applicable fees, within one month from the date of receipt of the Arbitral Award or the aggrieved party can challenge the Award u/s 34 of Arbitration and Conciliation Act, 1996 in the Court of Law within three months from the date of receipt of the Arbitral Award.

Arbitration forms are available on the Exchange website and applicant may download the same and use the forms for making arbitration application. Alternatively, investor/clients may request for forms by sending an email at, along with the complete postal address, so that the forms can be mailed to them.  The forms can also be obtained from any of the Regional Arbitration Centres.

An Arbitral Award is a judgment passed by the Arbitral Tribunal which gives a direction to parties of the dispute, with regard to the claim raised in the arbitration matter.

If the hearing date fixed by the Arbitrator is not suitable to either of the parties or the parties are unable to attend the same, then they can apply for adjournment/postponement of hearing. The parties should make an application in writing to the Exchange giving reasons for seeking adjournment/postponement well in advance, so as to enable the Exchange to forward such request to the Arbitrator. The Arbitrator on their discretion may grant the adjournment, subject to such conditions as may be deemed fit in the matter.

No hearing is required to be given to the parties to the dispute, if the value of the claim, difference or dispute is Rs.One lakh or less. However, it is at the discretion of the Arbitrator, to decide to hold hearing on case to case basis.

Further, if the value of claim, difference or dispute is more than Rs.One lakh, the Arbitrator shall offer to hear the parties to the dispute unless both parties waive their rights for such hearing in writing.  


The Respondent has to reply by submitting Form II & III provided to him by the Exchange. The Form II comprises of respondent’s preference of Arbitrators and Statement of Reply to the claim along with the required deposit amount towards Arbitration fees.

Each of the parties to arbitration shall deposit an amount, as may be prescribed by the Exchange, at the time of making arbitration reference. For details of fees, kindly refer the below link:

Arbitration Fees Deposit

If the value of claim made by the applicant or counter claim made by the other party is less than or equal to 25 lakhs, Sole Arbitrator is appointed. If the value is more than Rs. 25 lakhs and above, panel of three Arbitrator is constituted. The Arbitrator is appointed through an automatic process within 30 days time from date of receipt of complete application including requisite fees.

The arbitration application has to be filed at the Regional Arbitration Centre (RAC) nearest to the address mentioned in KYC of the investor. The Exchange has set up RACs at Mumbai, Delhi, Kolkata and Chennai.   

A Statement of Case is a brief history of the dispute. Entire date-wise sequence of events which took place between the applicant and respondent needs to be described. Statement of case is the first source of information which the sole Arbitrator/ Arbitrator panel refers to in advance to understand the case and hence it is very significant.

Lists of documents that are required to be submitted are provided below.
Forms/Documents Purpose

Mandatory documents:

  • Form No. I:   Application for Arbitration  
  • Form No. II: For providing Arbitrator preference in descending order
  • Statement of Case : Brief description of the case  along with brief summary of chronological event, the basis of arriving at the claim amount and relief sought through arbitration
  • Arbitration Fees in favour of MCX, towards cost of Arbitration through Cheque, Demand Draft, Pay Order or any other acceptable mode of payment.

Additional Documents *

  • Duly Certified Statement of Accounts in case of dispute for funds
  • Copy of Ledger Statement
  • Copies of the relevant Contract Notes & Bills relevant to the matter or as per the direction given by the Arbitrator
  • Any other relevant document as may be preferred by the applicant

* In case clients/Investor does not have additional documents at the time of making application, same may be submitted during the course of arbitration.

In terms of SEBI guidelines, the limitation period for filing an arbitration application is governed by the law of limitation. As on date, as per Limitation Act, 1963, 3 years from the date of dispute is the time period within which parties are required to approach the Exchange for filing arbitration.  

The application for arbitration has to be filed at the Regional Arbitration Centre (RAC) viz. Mumbai, Delhi, Kolkata or Chennai. The arbitration and appellate arbitration shall be conducted at the regional centre nearest to the client.

All disputes arising out of the dealings, contracts and transactions, which are made or deemed to be made subject to the Bye-laws, Rules and Regulations of the Exchange by the parties or anything incidental thereto are eligible for arbitration mechanism provided by the Exchange.

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