Now, your clients can lodge their complaints and grievances against any fund house through SEBI Complaints Redress System (SCORES) platform.
SEBI has introduced a new facility under its existing platform SCORES to enable investors to lodge a complaint directly with the fund house concerned. The fund house will have to redress such a grievance within 30 days, failing which it will attract SEBI intervention.
Sharing the rationale for this, SEBI said that investor grievances can be resolved faster if investors approach the company concerned or intermediary directly. “It appears to be prudent and time saving if the investors approach the listed company concerned or registered intermediary first with all the requisite details to redress the complaints. In case, the listed company or registered intermediary fails to redress the complaint to the investor’s satisfaction, the investor may file a complaint in SCORES,” said SEBI.
SCORES is a web based centralised system to capture investor complaints against listed companies and registered intermediaries.
Your clients will require to open an account with the platform using their PAN and contact details. Once the platform activates the account, investors can lodge complaints against AMCs and RIAs.
If investors are not satisfied with the redressal, they can lodge a complaint with SEBI through SCORES within three years.
“Investors may lodge a complaint on SCORES within three years from the date of cause of complaint where investor has approached the listed company or registered intermediary for redressal of the complaint, the concerned listed company or registered intermediary rejected the complaint or the complainant does not receive any communication from the listed company or intermediary concerned or the complainant is not satisfied with the reply given to him or redressal action taken by the listed company or an intermediary,” said SEBI.
SCORES also has a mechanism that allows investors to monitor the status of their complaint. The markets regulator has already put in place a ‘Complaint Review facility’ under SCORES through which investors can request for review of their complaint within 15 days from the date of closure.
SEBI has asked AMFI to issue a circular on this to all mutual funds.
