In April, Sebi's old SCORES platform resolved 2,558 complaints and the new SCORES 2.0 platform resolved 592 complaints, thus disposing a total of 3,150 complaints. The number of complaints resolved and the average resolution shows marked improvement time, now at just 36 days. The Securities and Exchange Board of India (Sebi) introduced SCORES 2.0 in March to streamline the complaint resolution process for investors. Starting April with 3,425 pending complaints, the old Scores facilitated the disposal of 2,588 complaints. By the end of April, 1,386 actionable complaints were awaiting resolution. Only eight were seen pending for over three months.
Investors can request a review of their complaints within 15 days of resolution. During the period from March 16, 2024, to March 31, 2024, the old platform handled 127 review complaints out of the 2,558 processed, accounting for approximately 1.85 per cent of the total complaints during this time frame. SCORES online web platform can be accessed at https://scores.sebi.gov.in. Once you register a complaint, an acknowledgement email is sent containing a unique registration number that can be used for tracking your complaint.
Sebi 2.0: New Work Flow
With Sebi 2.0, investors can resolve complaints within a shorter period. Sebi has introduced an auto-routing feature for complaints in which automatically forwarded to the entity and the entity has 21 days to submit the ATR to the investor. If a complaint remains unresolved for 21 days, it will automatically be escalated to the relevant regulated entity.
The revised system has a two-tier review process in which the designated body will review the resolution provided by the regulated entity. If the investor remains dissatisfied, Sebi will conduct a second review.
If the investor is not satisfied with the ATR, they can opt for a first-level review within 15 days. If the investor does not request a review, the complaint will be disposed of. If the investor opts for a first-level review, the designated body will take up the complaint and submit the ATR. Now investor has 15 days to opt for a second-level review if they are not satisfied with the ATR submitted by the designated body. If the investor does not request another review, the complaint will considered disposed of. If the investor opts for a second-level review, then Sebi will take up the complaint and submit the ATR. The complaint will also be treated as disposed of if the investor opts for the Online Dispute Resolution (ODR) mechanism.
