The Securities and Exchange Board of India (Sebi) on November 13, 2023 announced the successful resolution of 3,533 complaints during the month of October through its SCORES platform.
Understanding SCORES: A Seamless Grievance Redress System
SCORES, an acronym for ‘Sebi Complaints Redress System’, is a centralised web-based platform developed by Sebi to facilitate the seamless filing and monitoring of investor complaints. It maintains a digital record of the complaint’s status, thus ensuring transparency and efficiency.
October 2023 SCORES Statistics
In October 2023, Sebi achieved notable success in addressing investor complaints. Starting with 5,259 pending complaints at the beginning of the month, Sebi managed to resolve 3,533 complaints. It also received 3,369 complaints during the month. The number of actionable complaints awaiting resolution stood at 5,083 with only 16 complaints pending for over three months.
Notably, the average resolution time was 36 days.
Investors can also seek a review of their complaints within 15 days of disposition. During October, Sebi processed 2,159 complaints disposed of between September 16 and September 30, 2023. A total of 159 review complaints were received, constituting 2.79 per cent of the total complaints.
How SCORES Works?
The Web-based centralised grievance redress system developed by Sebi enables investors to file and monitor complaints seamlessly by keeping a digital record of the complaint’s status.
Investors can easily register a complaint on the SCORES portal by completing a complaint registration form. The form requires personal details, including name, address, email, mobile number, and Permanent Account Number (PAN), along with specific company details such as its category, name, and the nature of the grievance.
Additionally, supporting documents of up to 2MB can be attached as PDF files.
Once registered, the platform sends a unique registration number to the complainant through an email for acknowledgment. In cases of online registration issues, complaints can also be submitted to the Sebi office by post.
Some complaints may remain pending due to factors, such as insufficient information from the investor or the company, legal proceedings, or vanished companies.
The platform’s ‘investor corner’ allows users to check the status of their complaint. Some complaints may remain pending due to factors, such as insufficient information or legal proceedings. Dissatisfied complainants can file a fresh complaint or contact the concerned dealing officer or senior officers via email, as provided on the SCORES platform. Legal action can also be initiated if necessary.
