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FREQUENTLY ASKED QUESTIONS (FAQs)

Frequently Asked Questions (FAQs)

General, Mediation and Adjudication
Lodging a dispute with SIDREC

How do I complain or file a claim to SIDREC?

You can call us, email or write to us, submit an online application or come and see us at our office.

What complaints do we cover?

SIDREC is able to look at disputes that involve regulated activities of dealing in securities, derivatives, Private Retirement Schemes (PRS), and fund management.

If your complaint is against a SIDREC Member and involves a capital market product or service provided to you by our Member or their representative or agent, SIDREC will be able to help you.

What capital market products or services are under SIDREC’s purview?

Capital market products that come under SIDREC’s purview include all securities (such as shares, unit trusts, warrants, bonds, structured products such as structured warrants etc.), derivatives (e.g. futures or options) and Private Retirement Schemes (PRS).

Capital market services include any service that involves a capital market product. For example, this would include all aspects of helping you invest in shares, unit trusts or any other securities, derivatives or PRS.

If you are unsure whether your claim/complaint is within SIDREC’s purview, please contact SIDREC.

What types of complaints/disputes are excluded?

There are a few categories of complaints/disputes from investors which SIDREC can’t help with, they include those:

  1. involving a Member against which a winding up order has been made, or where the Member has been declared to be financially insolvent by a court of law, or has been the subject of a declaration of an event of default pursuant to the Rules of the Capital Market Compensation Fund Corporation;
  2. arising from commercial decisions, e.g. with regard to product pricing, fees & charges or rejection of credit/margin applications, made by the Member;
  3. concerning the performance of a product or investment (except in respect of any alleged non-disclosure/misrepresentation by the Member in relation to such product or investment);
  4. which have been referred by the Claimant or the Member to a court or arbitration and the case
    (i) has been decided in the court or arbitration; or
    (ii) is pending in the court or arbitration unless the matter is stayed for the purposes of referral of the dispute to SIDREC;
  5. involving matters under investigation by the Securities Commission Malaysia (SC) or any other Government enforcement authority where the SC has issued a direction under the Regulations to SIDREC not to proceed with the Dispute Resolution Process; and
  6. which have been time barred in accordance with the Limitation Act 1953, Limitation Ordinance (Sabah) (Cap.72) and Limitation Ordinance (Sarawak) (Cap.49) at the time it is submitted to SIDREC for resolution.

To know more, please call SIDREC.

Who are SIDREC members?

SIDREC Members comprise companies, which are registered persons, or are licensed by the Securities Commission Malaysia (SC) to deal in securities, derivatives, Private Retirements Schemes (PRS), and/or undertake fund management.

These would include banks, stockbrokers, derivatives brokers, unit trust management companies, fund management companies, PRS providers and distributors, and financial planners who are corporate unit trust advisers. Please refer to the list here.

Do I have to pay for SIDREC’s service?

1.  Mandatory Component (Part A of SIDREC’s TOR)

  • For claims not exceeding RM250,000, which requires mandatory participation by the Member, SIDREC’s services are free for investors.
  • While the claim amount may exceed the limit, claimants need to confirm that they agree to limit their claim to RM250,000 for the free services.

2.  Voluntary Component (Part B & C of SIDREC’s TOR)

  • For claims above RM250,000

(i)       The participation of both the Claimant and the Member is voluntary;

(ii)      There is no limit to the claim amount; and

(iii)     Fees payable by both the Member and Claimant as follows:

(a)   For case management – RM500 per claim

(b)   For mediation – RM2,000 per day; and

(c)   For adjudication (should mediation fail and the case proceed to adjudication) – RM5,000 per claim.

  • For court referred mediation

(i)       The participation of both the Claimant and the Member is voluntary; and

(ii)      Fees payable by both the Member and Claimant as follows:

(a)   For case management – RM500 per claim; and

(b)   For mediation – RM2,000 a day.

Is there a limit to the amount I can claim?

