Securities and Exchanges Board of India (Sebi)'s SCORES platform effectively resolved 3,140 investor complaints in December 2023, down from the previous month's 3,533 resolved complaints. Commencing December with 3,849 pending complaints, Sebi efficiently addressed 3,140 during the month while receiving 3,071 new complaints. The month of December ended with 3,780 actionable complaints awaiting resolution, with only 17 pending for more than three months. The average resolution time stood at 42 days an improvement from the previous 47 days. As investors can seek a review of their complaints within 15 days of disposition, Sebi had to process 185 review complaints, out of 2,635 complaints disposed of between November 16 and November 30, 2023, constituting around 3.20 per cent of such complaints.
How Scores Work?
SCORES, an acronym for 'Sebi Complaints Redress System,' is a centralised web-based platform facilitating the filing and monitoring of investor complaints that maintains a digital record of complaint statuses.
By filling out a complaint registration form, individuals can file complaints easily, providing their personal details, contact information, and then the grievance specifics, including the company's category, name, and the nature of the grievance. One can also add supporting documents in PDF format.
Upon registration, complainants receive an acknowledgement email that has a unique registration number. The 'investor corner' on the platform allows users to track the status of their complaints.
Dissatisfied complainants have the option to file a fresh complaint, contact the designated officers through provided email IDs on SCORES, or pursue legal action.
Further SCORES is set to get integrated with an online dispute resolution platform (ODR platform) by April 1, 2024. This integration will grant investors access to an Online Dispute Resolution Portal for disputes against listed companies and specific intermediaries, that will get handled and arbitrated by ODR institutions within a targeted resolution period of 60 days. Listed companies may face fines of Rs 1,000 per day for each unresolved complaint lasting over 60 days.
Listed companies, brokers, and mutual funds have to address complaints forwarded through SCORES and submit Action Taken Reports within 21 calendar days. Dissatisfied investors have subsequent review options in a set timeframe. For those complainants still dissatisfied, they can pursue other civil remedies.
