Investor Charter

VISION

To follow highest standards of ethics and compliances while facilitating the trading by clients in securities in a fair and transparent manner, so as to contribute in creation of wealth for investors.

MISSION

1. To provide high quality and dependable service through innovation, capacity enhancement and use of technology.
2. To establish and maintain a relationship of trust and ethics with the investors.
3. To observe highest standard of compliances and transparency.
4. To always keep ‘protection of investors’ interest’ as goal while providing service.
5. To ensure confidentiality of information shared by investors unless such information is required to be provided in furtherance of discharging legal obligations or investors have provided specific consent to share such information

Services provided to Investors

• Execution of trades on behalf of investors.
• Issuance of Contract Notes.
• Issuance of intimations regarding margin due payments.
• Facilitate execution of early pay-in obligation instructions.
• Periodic Settlement of client’s funds.
• Issuance of retention statement of funds at the time of settlement.
• Risk management systems to mitigate operational and market risk.
• Facilitate client profile changes in the system as instructed by the client.
• Information sharing with the client w.r.t. relevant Market Infrastructure Institutions (MII) circulars.
• Provide a copy of Rights & Obligations document to the client.
• Communicating Most Important terms and Conditions (MITC) to the client.
• Redressal of Investor’s grievances.

Rights of Investors

• Ask for and receive information from a firm about the work history and background of the person handling your account, as well as information about the firm itself(including website providing mandatory information).
• Receive complete information about the risks, obligations, and costs of any investment before investing.
• Receive a copy of all completed account forms and rights & obligation document.
• Receive a copy of ‘Most Important Terms & Conditions’ (MITC).
• Receive account statements that are accurate and understandable.
• Understand the terms and conditions of transactions you undertake.
• Access your funds in a prescribed manner and receive information about any restrictions or limitations on access.
• Receive complete information about maintenance or service charges, transaction or redemption fees, and penalties in form of tariff sheet.
• Discuss your grievances with compliance officer / compliance team / dedicated grievance redressal team of the firm and receive prompt attention to and fair consideration of your concerns.
• Close your zero balance accounts online with minimal documentation.
• Get the copies of all policies (including Most Important Terms and Conditions) of the broker related to dealings of your account.
• Not be discriminated against in terms of services offered to equivalent clients.
• Get only those advertisement materials from the broker which adhere to Code of Advertisement norms in place.
• In case of broker defaults, be compensated from the Exchange Investor Protection Fund as per the norms in place.
• Trade in derivatives after submission of relevant financial documents to the broker subject to brokers’ adequate due diligence.
• Get warnings on the trading systems while placing orders in securities where surveillance measures are in place.
• Get access to products and services in a suitable manner even if differently abled.
• Get access to educational materials of the MIIs and brokers.
• Get access to all the exchanges of a particular segment you wish to deal with unless opted out specifically as per Broker norms.
• Deal with one or more stockbrokers of your choice without any compulsion of minimum business.
• Have access to the escalation matrix for communication with the broker.
• Not be bound by any clause prescribed by the Brokers which are contravening the Regulatory provisions.

Various activities of Stock Brokers with timelines

DOs and DON’Ts for Investors

Additionally, Investors may refer to Dos and Don’ts issued by MIIs on their respective websites from time to time.

Grievance Redressal Mechanism

The process of investor grievance redressal is as follows:

Handling of Investor’s claims / complaints in case of default of a Trading Member / Clearing Member (TM/CM)

Default of TM/CM

Following steps are carried out by Stock Exchange for benefit of investor, in case stock broker defaults:

• Circular is issued to inform about declaration of Stock Broker as Defaulter.
• Information of defaulter stock broker is disseminated on Stock Exchange website.
• Public Notice is issued informing declaration of a stock broker as defaulter and inviting claims within specified period.
• Intimation to clients of defaulter stock brokers via emails and SMS for facilitating lodging of claims within the specified period.

Following information is available on Stock Exchange website for information of investors:

• Norms for eligibility of claims for compensation from IPF.
• Claim form for lodging claim against defaulter stock broker.
• FAQ on processing of investors’ claims against Defaulter stock broker.
• Provision to check online status of client’s claim.
• Standard Operating Procedure (SOP) for handling of Claims of Investors in the Cases of Default by Brokers.
• Claim processing policy against Defaulter/Expelled members.
• List of Defaulter/Expelled members and public notice issued.

1. Vision

Towards making Indian Securities Market - Transparent, Efficient, & Investor friendly by providing safe, reliable, transparent and trusted record keeping platform for investors to hold and transfer securities in dematerialized form.

