Sebi chairperson Madhabi Puri Buch. (File photograph: PTI)
Sebi on Monday launched the brand new model of SCORES in a bid to strengthen the investor grievance redressal mechanism
The Securities and Exchange Board of India (Sebi) on Monday unveiled an upgraded model of SCORES, aimed toward fortifying the mechanism for addressing investor complaints. This enhanced system introduces automated routing of complaints and oversight of grievances by designated authorities, thereby bolstering investor safety measures.
What Is Sebi SCORES?
SEBI Complaint Redress System (SCORES) is a web based system the place traders within the securities market can lodge their complaints by internet URL and an app. It was launched in June 2011.
“The new version of SCORES strengthens the investor complaint redress mechanism in the securities market by making the process more efficient through auto-routing, auto-escalation, monitoring by the designated bodies and reduction of timelines,” Sebi mentioned in an announcement.
Impact On Investors
Sebi mentioned that traders can lodge complaints solely by a brand new model of SCORES from April 1, 2024.
In the outdated SCORES, traders wouldn’t be capable to lodge any new grievance, nonetheless, traders can examine the standing of their complaints already lodged in outdated SCORES. Further, the disposed of complaints filed within the outdated SCORES could be seen at SCORES 2.0.
The regulator mentioned that the outdated app has been discontinued and a brand new app as a substitute can be launched quickly.
Sebi SCORES options
Under the brand new model of SCORES, the regulator has launched auto-routing of complaints to the involved regulated entity to eradicate time lapses within the circulation of complaints.
Other options embrace uniform timelines for redressal of investor complaints throughout the securities market — 21 calendar days from date of receipt of grievance — and monitoring well timed redressal of the traders’ complaints by the designated our bodies.
Also, the brand new model offers two ranges of evaluate– first evaluate by the ‘Designated Body’, if the investor is dissatisfied with the decision supplied by the involved regulated entity, and second evaluate by Sebi if the investor remains to be dissatisfied after the primary evaluate.
Further, the regulator has launched auto-escalation of grievance to the subsequent degree in case of non-adherence to the prescribed timelines by the regulated entity or the designated physique because the case could also be.
The new model offers integration with KYC Registration Agency database for straightforward registration of the investor on to SCORES.
How can traders lodge their complaints on-line in SCORES?
- It is obligatory to register on SCORES for lodging a grievance.
- To develop into a registered consumer of SCORES, traders might click on on “Register here” underneath “Investor Corner” showing on the homepage of SCORES portal.
- After logging into SCORES, traders should click on on “Complaint Registration” underneath “Investor Corner”.
- Investors ought to present grievance particulars.
- Investors should choose the proper grievance class, entity identify, and nature of grievance.
- Investors should present grievance particulars briefly
- A PDF doc can be connected together with the grievance as supporting doc.
- A system generated distinctive registration quantity can be displayed on the display after profitable submission of a grievance. You might observe it for future correspondence.
An e-mail acknowledging the grievance with a grievance registration quantity will even be despatched to the e-mail id entered within the grievance registration type.
A textual content message will even be despatched to the investor informing them about registration of the grievance.
Mandatory particulars for submitting complaints on SCORES: Name, PAN, Address, Mobile Number, Email ID.
(With PTI inputs)