1. Mandatory Component (Part A of SIDREC’s TOR)

There is a limit of RM250,000 (excluding any fair interest that may be due) for claims under the mandatory component.

However, if your claim exceeds this amount and you are willing to limit your claim to RM250,000 (excluding any fair interest that may be due), you may still submit a claim under the mandatory component.

2. Voluntary Component (Part B & C of SIDREC’s TOR)

(i)  Claims exceeding RM 250,000 (Part B of SIDREC’s TOR)

SIDREC has introduced a voluntary component to its dispute resolution service for parties with disputes exceeding RM250,000 effective from 1 April 2017. There is no claim limit for the voluntary component.  Under this voluntary component, both parties must agree to use SIDREC expert services.

(ii) Court referred mediation (Part C of SIDREC’s TOR)

SIDREC also has introduced a category for court referred mediation effective from 1 April 2017.  There is no claim limit for court referred mediation.  

How long does it take?

SIDREC aims to resolve all claims within 90 working days from receiving complete documentation.  However, this time frame may be extended at SIDREC’s discretion depending on the complexity of the disputes, the level of cooperation extended by the parties, any logistical impediments involving any of the parties etc.

What if I am a foreigner or residing outside Malaysia, can I still come to SIDREC for help?

Yes, we will accept claims from any person regardless of your nationality or where you live, if your complaint or claim is in relation to a capital market product or service provided to you by a SIDREC Member.

Is there a time-limit for making a complaint to SIDREC?

There are generally two time limits that you should be aware of to ensure you are not time barred from submitting a claim to SIDREC:

  1. the six-year limitation period imposed by the Limitation Act 1953, Limitation Ordinance (Sabah) (Cap.72) and Limitation Ordinance (Sarawak) (Cap.49) on civil claims; and
  2. the requirement in SIDREC’s Rules to file a claim within 180 days from the date of receipt of a final reply on your complaint from SIDREC’s Member.

SIDREC cannot accept claims that are time-barred.  If you are not sure whether your claim is time barred, please contact SIDREC for guidance.

Before Coming To SIDREC

What should I do if I have a complaint against a SIDREC Member?

A formal complaint must first be made to the SIDREC member concerned, stating what your complaint is about and the amount of your claim.

Matters can often be resolved by the Member concerned, if they are made aware of the problem. If you are unable to get a satisfactory resolution of your complaint, you may then file your claim with SIDREC.

Can I come to SIDREC without trying to resolve my problem with the member of SIDREC?

No, SIDREC can only deal with complaints that have been initially filed with the member.

What if there is no response from SIDREC’s Member?

If 90 days had passed since you filed the complaint and you have not received a response, you do not need to wait any further and may come to SIDREC for help.

What if I am not happy with the response given by SIDREC’s Member?

If you are unhappy with the response given, you may come to SIDREC within 180 days from the date of receipt of the final response.

Do I need complete documentation before coming to SIDREC?

It would be helpful if you have complete documentation, but you may still come to SIDREC and submit your documents later. Please be mindful that SIDREC’s process is meant to be speedy. Therefore, you are advised to submit any documentation that will support your claim promptly upon request by SIDREC.

Do I need a lawyer to help with my complaint to SIDREC?

No, you do not need a lawyer to file a complaint with SIDREC or for any part of SIDREC’s dispute resolution process. Our Case Managers will assist you through the process and the Mediator and Adjudicator will facilitate, and where appropriate, ensure all information will be provided and enquiries made, to enable a fair process.

However, parties are welcome to seek advice from lawyers outside SIDREC’s process, should they feel the need to do so. The limitations to lawyers participating in SIDREC’s dispute resolution process are as follows:

1. Mandatory Component (Part A of SIDREC’s TOR)

  • Neither party is allowed to bring in their lawyer or be represented by their lawyer in SIDREC’s dispute resolution process.
  • This is mainly because, many Claimants under this category, are not able to afford lawyers. Therefore, SIDREC provides investors with the avenue to free expert help to resolve their disputes.
  • However, SIDREC is not able to provide legal advice and understand that you may feel the need for lawyers. Parties are free to seek the advice of lawyers to help prepare or support them. The lawyers are just not able to participate in the dispute resolution process.

