Pakistan Mercantile Exchange Limited (PMEX) has taken several measures to redress investor grievances against PMEX TRE Certificate Holders / Brokers like:
(i) Issuance of instructions to TRE Certificate Holders / Brokers to set up a complaint resolution mechanism.
(ii) Providing redressal through dedicated Investors Grievance Cell within Regulatory Affairs Department of PMEX. The Exchange coordinates with the TRE Certificate Holders / Broker and claimant/complainant in order to resolve the disputes.
Lodging a Claim/Complaint at PMEX
PMEX has a dedicated Investors Complaint Cell within the Regulatory Affairs Department (RAD) to redress investor grievances against TRE Certificate Holders / Brokers of the Exchange and vice versa. Following is the procedure of lodging a claim/complaint at PMEX:
⭕ Initially, the claimant/complainant shall discuss his/her issues with the concerned TRE Certificate Holder / Broker of PMEX and shall take their response. In case, the claimant/complainant is not satisfied with the response of the concerned TRE Certificate Holder / Broker, he/she may follow step 2 as provided hereunder.
⭕ If the TRE Certificate Holder / Broker is unable to resolve the issue satisfactorily within reasonable time, the complainant may then lodge his/her claim/complaint with PMEX along with documentary evidences in support of claim/complaint.
⭕ Any claim/complaint lodged with PMEX in the prescribed “Customer Claim/Complaint Registration Form (CCRF)” vide Annexure “A” shall be processed/evaluated as under:
⭕ The comments/feedback of concerned TRE Certificate Holder / Broker shall be sought in the first instance. The same shall be reviewed for deciding further course of action in the light of applicable statutory and regulatory provisions vide Chapter 15 of the PMEX Rule Book deals with Arbitration.
⭕ Exchange even do appropriate counseling to the parties in dispute for the redressal of the issue in discussion through mutual settlement process. In this respect, the Exchange may provide opportunity to the parties to resolve their issues amicably and may provide them forum for discussion. The Exchange role in such discussion would be limited to apprise the parties about regulatory requirements or clarification of technical issues, if any.
⭕ If the claim/complaint remains unresolved, the Exchange may ask the parties to file reference for arbitration as per PMEX Rule Book.
The Claimant/Complainant before lodging a Claim/Complaint to PMEX shall ensure that:
⭕ The case is not pending with any legal forum.
⭕ The claim/ complaint pertains to registered TRE Certificate Holders / Brokers of PMEX and issue is related to trading of Futures Contracts on PMEX or any issue in relation thereto.
⭕ Legible photocopy of all relevant record/evidences/correspondence with the TRE Certificate Holders / Brokers to be attached with the claim/complaint form.
⭕ Incomplete / unsigned forms or complaints not supported with necessary details/documents will not be processed and will be returned to the claimant/complainant.
⭕ All claim/complaints are required to be lodged with the Exchange within 6 months from the date when the dispute arose or deemed to have arisen, otherwise, the same may be considered time barred.
⭕ The Exchange reserves the right to take appropriate action if complaint/claim is found fictitious or false.
Following type of Claim/Complaint shall not be entertained:
⭕ The Claims for mental agony/harassment and expenses incurred for pursuing the matter.
⭕ The Claim for notional loss, opportunity loss for the disputed period or trade.
⭕ Complaints pertaining to trades not executed on the Exchange by the complainant.
⭕ Claims for private commercial dealings with the TRE Certificate Holder.
⭕ Claims relating to transactions which are in the nature of loan or financing which are not within the framework defined by the Exchange.
⭕ Issues related to investment advice and any complaint related to commercial management of a brokerage house.
⭕ Complaints in respect of transactions which are already in Court proceedings shall not be entertained.
For all Claims/Complaints
Fill the Investor Complaint Form and address it to:Investor Complaint Form
Mr. Tariq Sabih
Chief Regulatory Officer
Pakistan Mercantile Exchange Limited
3B, 3rd Floor, Bahria Complex IV
Ch. Khalique-uz-Zaman Road
Gizri, Karachi – 75600, Pakistan
Phone: (+92 21)-111 623 623
PMEX Permanent Panel of Arbitrators
|PMEX Management Staff
|Mr. Samir Ahmed
|Mr. Mohammed Sohail – CEO, Topline Securities Limited
|Farhan Tahir – Managing Director (Acting)
|Mr. Muhammad Lukman
|Syed Muhammad Ismail Abbasi – CEO, Abbasi & Co. (Private) Limited
|Syed Mumtaz Ali – Head of Legal
|Mr. Aftab Ahmed Diwan
|Mr. Muhammad Kamran Nasir – CEO, JS Global Capital Limited
|Syed Mustafa Mehdi
|Mr. Zahid Latif Khan – CEO, Zahid Latif Khan Securities (Private) Limited
|Mr. Rehan Kayani
|Dr. Fakhara Rizwan
|Ms. Mehr Saleem
|Ms. Nausheen Ahmad
Lodging Complaint to SECP
Disclaimer: In case your complaint has not been properly redressed by us, you may lodge your complaint with Securities and Exchange Commission of Pakistan (the “SECP”). However, please note that SECP will entertain only those complaints which were at first directly requested to be redressed by the company and the company has failed to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.