Securities and Exchange Board of India (Sebi) on April 12, 2024, announced that the new SCORES 2.0 platform has resolved 5,028 complaints from April 1 to May 31, 2024.
Further, Sebi's old SCORES platform is still operational and has resolved 1,005 complaints in May 2024. Starting the month of May with 1,386 pending complaints, the old Scores disposed of 1,005 complaints, ending the month with 380 actionable complaints awaiting resolution. No complaints were recorded as being pending for over three months. Investors can apply for a review of their complaints within 15 days of resolution. From April 16, 2024, to April 30, 2024, the old platform handled 47 reviews, around 2 per cent of the total complaints processed during previous months.
Status on SCORES 2.0
On the new SCORES 2.0 platform the average resolution shows a marked improvement to 16 days from 36 days observed last month. It is a two-tier resolution mechanism in Scores 2.0 and the average time taken by the entities to provide the Action Taken Report (ATR) is 11 days and the time taken by designated bodies to do the same is 5 days, thus taking a total to 16 days. SCORES 2.0 was launched in March to streamline the complaint resolution process in the securities market.
On the Sebi Scores platform as soon as you register a complaint, an acknowledgement email is sent to your email containing a unique registration number. This URN can be used for tracking the status of your complaint.
Sebi 2.0: How It Works?
With Sebi 2.0, an auto-routing feature for complaints is implemented in which, complaints are 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 concerned regulatory entity. Investors can opt for 1st level review within 15 days if not satisfied with the ATR. As many as 1,080 review complaints were raised in the last two months out of which 266 complaints are still pending with designated bodies. The designated body will take up the complaint and submit the ATR.
After resolution by designated bodies, if the investor remains dissatisfied, Sebi will conduct a second review. Investors have 15 days to opt for a second-level review. As many as 1,064 complaints are shown pending in this category as of the end of May. Meanwhile, if the investor chooses the Second Level Review option, Sebi will take up and submit the ATR. The complaint is also disposed of if the investor chooses to use the Online Dispute Resolution (ODR) mechanism.