2. Voluntary Component (Part B & C of SIDREC’s TOR)

(i)  Claims exceeding RM 250,000 (Part B of SIDREC’s TOR)

If the Claimant has applied to SIDREC for their lawyer to be present, the Member may also bring their lawyer to such meeting or hearing.

Any person given permission by SIDREC to attend the meeting or hearing must abide by the SIDREC’s Terms of Reference and the spirit of SIDREC’s dispute resolution process.

Where the Mediator or Adjudicator are of the view that a person is in any way undermining the process, the Mediator or Adjudicator may exclude such person from the meeting or hearing concerned.

(ii) Court referred mediation (Part C of SIDREC’s TOR)

Both parties’ lawyers are permitted to participate in the process.

Any person given permission by SIDREC to attend the meeting or hearing must abide by the SIDREC’s Terms of Reference and the spirit of SIDREC’s dispute resolution process.

Where the Mediator is of the view that a person is in any way undermining the process, the Mediator may exclude such person from the meeting or hearing concerned.

Our Process - General

What happens when I submit a complaint to SIDREC?

Upon receipt of a claim/complaint, SIDREC will first assess the eligibility of your claim or complaint, followed by an assessment on the merit of the claim.  During the merit assessment, SIDREC may dismiss your claim/complaint if it is found to be clearly unsustainable against the Member concerned, or if the claim is frivolous and vexatious.

If your claim passes the initial assessment, the matter proceeds to mediation, where our mediator will try to help parties reach a resolution of the dispute. If parties fail to reach an agreement through mediation, the matter will then proceed to adjudication, during which SIDREC’s adjudicator will conduct a hearing of the matter and issue a decision.

What is mediation?

Mediation is an effective way of resolving disputes without the need to go to court. It involves a mediator who is an independent third party. The mediator’s role is to help the parties communicate and reach an agreement and outcome that both parties are happy to accept.

Mediation meetings are informal and very practical and common sense in approach. The mediation process is a confidential one and the discussions will not be disclosed to any party outside SIDREC’s dispute resolution process.

What is adjudication?

Adjudication is a hearing of a dispute that results in a decision on the dispute.

Adjudication in SIDREC’s dispute resolution avenue is only available for claims up to a maximum of RM250,000. A matter will proceed to adjudication when mediation fails.

In the adjudication  process both parties will be given an opportunity to:

  1. present any evidence (including calling of witnesses) to support their case;
  2. seek clarification from the other parties or their witnesses; and
  3. submit on their respective cases

The adjudicator may also seek further clarification and documents from the parties or their witnesses.  After taking into account the evidence presented, facts involved, conduct of parties, as well as relevant rules and laws, best industry practice, and SIDREC’s precedents, the adjudicator will then come to a decision, applying the principle of what is fair and reasonable in the circumstances.

Is SIDREC’s adjudication decision binding on all parties?

SIDREC’s decision is binding only on SIDREC’s Member. If you are unhappy with SIDREC’s decision, you are free to explore other avenues to resolve your complaint. 

However, if you accept the decision, you would then enter into a settlement agreement with SIDREC’s Member, that reflects SIDREC’s decision and this will then become binding on both parties.

Are lawyers allowed to be present in the process?

The limitations to lawyers participating in SIDREC’s dispute resolution process are as follows:

1. Mandatory Component (Part A of SIDREC’s TOR)

  • Neither party is allowed to bring in their lawyer or be represented by their lawyer in SIDREC’s dispute resolution process.
  • This is mainly because, many Claimants under this category, are not able to afford lawyers. Therefore, SIDREC provides investors with the avenue to free expert help to resolve their disputes.
  • However, SIDREC is not able to provide legal advice and understand that you may feel the need for lawyers. Parties are free to seek the advice of lawyers to help prepare or support them. The lawyers are just not able to participate in the dispute resolution process.