2. Mission 

 To hold securities of investors in dematerialized form and facilitate its transfer, while ensuring safekeeping of securities and protecting interest of investors.

 To provide timely and accurate information to investors with regard to their holding and transfer of securities held by them. 

 To provide the highest standards of investor education, investor awareness and timely services so as to enhance Investor Protection and create awareness about Investor Rights. 

3. Details of business transacted by the Depository Participant (DP)

A Depository is an organization which holds securities of investors in electronic form. Depositories provide services to various market participants - Exchanges, Clearing Corporations, Depository Participants (DPs), Issuers and Investors in both primary as well as secondary markets. The depository carries out its activities through its agents which are known as Depository Participants (DP). Details available on the link [https://www.cdslindia.com/DP/dplist.aspx ]. 

4. Description of services provided by the Depository Participants (DPs) to investors

1. Basic Services

1. Depositories provide special services like pledge, hypothecation, internet-based services etc. in addition to their core services and these include 

5. Details of Grievance Redressal Mechanism

(1) The Process of investor grievance redressal 

6. Guidance pertaining to special circumstances related to market activities: Termination of the Depository Participant

7. Dos and Don’ts for Investors

For Do’s and Don’ts please refer to the link

8. Rights of investors

For rights, please refer to the link

9. Responsibilities of Investors

For responsibilities, please refer to the link

10. Code of Conduct for Depositories [link]

11. Code of Conduct for Participants [link]

Information contained in links to the Investor Charter of DP - Link

A) Vision and Mission Statements for investors.

Vision:

To implement diligently researched customised investment strategies which help investors meet their long-term financial goals in a risk appropriate manner.

Mission:

To ensure that the Portfolio Management Services industry provides a viable investment avenue for wealth creation by adopting high levels of skill, integrity, transparency and accountability.

B) Details of business transacted by the organization with respect to the investors.

1. Appropriate risk profiling of investors
2. To provide Disclosure Document to investors
3. Executing the PMS agreement
4. Making investment decisions on behalf of investors (discretionary) or investment decisions taken at the discretion of the Investor (nondiscretionary) or advising investors regarding their investment decisions (advisory), as the case may be.

C) Details of services provided to investors and estimated timelines:-

1. Discretionary & Non-Discretionary Portfolio Management Services (PMS):-
   Under these services, all an investor has to do, is to give his portfolio in any form i.e. in stocks or cash or a combination of both. The minimum size of the portfolio under the Discretionary and/ or Non-Discretionary Funds Management Service should be Rs.50 lakhs as per the current SEBI Regulations. However, the PMS provider reserves the right to prescribe a higher threshold product-wise or in any other manner at its sole discretion, The PMS provider will ascertain the investor’s investment objectives to achieve optimal returns based on his risk profile. Under the Discretionary Portfolio Management service, investment decisions are at the sole discretion of the PMS provider if they are in sync with the investor’s investment objectives. Under the Non-Discretionary Portfolio Management service, investment decisions taken at the discretion of the Investor.

1. Investment Advisory Services: -
   Under these services, the Client is advised on buy/sell decision within the overall profile without any back-office responsibility for trade execution, custody of securities or accounting functions. The PMS provider shall be solely acting as an Advisor to the Client and shall not be responsible for the investment/divestment of securities and/or administrative activities on the client’s portfolio. The PMS provider shall act in a fiduciary capacity towards its Client and shall maintain arm’s length relationship with its other activities. The PMS provider shall provide advisory services in accordance with guidelines and/or directives issued by the regulatory authorities and/or the Client from time to time in this regard.

1. Client On-boarding
   a. Ensuring compliance with KYC and AML guidelines.
   b. franking & signing the Power of Attorney to make investment decisions on behalf of the investor.
   c. opening demat account and funding of the same from the investor’s verified bank account and/or transfer of securities from verified demat account of the investor and
   d. Mapping the said demat account with Custodian.

1. Ongoing activities
   a. To provide periodic statements to investors as provided under the PM Regulations 2020 and other SEBI notifications and circulars (“PM Regulations”) and
   b. Providing each client an audited account statement on an annual basis which includes all the details as required under the PMS Regulations.

1. Fees and Expenses
   Charging and disclosure of appropriate fees & expenses in accordance with the PMS Regulations.

1. Closure and Termination
   Upon termination of PMS Agreement by either party, the securities and the funds lying in the account of the investor shall be transferred to the verified bank account/ demat account of the investor.

