The Emir, H H Sheikh Hamad bin Khalifa Al Thani, last week ratified a Cabinet decision allowing the formation of a grievances committee at the QFMA.
The committee will have the right to entertain objections against all the decisions taken by the QFMA, including those with regard to listing of firms and licences issued to brokerage companies.
Companies whose request for licensing is rejected by the QFMA for some reason will also have the right to move the grievances panel. But any plea being made to the panel is to be made within 15 days of the decision taken by the QFMA. The plea is to be submitted in writing with necessary details. The committee will refer the matter to the chairman who will give a date for hearing within three working days after a grievance has been reported.
The committee is to be headed by a judge from the Court of Appeals and will have four members with a three-year renewable term. The Judge will be appointed by the Supreme Judicial Council, the body that looks after the judicial system in the country, while the four members will be nominated directly by the Cabinet.
The committee will be autonomous and has to meet every 15 days and its decisions, to be taken by a majority of members, will be binding on the QFMA. It will be holding sessions in camera and will be directly accountable to the Cabinet.