2. Voluntary Component (Part B & C of SIDREC’s TOR)

(i)  Claims exceeding RM 250,000 (Part B of SIDREC’s TOR)

If the Claimant has applied to SIDREC for their lawyer to be present, the Member may also bring their lawyer to such meeting or hearing.

Any person given permission by SIDREC to attend the meeting or hearing must abide by the SIDREC’s Terms of Reference and the spirit of SIDREC’s dispute resolution process.

Where the Mediator or Adjudicator is of the view that a person is in any way undermining the process, the Mediator or Adjudicator may exclude such person from the meeting or hearing concerned.

(ii) Court referred mediation (Part C of SIDREC’s TOR)

Both parties’ lawyers are permitted to participate in the process.

Any person given permission by SIDREC to attend the meeting or hearing must abide by the SIDREC’s Terms of Reference and the spirit of SIDREC’s dispute resolution process.

Where the Mediator is of the view that a person is in any way undermining the process, the Mediator may exclude such person from the meeting or hearing concerned.

Can we call an expert witness to support my case?

Yes. You may do so. However, you must obtain the prior consent of SIDREC.  In order for SIDREC to decide whether to give the requisite consent, you are required to furnish SIDREC with the name, qualification, specialised knowledge/experience of the expert witness and the reason for calling the expert witness.

If I am not conversant in Bahasa Malaysia and English, what should I do?

You may be assisted by any person who can act as your interpreter, who need not be a formally qualified interpreter. However, you must obtain prior consent from SIDREC.  In such an event, you need to furnish SIDREC with the particulars of such person including his, name, contact details, identity card number, education level, occupation etc.

Can I be accompanied by my friend or family during SIDREC’s dispute resolution process?

A third party may only attend the mediation sessions or adjudication hearings with prior approval from SIDREC. Generally, due to the confidential nature of the proceedings, SIDREC does not entertain requests for participation by third parties. However, in some exceptional circumstances SIDREC may exercise its discretion to allow it, for example, if the claimant is elderly and needs assistance.

If I do not have a copy of the documents in the Member’s possession, to support my claim, what should I do?

You should write to the Member to request a copy of the same.  As a customer you are entitled to have a copy of your statement of account, the account application form, receipt etc.  If you encounter problems to obtain the document required from the Member, please let the case manager know. 

Can we refuse to provide any material/documents/information that SIDREC requests?

If any party fails or refuses to provide any material evidence in his control (which includes any audio/visual or digital data, documents, information or witnesses) requested by SIDREC without a reason acceptable to SIDREC, the Adjudicator or SIAC (where applicable) may draw an ‘adverse inference’, i.e.  that the party is seeking to conceal facts that are not in his favour.  Therefore, failure to provide the information requested, may be prejudicial to your case.

Are we required to forward the evidence (which includes voice recording or any documents) that we forwarded to SIDREC to the other party to support our case to the other party?

If a party wishes the Adjudicator to take into account the documents furnished by him to support his case during Adjudication, he should furnish a copy of the evidence to the other party, to allow the other party the opportunity to respond to the same, otherwise the Adjudicator will not take the said evidence into account. 

SIDREC overarching principle is what is fair and reasonable in the circumstances of the case. 

During SIDREC’s dispute resolution process, can either party still make an offer in order to settle the dispute amicably between the parties?

Yes, parties are encouraged to do so at any point in the dispute resolution process, before the issuance of an Award.

Can I withdraw my claim/ complaint after lodging a claim with SIDREC?

A Claimant may withdraw his complaint at any point of time before the Adjudicator issue an Award.

If we are not satisfied with SIDREC’s award, can we appeal against it?

