Securities and Exchanges Board of India (SEBI) launched SCORES 2.0, the new version of the SEBI Complaint Redress System enhancing the complaint resolution process of investors in the securities market. The revamped system achieves this through auto-routing, auto-escalation, and monitoring by the ‘Designated Bodies and reduction of timelines for quicker resolution of complaints. The new SCORES system has also been made more user-friendly, the Sebi circular said. SCORES or Sebi Complaints Redress System,' is an online web platform where investors in the securities market can lodge their complaints through a web URL at - scores.sebi.gov.in. An application would also be launched later.
Sebi had on September 20, 2023, outlined the roles of Sebi regulated entities and designated bodies regarding SCORES 2.0.
How do Investors Benefit From Sebi 2.0?
With Sebi 2.0, Sebi offers reduced and uniform timelines for redressal of investor complaints across the Securities Market. In 21 Calendar days from the date of receipt of the complaint, your complaint will be solved.
Sebi also introduced auto-routing of complaints to the concerned regulated entity if it is not solved in 21 days. This move will eliminate time lapses, if any, in the flow of complaints.
It provides two levels of review. The first review of the resolution will be done by the ‘Designated Body’ if the investor is dissatisfied with the resolution provided by the concerned regulated entity. The second review will be done by Sebi if the investor is still dissatisfied after the first review, the circular detailed.
Integration with the KYC Registration Agency database facilitates easy registration into the SCORES. Effective April 01, 2024, complaints can only lodged through a new version of SCORES at - scores.sebi.gov.in. The old system ceases to be functional in terms of complaint acceptance but investors to check the status of their complaints already lodged in old SCORES and pending in the old SCORES. The old application of Sebi 1.0 has been discontinued and a new application in its place will be launched soon for Sebi 2.0, Sebi said.
How Scores Work?
SCORES, or 'Sebi Complaints Redress System,' is a centralised web-based platform that allows investors to file complaints and then monitor their status. For this, it maintains a digital record of complaint statuses and has an investor corner' on the platform that allows users to track the status of their complaints.
By just filling out a complaint registration form, individuals can file complaints easily on this platform. They should provide their basic personal details, contact information, and then the grievance specifics, which include the company's category, name, and the nature of the grievance. The complainant can also add supporting documents in PDF format.
Upon registration of complaints, the complainants receive an acknowledgement email that has a unique registration number.
