Kuala Lumpur, 19 January 2011
SIDREC provides small investors with efficient and fast dispute resolution service
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.
Securities Industry Dispute Resolution Center