‘Dispute Resolution as Part of Your Risk Management Tool Kit’ – see you at Products @ Bursa Workshop 2016
Date: 19 March 2016
Location: Weil Hotel, IPOH
The Securities Industry Dispute Resolution Center (SIDREC), which begins operations today, aims to resolve small claims disputes in an efficient and timely manner – within 90 days upon receipt of complete documentation.
“With the setting up of SIDREC, which serves as an alternative dispute resolution (ADR) body for the capital market, we hope to assist retail investors with small claims, who may not have the financial resources to pursue their claims in court,” said Dato’ Ranita binti Mohd Hussein, the newly appointed Chairman of SIDREC.
The new body has been approved by the Securities Commission Malaysia (SC) as the first dispute resolution body to address small claims in the Malaysian capital market.
“SIDREC fills the needs of the retail investor who has a small claim, providing free mediation and adjudication services for monetary disputes of not more than RM100,000. The investor will gain access to an efficient system of resolving his dispute with a body that has expertise in capital market products and services,” said Dato’ Dr Awang Adek Hussin, Deputy Minister of Finance, who witnessed the launch of SIDREC.
SIDREC‘s services are available to both local and foreign clients of capital market intermediaries in Malaysia, and will work towards enhancing confidence in the country’s investor protection regime and capital market. SIDREC’s functions and facilities are on par with similar dispute resolution mechanisms in developed markets such as the USA, UK and Australia.
SIDREC’s Board of Directors is chaired by Dato’ Ranita binti Mohd Hussein, and includes distinguished representatives from the capital market industry as well as the private and public sectors, namely Tan Sri Dato’ Sri Hamad Kama Piah Bin Che Othman, Dato’ Kok Wee Kiat, Dato’ Saiful Bahri Bin Zainuddin, Dato’ Ambiga Sreenevasan, Dato’ Halipah Binti Esa and Mr Raymond Tang Chee Kin.
SC Chairman Tan Sri Zarinah Anwar said, “SIDREC will enhance investor protection by affording investors with small claims access to settlement of disputes without the need to resort to expensive litigation”
Dato’ Ranita binti Mohd Hussein, the newly appointed Chairman of SIDREC said, “SIDREC provides a mediation and adjudication mechanism aimed at investors who have claims of RM100,000 or less arising from transactions involving capital market products and/or services. The facility is provided free to eligible individuals and sole proprietorships. One of SIDREC’s immediate priorities is to educate the investing public on SIDREC’s functions and how it can help investors”.
Dato’ Ranita is joined on the Board of Directors of SIDREC by a group of distinguished representatives from the capital market industry as well as the private and public sectors, namely Tan Sri Dato’ Sri Hamad Kama Piah Bin Che Othman, Dato’ Kok Wee Kiat, Dato’ Saiful Bahri Bin Zainuddin, Dato’ Ambiga Sreenevasan, Dato’ Halipah Binti Esa and Mr Raymond Tang Chee Kin.
SIDREC is a body corporate established to act as a dispute resolution body in relation to any claims made by eligible claimants against any person licensed to carry out the activities of dealing in securities, trading in futures contracts and fund management under the Capital Markets and Services Act 2007. In essence, SIDREC will provide dispute resolutions in any dealing or transaction involving capital market products or services between clients and their securities brokers, futures brokers, fund managers and unit trust management companies.
An investor who brings a claim to SIDREC will be attended to by a mediator, who will look into his/her claim and conduct enquiries with both the claimant and the party complained against. The mediator will bring the two parties together with the aim of resolving the claim amicably. If this mediation process fails, the matter will proceed to adjudication within SIDREC. The decision and award granted by SIDREC is binding on the capital market licence holder. However, the claimant is free to pursue his claim in court if he is dissatisfied with the mediator’s decision.
Date: 19 March 2016
Location: Weil Hotel, IPOH
The International Malaysian Law Conference (IMLC), the Malaysian Bar’s signature biennial conference, returns on 14-17 August 2018.
SIDREC expresses its heartfelt gratitude to its recently retired Founding Chairman, Dato’ Ranita Mohd Hussein and Directors of the Board, the late Dato’ Karam Chand