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SEBI has revamped its SEBI Complaints Redress System (SCORES) by launching its 2.0 version. With this, the market regulator has further simplified the process of lodging complaints and grievances and reduced the turnaround time to 21 days.
SCORES is a web platform and 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.
Speaking at the Rising Bharat Summit, Madhabi Puri Buch, Chairperson, SEBI said, ”Simplifying from the start of registration of complaint to taking it to the end of the online dispute resolution mechanism of arbitration and mediation, the entire process with three levels of escalation of the investor has been digitized.”
Here are some key features of SCORES 2.0.
- Uniform timelines for redressal of investor complaints across the securities market
- Introduction of auto-routing of complaints to the concerned regulated entity so as to eliminate time lapses, if any, in the flow of complaints
- Monitoring of the timely redressal of the investors’ complaints by the ‘Designated Bodies’.
- Providing two levels of review: First review by the ‘Designated Body’ if the investor is dissatisfied with the resolution provided by the concerned regulated entity. Second review by SEBI if the investor is still dissatisfied after the first review
- Introduction of auto-escalation of complaint to the next level in case of non-adherence to the prescribed timelines by the regulated entity or the Designated Body as the case may be
- Integration with KYC Registration Agency database for easy registration of the investor on to SCORES
The new platform is live with effect from April 1, 2024.