1. Grievance Redressal
   Addressing in a time bound manner investor’s queries, service requests and grievances, if any, on an ongoing basis.

Timelines of the services provided to investors are as follows:

Notes:;

1. The number of days in the above timelines indicate clear working days.

D) Details of grievance redressal mechanism and how to access it

1. It is mandatory for every PMS provider to register itself on SEBI SCORES (SEBI Complaint Redress System). SCORES is a centralised online complaint resolution system through which the complainant can take up his grievance against the PMS provider and subsequently view its status.
   (https://scores.gov.in/scores/Welcome.html)
2. The details such as the name, address and telephone number of the investor relations officer of the PMS provider who attends to the investor queries and complaint should be provided in the PMS Disclosure document.
3. The grievance redressal and dispute mechanism should be mentioned in the Disclosure Document.
4. Investors can approach SEBI for redressal of their complaints. On receipt of complaints, SEBI takes up the matter with the concerned PMS provider and follows up with them.
5. Investors may send their complaints to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan. Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051.

E) Expectations from the investors (Responsibilities of investors)

1. Check registration status of the intermediary from SEBI website before availing services.
2. Submission of KYC documents and application form in a timely manner with signatures in appropriate places and with requisite supporting documents.
3. Read carefully terms and conditions of the agreement before signing the same.
4. Thorough study of the Disclosure Documents of the PMS to accurately understand the risks entailed by the said investment in PMS.
5. Accurate and sincere answers given to the questions asked in the ‘Risk Questionnaire’ shall help the PMS provider properly assess the risk profile of the investor.
6. Thorough study of the quarterly statements sent by the PMS provider to the investor intimating him about the portfolio’s absolute and relative performance, its constituents and its risk profile.
7. Ensure providing complete details of negative list of securities as part of freeze instructions at the time of entering into PMS agreement and every time thereafter for changes, if any, in a timely manner.
8. To update the PMS provider in case of any change in the KYC documents and personal details and to provide the updated KYC along with the required proof.

A) Vision and Mission Statements for investors

Vision

Invest with knowledge & safety.

Mission

very investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

B) Details of business transacted by the Investment Adviser with respect to the investors

• To enter into an agreement with the client providing all details including fee details, aspects of Conflict of interest disclosure and maintaining confidentiality of information.
• To do a proper and unbiased risk — profiling and suitability assessment of the client.
• To obtain registration with Know Your Client Registration Agency (KRA) and Central Know Your Customer Registry (CKYC).
• To conduct audit annually.
• To disclose the status of complaints on its website.
• To disclose the name, proprietor name, type of registration, registration number, validity, complete address with telephone numbers and associated SEBI Office details (i.e. Head office/ regional/ local Office) on its website.
• To employ only qualified and certified employees.
• To deal with clients only from official number
• To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to advice has taken place.
• To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Investment Advisers.
• ot to discriminate in terms of services provided, among clients opting for same/similar products/services offered by investment adviser.

C) Details of services provided to investors (No Indicative Timelines)

• Onboarding of Clients
  • Sharing of agreement copy
  • Completing KYC of clients
• Disclosure to Clients
  • To provide full disclosure about its business, affiliations, compensation in the agreement.Page 4 of 9
  • To not access client’s accounts or holdings for offering advice.
  • To disclose the risk profile to the client.
  • To disclose any conflict of interest of the investment advisory activities with any other activities of the investment adviser.
  • To disclose the extent of use of Artificial Intelligence tools in providing investment advisory services.
• To provide investment advice to the client based on the risk-profiling of the clients and suitability of the client.
• To treat all advisory clients with honesty and integrity.
• To make adequate disclosure to the investor of all material facts such as risks, obligations, costs, etc. relating to the products or securities advised by the adviser.
• To provide clear guidance and adequate caution notice to clients when providing investment advice for dealing in complex and high-risk financial products/services.
• To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.
• To disclose the timelines for the various services provided by the investment adviser to clients and ensure adherence to the said timelines.

D) Details of qrievance redressal mechanism and how to access it

1. Investor can lodge complaint/grievance against Investment Adviser in the following ways:

   Mode of filing the complaint with investment adviser
   
   In case of any grievance / complaint, an investor may approach the concerned Investment Adviser who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.

