The Securities and Exchange Board of India (SEBI) will outsource its investor helpline service relating to investors' queries on issues like IPOs and trading to a third-party call centre.
SEBI, which faces complaints and queries from thousands of investors every day, is expected to hire a call centre agency in Mumbai with at least 500 seats.
The market regulator took the decision to outsource the helpline to fast-track solving of investor complaints.
SEBI has already decided to hand over the processing and maintenance of investor grievances to third-party agencies.
The toll-free national helpline will attend to investor's calls initially between 9.30 am and 5.00 pm on week days, a SEBI official said. The timings may be extended later if needed, the official added.
SEBI is also in the process of finalising a set of regulations for outsourcing of work by various market intermediaries such as brokers, mutual funds and investment bankers.