The Securities and Exchange Board of India (SEBI) on December 13, 2023, informed that SCORES platform has resolved 3,754 complaints during November, up from 3,533 complaints the previous month.
In November, SEBI started with 5,083 pending complaints at the beginning of the month and managed to resolve 3,754 complaints. Meanwhile, it received 2,526 complaints during the month. Actionable complaints awaiting resolution stood at 3,849 at the end of the month with only 16 complaints pending for over three months. The average resolution time stood at 47 days.
As investors can seek a review of their complaints within 15 days of disposition, SEBI had to process 153 review complaints, out of 2,641 complaints disposed of between October 16 and October 30, 2023, constituting around 2.39 per cent of such complaints
How SCORES Work?
SCORES is short for "SEBI Complaints Redress System," a web-based centralized platform that allows filing and monitoring of investor complaints. It maintains a digital record of complaint statuses.
By filling out a complaint registration form, individuals can file complaints easily, providing one's 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 and a unique registration number. The 'investor corner' on the platform can be used to track the status of your complaint.
Dissatisfied complainants can file a fresh complaint, or contact the designated officers through email IDs provided on SCORES or go with legal action.
New System EnRoute
The SCORES is planned to be integrated with online dispute resolution platforms, by April 1, 2024. Investors gain access to an Online Dispute Resolution Portal to raise disputes against listed companies and specific intermediaries. ODR institutions will handle and arbitrate investor complaints.
This grievance redressal process aims to resolve complaints within 60 days.
Listed companies, brokers, and mutual funds must address complaints forwarded through SCORES and submit an Action Taken Report within 21 calendar days.
For dissatisfied investors, subsequent reviews are available within specific timeframes.
Investors still dissatisfied can resort to Online Dispute Resolution or other civil remedies. However, listed companies will face fines of Rs 1,000 per day per unresolved complaint lasting over 60 days.