   
    

   Mode of filing the complaint on SCORES or with Investment Adviser Administration and Supervisory Body (IAASB)

   1. SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner)
      (https://scores.sebi.gov.in)
      
      Two level review for complaint/grievance against investment adviser:
      • First review done by designated body (IAASB)
      • Second review done by SEBI
   2. Email to designated email ID of IAASB
2. If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration.

3. With regard to physical complaints, investors may send their complaints to:

   Office of Investor Assistance and Education,

   Securities and Exchange Board of India,

   SEBI Bhavan, Plot No. C4-A, ‘G’ Block,

   Bandra-Kurla Complex, Bandra (E),

   Mumbai - 400 051

E) Rights of investors

• Right to Privacy and Confidentiality
• Right to Transparent Practices
• Right to fair and Equitable Treatment
• Right to Adequate Information
• Right to Initial and Continuing Disclosure - Right to receive information about all the statutory and regulatory disclosures
• Right to Fair & True Advertisement
• Right to Awareness about Service Parameters and Turnaround Times
• Right to be informed of the timelines for each service
• Right to be Heard and Satisfactory Grievance Redressal
• Right to have timely redressal
• Right to Suitability of the Financial Products
• Right to Exit from Financial product or service in accordance with the terms of agreement with the investment adviser
• Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services
• Additional Rights to vulnerable consumers - Right to get access to services in a suitable manner even if differently abled
• Right to provide feedback on the financial products and services used
• Right against coercive, unfair, and one-sided clauses in financial agreements

F) Expectations from the investors (Responsibilities of investors)

• Do’s
  1. Always deal with SEBI registered Investment Advisers.
  2. Ensure that the Investment Adviser has a valid registration certificate.
  3. Check for SEBI registration number.
     Please refer to the list of all SEBI registered Investment Advisers which is available on SEBI website in the following link:
     https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&in tmId=13)
  4. Pay only advisory fees to your Investment Adviser. Make payments of advisory fees through banking channels only and maintain duly signed receipts mentioning the details of your payments.
     You may make payment of advisory fees through Centralised Fee Collection Mechanism (CeFCoM) of IAASB if investment adviser has opted for the mechanism
  5. Always ask for your risk profiling before accepting investment advice. Insist that Investment Adviser provides advisory strictly on the basis of your risk profiling and take into account available investment alternatives.
  6. Ask all relevant questions and clear your doubts with your Investment Adviser before acting on advice.
  7. Assess the risk–return profile of the investment as well as the liquidity and safety aspects before making investments.
  8. Insist on getting the terms and conditions in writing duly signed and stamped. Read these terms and conditions carefully particularly regarding advisory fees, advisory plans, category of recommendations etc. before dealing with any Investment Adviser.
  9. Be vigilant in your transactions.
  10. Approach the appropriate authorities for redressal of your doubts / grievances.
  11. Inform SEBI about Investment Advisers offering assured or guaranteed returns.
  12. Always be aware that you have the right to exit the service of an Investment Adviser.
  13. Always be aware that you have the right to seek clarifications and clear guidance on advice.
  14. Always be aware that you have the right to provide feedback to the Investment Adviser in respect of services received.
  15. Always be aware that you will not be bound by any clause, prescribed by the investment adviser, which is contravening any regulatory provisions.
• Don’ts
  1. Don’t fall for stock tips offered under the pretext of investment advice.
  2. Do not provide funds for investment to the Investment Adviser.
  3. Don’t fall for the promise of indicative or exorbitant or assured returns by the Investment Advisers. Don’t let greed overcome rational investment decisions.
  4. Don’t fall prey to luring advertisements or market rumors.
  5. Avoid doing transactions only on the basis of phone calls or messages from any Investment adviser or its representatives.
  6. Don’t take decisions just because of repeated messages and calls by Investment Advisers.
  7. Do not fall prey to limited period discount or other incentive, gifts, etc. offered by Investment advisers.
  8. Don’t rush into making investments that do not match your risk taking appetite and investment goals.
  9. Do not share login credential and password of your trading, demat or bank accounts with the Investment Adviser.

Formats for investors complaints data to be disclosed monthly by IAs on their website and mobile applications:

Data for the month ending -_____________

Number of complaints received during month against the IA due to impersonation by some other entity:

Note: In case of any complaints received against the IA due to impersonation of the IA by some other entity, the IA may adjust the number of such complaints from total number of received/resolved complaints while preparing the above table. Further, IA must close such impersonation related complaints after following the due process as specified by SEBI/ IAASB.

* Inclusive of complaints of previous months resolved in the current month.
# Inclusive of complaints pending as on the last day of the month.
^ 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.

