The question is will the SEBI board, the finance ministry and the standing committee of Parliament on finance listen? It is interesting to contrast this with how the Reserve Bank of India (RBI) had drastically cut investor complaints during Dr YV Reddy’s tenure. He increased the number of banking ombudsmen; expanded the scope of issues they would handle; told banks that repeated complaints on the same issue would be treated as a class-action. His masterstroke was that he appointed serving RBI general managers to be ombudsmen. This ensures that a big swathe of RBI’s senior officials is personally sensitised to customer issues as well as banks’ perspective and that RBI has a better record of handling customer complaints than other financial regulators.
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