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SEBI urged investors to lodge complaint within one year of the date of cause on SEBI SCORES as it enhances ease, speed and accuracy in the redressal of grievances.
SEBI clarified that the market regulator reserves the right to reject a complaint request on SCORES if it is lodged after a year of the cause.
SEBI Complaints Redress System (SCORES) is a mobile app for investors to lodge their complaints related to securities market entities - listed companies, SEBI registered intermediaries such as AMCs, RIAs, PMS companies and AIFs and SEBI recognized market infrastructure institutions.
However, investors first need to lodge complaint with the market intermediary before registering complaint on SCORES. The intermediary will have to redress such a grievance within 30 days, failing which it will attract SEBI intervention.
Earlier, if investors are not satisfied with the redressal, they can lodge a complaint with SEBI through SCORES within three years from the date of cause.
Investors have an option to lodge complaint against intermediary directly through SCORES. SEBI said, “The complainant may use SCORES to submit the complaint or grievance directly to the listed companies / intermediaries / MIIs for resolution. Such a complaint is called a “Direct Complaint” and shall be redressed by the entity within 30 days without any intervention of SEBI, failing which the complaint shall be registered on SCORES. Thereafter, SEBI shall take it up with the entity concerned.”
SCORES also enables a one-time review option on its app through which complainant can request the company to review their decision if she is not satisfied with the resolution offered by the intermediary. They can use this option within 15 days of the redressal.
Your clients will require to open an account with the SCORES using their PAN, Aadhaar, Central KYC ID and contact details. Once the platform activates the account, investors can lodge complaints against AMCs and RIAs.