* Inclusive of complaints of previous months resolved in the current month.
# Inclusive of complaints pending as on the last day of the month

* Inclusive of complaints of previous years resolved in the current year.
# Inclusive of complaints pending as on the last day of the year.

A) Vision and Mission Statements for investors.

Vision

Invest with knowledge & safety.

Mission

Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

B) Details of business transacted by the Research Analyst with respect to the investors.

• To publish research report based on the research activities of the RA.
• To provide an independent unbiased view on securities.
• To offer unbiased recommendation, disclosing the financial interests in recommended securities.
• To provide research recommendation, based on analysis of publicly available information and known observations.
• To conduct audit annually.
• To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.
• To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.

C) Details of services provided to investors (No Indicative Timelines)

• Onboarding of Clients :
  • Sharing of terms and conditions of research services
  • Completing KYC of fee paying clients
• Disclosure to Clients :
  • To disclose, information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any.
  • To disclose the extent of use of Artificial Intelligence tools in providing research services.
  • To disclose, while distributing a third party research report, any material conflict of interest of such third party research provider or provide web address that directs a recipient to the relevant disclosures.
  • To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
• To distribute research reports and recommendations to the clients without discrimination.
• To maintain confidentiality w.r.t publication of the research report until made available in the public domain.
• To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information.
• To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines.
• To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services.
• To treat all clients with honesty and integrity.
• To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a clienthas provided specific consent to share such information.

D) Details of grievance redressal mechanism and how to access it

1. Investor can lodge complaint/grievance against Research Analyst in the following ways:
    

   Mode of filing the complaint with research analyst
   In case of any grievance / complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.

   Mode of filing the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)
    

   1. SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner)
      (https://scores.sebi.gov.in)
      Two level review for complaint/grievance against Research Analyst:
      • First review done by designated body (RAASB)
      • Second review done by SEBI
   2. Email to designated email ID of RAASB

    

1. If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration.

With regard to physical complaints, investors may send their complaints to:
 

E) Rights of investors

• Right to Privacy and Confidentiality
• Right to Transparent Practices
• Right to fair and Equitable Treatment
• Right to Adequate Information
• Right to Initial and Continuing Disclosure
  - Right to receive information about all the statutory and regulatory disclosures
• Right to Fair & True Advertisement
• Right to Awareness about Service Parameters and Turnaround Times
• Right to be informed of the timelines for each service
• Right to be Heard and Satisfactory Grievance Redressal
• Right to have timely redressal
• Right to Exit from Financial product or service in accordance with the terms and conditions agreed with the research analyst
• Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services
• Additional Rights to vulnerable consumers
  - Right to get access to services in a suitable manner even if differently abled
• Right to provide feedback on the financial products and services used
• Right against coercive, unfair, and one-sided clauses in financial agreements

F) Expectations from the investors (Responsibilities of investors).

• Do's
  1. Always deal with SEBI registered Research Analyst.
  2. Ensure that the Research Analyst has a valid registration certificate.
  3. Check for SEBI registration number.
     Please refer to the list of all SEBI registered Research Analysts which is available on SEBI website in the following link:
     (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi =yes&intmId=14)
  4. Always pay attention towards disclosures made in the research reports before investing.
  5. Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCoM) of RAASB if research analyst has opted for the mechanism. (Applicable for fee paying clients only)
  6. Before buying/ selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.
  7. Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation.
  8. Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high risk financial products and services.
  9. Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.
  10. Aways be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.
  11. Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.
  12. Inform SEBI about Research Analyst offering assured or guaranteed returns.
• Don'ts
  1. Do not provide funds for investment to the Research Analyst.
  2. Don't fall prey to luring advertisements or market rumours.
  3. Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.
  4. Do not share login credential and password of your trading, demat or bank accounts with the Research Analyst.

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

Data for the month ending -_____________

Number of complaints received during month against the RA due to impersonation by some other entity:

Note: In case of any complaints received against the RA due to impersonation of the RA by some other entity, the RA may adjust the number of such complaints from total number of received/resolved complaints while preparing the above table. Further, RA must close such impersonation related complaints after following the due process as specified by SEBI/ RAASB.

* Inclusive of complaints of previous months resolved in the current month.
# Inclusive of complaints pending as on the last day of the month.
^ 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.

* Inclusive of complaints of previous months resolved in the current month.
# Inclusive of complaints pending as on the last day of the month

* Inclusive of complaints of previous years resolved in the current year.
# Inclusive of complaints pending as on the last day of the year.