Chief Manager - Defaulter Section - BFSI

Chief Manager (Defaulter Section (BFSI)

Activities handled pursuant to a declaration of Defaulter / Expulsion of Trading Member :

1. Identify dues of the defaulter / expelled member to the Exchange, Clearing Corporation, and SEBI.

2. Coordinate closely with Inspection Team to seek details regarding the observations made during the inspection process and obtain the client balances as determined by a forensic auditor from the Inspection Team.

3. Seek details from Depositories and Banks regarding the defaulter/expelled member's DP accounts and bank accounts.

4. Issue of Public Notice for defaulting members inviting claims.

5. Obtain NOCs from all relevant departments.

6. Realization of defaulters' assets from Membership Compliance, Clearing Corporation, Clearing Members.

7. Support the Enforcement team and Legal team in taking action against defaulter/expelled member by providing information regarding claims processing

8. Receive investor claims against the defaulter / expelled member.

9. Monitor, escalate and discuss all high and medium level exceptions and observations.

10. To escalate all operational risk events and report within timelines. To implement a mitigation plan in time.

Handle investor claims for defaulting/expelled trading members/monitoring activities of the claim processing team :

1. Scrutinize and ensure that claims received have been adequately supported by necessary documents such as Bank statement, proof of payment, ledger account statement (wherever required), Cancelled cheque, etc. In case of incomplete claims, seek additional information including supporting details and documents.

2. Monitor, guide and assist Data entry / Claim processing staff and auditors with respect to day-to-day activities

3. Keep the claim processing team updated with the latest policy changes, ensure clear understanding/interpretation of the policy, ensure regular training and knowledge updates, address practical issues encountered during the application of policies, and resolve technical issues, if any, by coordinating with IT team.

4. Keep the Audit team updated with the latest policy changes, ensure a clear understanding/interpretation of the policy, and resolve technical issues, if any, by coordinating with the IT team.

5. Submit claims to Auditors for scrutiny of admissibility or otherwise and obtain their report.

6. Ensure that the claim processing timelines as specified by SEBI are adhered to.

3. DC/IPF Agenda, Minutes, and Implementation of the outcome of meetings/disbursal of the amount from IPF :

1. Collate all the claims and other items to be placed before the Defaulters Committee (DEFCOM) and Trustees of Investor Protection Fund (IPFT) at the quarterly meetings.

2. Finalization of agenda

3. Prepare a presentation for the meeting, if required.

4. Finalization of minutes of the meetings.

5. Sending implementation letters to clients online informing the status of their claim. 6. Inform the Accounts department of the payments to be made Online/through IOM for old cases.

7. Ensure expeditious disbursal of payments by removing all obstacles, encountered w.r.t to bank transfer through NEFT/RTGS in some claims.

8. Ensure that the claim processing timelines as specified by SEBI are adhered to.

4. Publish MIS and SEBI reports :

1. Preparation of fortnightly/ monthly /quarterly/half-yearly and annual reports.

2. Preparation of daily MIS sent to HOD/ SEBI

3. Publish accurate data pertaining to IPFT corpus, utilization, and claim processing data on the website as per the regulatory compliance requirements.

5. Handle queries from regulators and investors :

1. Draft reply to emails of aggrieved investors whose claims are found to be inadmissible by NSE.

2. Collate relevant data to draft the report in response to the queries raised by regulators like SEBI/ EOW/ MOF/ Police.

3. Monitoring timely updates of various actions taken (ATR) to SEBI regarding queries/complaints received from the investors through the SEBI-SCORES portal.

4. Identify clients with debit balances and send intimation to them for recovery.

6. System development initiatives

1. Continuously strive to improve various processes performed in the department, brainstorm new suggestions and ideas with the team and drive identified improvement areas by coordinating with the IT team.

2. Assisting the team in UAT testing and other development activities

7. Other Compliances :

1. Collate and regularly update data/ information regarding withheld securities (on behalf of Defaulter/Expelled members) /

2. Maintain the corporate benefits received and ensure credits to the respective Defaulter/Expelled members account.

3. Ensure that the Defaulters' Committee is updated on all relevant developments pertaining to defaulter/expelled members.

4. Ensure timely upload of Agenda and minutes in the Exchange Compliance database.

5. Obtain Board/relevant approvals for the opening of bank/Demat accounts, change in authorized signatories to carry out necessary activities.

8. Audit :

1. Assist in the internal audit conducted annually for DCS / IPFT sections.

2. Collate data for SEBI audit.