SIDREC’s award is final, except in very limited circumstances SIDREC provides a limited appeal avenue with specific grounds for appeal. These are:

  1. a serious error of law or fact in the Award that may materially affect the Award; or
  2. the production of new evidence (which could not have been obtained with reasonable effort during the adjudication), that may materially affect the Award.

There are special provisions for the appeal process (including an appeal fee) that any party wishing to submit an appeal must comply with. These are set out in SIDREC Terms of Reference.

If you wish to file an appeal you are advised to ensure you have the information and evidence to substantiate your grounds of appeal and file the Notice of Appeal as soon as possible within the prescribed time frame for appeal. Don’t leave it until the last minute.  Allow yourself time to re-file the Notice of Appeal, if there are any shortcomings or irregularities found in the Notice of Appeal.

Please refer to SIDREC’s Terms of Reference and FAQs on the Appeal process for more information.

What happens if a Member does not comply with SIDREC’s decision?

If a Member does not comply with SIDREC’s decision, this would amount to a breach of SIDREC’s rules and the Capital Markets and Services (Dispute Resolution) Regulations 2010, as well as the Securities Commission Malaysia’s (SC) licensing conditions as set out in the SC’s Licensing Handbook. SIDREC will notify the SC of the non-compliance by the Member concerned, for the SC’s further action. SIDREC will stand advised by any directive issued by the SC on the matter.

About SIDREC

How does SIDREC get its power?

SIDREC is mandated by the Securities Commission Malaysia (SC), under the Capital Market and Services (Dispute Resolution) Regulations 2010, as dispute resolution body, to handle disputes involving monetary claims made by individual investors or sole proprietors against capital market intermediaries, who are members of SIDREC.

Who runs SIDREC?

SIDREC has an independent Board comprising industry and non-industry directors. All the directors and the CEO of SIDREC may only be appointed with the prior approval of the Securities Commission Malaysia. This together with checks and balances reflected in the Capital Markets and Services (Dispute Resolution) Regulations 2010 and SIDREC’s Rules ensure SIDREC’s independence and impartiality.

Why should I come to SIDREC?

We help you to resolve your dispute quickly and without hefty legal costs.  SIDREC was established by the SC to provide investors an independent and impartial, avenue with capital market expertise, to resolve their monetary disputes with SIDREC’s members in a timely and cost effective manner. We do our best to ensure that the parties are adequately supported through the process.

Our first priority is to try to mediate a resolution of the dispute, so a lot of effort goes into helping the parties to communicate and understand each other’s side of the story and find possible solutions.

If this does not work, then SIDREC will step in and adjudicate the matter and issue a decision. SIDREC Members must comply with SIDREC’s decision, if the Claimant accepts the decision. With that, there will be closure on the matter.

As our mediators and adjudicators and the case mangers supporting them are experts with capital market knowledge and experience, the whole process is easier as they are better able to help the parties in an informed manner.

APPEAL
General

If I am unhappy with SIDREC’s adjudicator’s Award, can I appeal?

SIDREC’s Award is final except in limited circumstances. SIDREC provides a limited appeal avenue for specific grounds. These are:

  1. Serious error of law or fact in the Award that may materially affect the Award; or
  2. The error of law or fact must be relevant to the finding of the Award and one which is serious enough to have a material impact on the finding of the Award.

Further, if a party appeals on the ground of production of new evidence that would have a material impact on the Award, the responsibility is on the appealing party to prove that the new evidence could not have been obtained with reasonable efforts or diligence, during the Adjudication.

If you can satisfy one or more of the grounds of appeal above, you may submit a Notice of Appeal to SIDREC. There are special provisions for the appeal process (including a filing fee) that any party wishing to submit an appeal must comply with. These are set out in SIDREC Terms of Reference.

If you wish to file an appeal you are advised to ensure you have the information and evidence to substantiate your grounds of appeal and file the Notice of Appeal as soon as possible within the prescribed time frame for appeal. Don’t leave it until the last minute.  Allow yourself time to re-file the Notice of Appeal, if there are any shortcomings or irregularities found in the Notice of Appeal.

