Kolkata, Dec 17 (IANS): Market regulator Securities and Exchange Board of India (SEBI) is planning to set up more investor grievance and arbitration centres to address investors' woes, a top executive said Saturday.

"We are planning to set up more centres. We are in discussion with the exchanges and industry associations. Only after that can it be implemented," SEBI executive director P.K. Nagpal told reporters on the sidelines of a financial markets' conclave organised by the Confederation of Indian Industry (CII) here.

"We want more centres for the investor so that he may not have to travel long distances to participate in the arbitration mechanism and the investors' grievance address system. And we want it to be nearer to his city," Nagpal said.

He said all the modalities regarding that were being worked out.

The SEBI has instituted the process for redressing investor grievances arising from the issue procedure, from investor dealings with brokers and sub-brokers, and against mutual funds. A large number of investor grievances are caused as part of the issue process.