Securities and Exchanges Board Of India (Sebi)'s SCORES platform resolved 6,539 complaints in March 2024, a huge improvement from the trend in 2023 where the average resolution was around 3,100 to 3,500. Securities and Exchanges Board of India (Sebi) launched the new version of the Sebi Complaint Redress System- SCORES 2.0 last week to enhance the complaint resolution process of investors. Starting March with 5,661 pending complaints, Sebi disposed of 6,539 during the month while receiving 4,123 new complaints. By the end of March Sebi had 3,425 actionable complaints awaiting resolution, with only five complaints pending for more than three months. The average resolution time stood at 35 days an improvement from the average in in Sebi 1.0 when it was around 45 days.
Investors have the option to seek a review of their complaints within 15 days of their disposition. Sebi had to process 225 review complaints out of the 2,306 complaints that were disposed of between February 16 and February 29, 2024. This accounts for approximately 2.59 per cent of complaints disposed of during this period.
With Sebi 2.0, Sebi offers reduced and uniform timelines for redressal of investor complaints across the Securities Market. In 21 Calendar days from the date of receipt of the complaint, your complaint will be solved.
Sebi also introduced of auto-routing of complaints to the concerned regulated entity if it is not solved in 21 days. This move will eliminate time lapses, if any, in the flow of complaints.
It provides two levels of review. The first review of the resolution will be done by the ‘Designated Body’ if the investor is dissatisfied with the resolution provided by the concerned regulated entity. The second review will be done by Sebi if the investor is still dissatisfied after the first review, the circular detailed.
Integration with the KYC Registration Agency database facilitates easy registration into the SCORES. Effective April 01, 2024, complaints can only lodged through a new version of SCORES at https://scores.sebi.gov.in. The old system ceases to be functional in terms of complaint acceptance but investors to check the status of their complaints already lodged in old SCORES and pending in the old SCORES. The old application of Sebi 1.0 has been discontinued and a new application in its place will be launched soon for Sebi 2.0, Sebi said.
The revamped Sebi 2.0 boasts of a better performance through auto-routing, and auto-escalation, of complaints with concerned bodies and thus reduces time for resolution of complaints. The auto-routing of complaints to the concerned entities means if complaints are not solved in 21 days they will be escalated to the next level of the regulatory body. This move will eliminate unnecessary time lapses in the flow of complaints.
SCORES or Sebi Complaints Redress System,' is an online web platform where investors can enter their complaints at - scores.sebi.gov.in. and then monitor its status.
They just have to fill out a complaint registration form and provide basic personal details, contact information, and then the grievance specifics, such company's category, name, and the nature of the grievance. The complaint can also add supporting documents in PDF format.
Upon registration of complaints, the complainants receive an acknowledgement email that has a unique registration number which can be used to track its status.