If you are unsure whether the ground/basis which you intend to rely on falls under the prescribed grounds of the limited appeal permitted by SIDREC, please contact SIDREC for guidance.

What if I already had or was aware of the evidence but I did not bring it up during the mediation and adjudication process because I was unsure whether it would be helpful to my case? Can I use that evidence as a ground/basis to file an appeal?

No, if you already had the evidence but did not use it, you would not be permitted to use the evidence as it would not satisfy the ground.  If you wish to rely on the ground of “production of new evidence” you must fulfil two criteria, as follows:

  1. The new evidence would have a material impact on the Award; and
  2. Despite reasonable effort or diligence, you were not able to obtain the said evidence during the adjudication process.

Therefore, all parties are advised to go through all the evidence that would support their case and submit them to SIDREC as early as possible in the Mediation and Adjudication process.  A party will not be allowed to file an appeal on this ground merely because he failed to properly prepare his case at Adjudication.

What are the factors which can cause an Appeal to be considered as an Ineligible Appeal?

Some examples:

  1. The grounds/reasons for the appeal do not meet the requirements set out in Rule 21 of SIDREC’s Terms of Reference.
  2. The Notice of Appeal was incomplete. The Notice of Appeal must be completed with all the required details and supporting documents (if applicable).  It needs to specifically set out which are the ground/basis that the appealing party seeks to rely on, with sufficient detail. For example, if you wish to rely on ground of “serious error on facts”, you are required to state the findings of facts by the Adjudicator in the Award that you wish to appeal against.  Similarly, if you wish to rely on the ground of “serious error of law”, you are required to state the finding of law by the Adjudicator in the Award that you consider to be in error and wish to appeal against.
  3. The Notice of Appeal together with the supporting documents and the relevant fees are not filed with SIDREC within the specified time frame.
  4. If the appeal is filed by a Member and the Member fails to submit the requisite security deposit for a sum equivalent to 50% of the amount of the Award.
  5. If the terms in the bank guarantee submitted by a Member as security deposit is not acceptable to SIDREC.

Who hears the Appeal?

All appeals are heard and decided by the SIDREC Appeal Committee (SIAC).

Who appoints SIDREC Appeals Committee (SIAC) members and what is the composition of the Members?

SIAC consists of five (5) members appointed by the Securities Commission Malaysia (SC) of whom:

  1. two shall be independent members, one of whom shall be the Chairman of SIAC;
  2. one shall be a senior representative of the Securities Commission;
  3. one shall be a member of the Board of Directors of SIDREC; and
  4. one shall be an individual with industry knowledge and experience

What is the Appeal process?

Once SIDREC receives the Notice of Appeal, a review will be carried out to determine the eligibility of the appeal.

SIDREC shall then make a recommendation to the SIDREC Appeals Committee (SIAC) on the eligibility of the appeal.  If the SIAC agrees with SIDREC’s recommendation, SIDREC will then proceed to inform the parties involved of the decision, i.e. whether the appeal is eligible or ineligible.

Eligible appeals will proceed to the next stage. Depending on the facts or the circumstances of the case, the SIAC Chairman has the discretion to decide on the mode of deliberation, as to whether it should be by way of a physical hearing or written submission of the parties. 

If the deliberation is to be by way of a physical hearing, SIDREC will fix the Hearing date and inform all the parties involved. 

If the deliberation is to be by way of written submission, SIDREC will inform and guide all parties involved of the process and time frame to file the necessary submissions. Specifically,

  1. the Respondent would need to file a  written response with SIDREC, responding  to the Notice of Appeal filed by the Appellant within 10 working days of being notified by SIDREC that the Appellant’s appeal is an eligible appeal. The Respondent must serve a copy of the written response on the Appellant on the same day as filing the response with SIDREC; and
  2. the Appellant will then have 10 working days to file a written reply to the written response filed by the Respondent. The Appellant must serve a copy of the reply on the Respondent on the same day as filing the reply with SIDREC.

If further clarification or information is required from either party, SIDREC will inform the parties and obtain the information concerned after which the SIAC will deliberate on the appeal and issue a decision.

SIAC will consider all appeals based on the records of the Adjudication.  The SIAC may require further clarification from any party in writing or in person, at any point in the SIAC’s deliberations. 

How long does it take for SIAC to decide on an appeal?

SIAC will decide on an appeal within sixty (60) working days from the date the appeal is filed.  However, SIAC has the discretion to extend such timeframe.

Is SIAC’s decision binding on the Claimant and Members?

SIAC’s decision is final and shall be binding on:

  1. the Members, regardless of which party files for the appeal; and
  2. the Claimant, if the Claimant is the party who submits the appeal application,

whether or not the parties concerned have executed the Settlement Agreement and whether or not the parties concerned attended or participated in the appeal.

For avoidance of doubt, if the Appeal is filed by a Member, the Claimant has an option to reject SIAC’s decision.   If the Claimant opts to reject’s SIAC’s decision, then the Member is not obligated to comply with the SIAC’s Decision.

What happens if a Member refuses to comply with SIAC’s decision?

If a Member does not comply with SIDREC’s decision, this would amount to a breach of SIDREC’s rules and the Capital Markets and Services (Dispute Resolution) Regulations 2010, as well as the Securities Commission Malaysia’s (SC) licensing conditions as set out in the SC’s Licensing Handbook. SIDREC will notify the SC of the non-compliance by the Member concerned, for the SC’s further action. SIDREC will stand advised by any directive issued by the SC on the matter.

For Claimants

What documents do I need to submit, if I wish to appeal against the Adjudicator’s Award? Who do I submit the documents to?

You are required to submit the following documents to SIDREC within the stipulated timeframe:

  1. a duly completed Notice of Appeal stating the ground/basis of appeal;
  2. any other relevant documents that support your appeal; and
  3. a banker’s cheque for a sum of RM500 payable to “Securities Industry Dispute Resolution Center” being the non-refundable appeal fee.

You are required to forward a copy of the above documents to the Member on the same day.

Is the appeal fee refundable?

The appeal fee is not refundable.  This is regardless of the outcome of the Appeal or if the Appeal is an ineligible Appeal.

When do I have to pay the appeal fee?

The fee must be paid to SIDREC together with the Notice of Appeal, otherwise SIDREC will not accept the filing of the Notice of Appeal.

Other than the appeal fee, are there any other fees that I have to pay to SIDREC?

There are no other fees payable.

SIDREC’s limited appeal process is only available for claims not exceeding RM250,000, which requires mandatory participation by the Member.

If you have reached the appeal stage, you would have gone through SIDREC’s dispute resolution process under our Mandatory Component (Part A of SIDREC’s TOR), which is free for investors.

Other expenses –  You have to bear any other personal or professional expenses that you may incur, for example, any travel costs, or if you choose to seek advice from lawyers and incur legal costs, or if you wish to bring a translator or expert witness to the physical hearing etc.

Am I required to make any payment if it is the Member who files an appeal?

No.  A Claimant is only required to pay an appeal fee if he is the one who wishes to file an appeal.

What is the timeframe to file an appeal?

A Claimant must file an appeal with SIDREC within ten (10) working days from the date of his notification to SIDREC of his rejection of the Award or deemed rejection of the Award.  If the Claimant does not respond to inform SIDREC whether he wishes to accept or reject the Adjudicator’s Award within ten (10) working days from the Award, he is deemed to have rejected the Award.

If you wish to file an appeal you are advised to ensure you have the information and evidence to substantiate your grounds of appeal and file the Notice of Appeal as soon as possible within the prescribed time frame for appeal. Don’t leave it until the last minute.  Allow yourself time to re-file the Notice of Appeal, if there are any shortcomings or irregularities found in the Notice of Appeal.

More Questions? Need help? Ask us!