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SCORES - SEBI INVESTOR COMPLAINTS REDRESSAL SYSTEM - UPDATE


SEBI INVESTOR COMPLAINT REDRESSAL SYSTEM - SCORES


SEBI launched a centralized web based complaints redress system ‘SCORES’ in June 2011. The purpose of SCORES is to provide an administrative platform for aggrieved investors, whose grievances, pertaining to the securities market, remain unresolved by the concerned listed company, registered intermediary or recognized market infrastructure institutions (MIIs).


SEBI had been receiving inputs from listed companies, registered intermediaries and recognised MIIs that such investor grievances may be resolved faster if these grievances are taken up directly with the entity concerned at the first instance. Accordingly, it is now mandatory for investors to first take up their grievances for redressal with the entity concerned, through their designated persons/officials who handle issues relating to compliance and redressal of investor grievances. In case, the entity concerned fails to redress the complaint within the timeline provided herein, the investor may then file their complaint in SCORES.


The investors may contact the Investor Associations (IAs) recognized by SEBI for any assistance in filing complaints on SCORES.


Direct Complaint

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.


Timeline for lodging complaint on SCORES

In order to enhance ease, speed and accuracy in the redressal of grievance, the complaint shall be lodged on SCORES within 1 year from the date of cause of action, where


i. the complainant has approached the listed company or registered intermediary / MII, as the case may be, for redressal of the complaint and,

ii. The concerned listed company or registered intermediary/ MII has rejected the complaint or,

iii. The complainant has not received any communication from the concerned listed company or the registered intermediary / MII or,

iv. The complainant is not satisfied with the reply received or the redressal action taken by the

concerned listed company or an intermediary / MII.


SEBI reserves its right to reject a complaint lodged on SCORES, if the date of cause of action is more than one-year-old and/or the complainant has not taken up the complaint with the concerned entity prior to the said date.


One-time ‘Review’ option

To enhance investor satisfaction on complaint redressal, a one-time ‘Review’ option is also

available under SCORES wherein a complainant, if not satisfied with the extent of redressal of grievance by the concerned listed company/ intermediary/ MII, opts for review of the extent of the redressal, within 15 days from the date of closure of the complaint on SCORES. Thereafter, the complaint shall be escalated to the supervising official of the dealing officer of SEBI.


Types of complaints shall not be dealt through SCORES

The following types of complaints shall not be dealt through SCORES:

· Complaints against companies which are unlisted/delisted and companies on Dissemination Board of Stock Exchanges (except complaints on valuation of securities).

· Complaints relating to cases pending in a court or subject matter of quasi-judicial

proceedings, etc.

· Complaints falling under the purview of other regulatory bodies such as Reserve Bank of

India, (RBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension

Fund Regulatory and Development Authority of India (PFRDAI), Competition

Commission of India (CCI), or complaints falling under the purview of other ministries.

· Complaints against a company under resolution under the relevant provisions of the

Insolvency and Bankruptcy Code, 2016 (IBC).

· Complaints against the companies where the name of company is struck off from Register of Companies (RoC) or a vanishing company as published by MCA.

· Liquidated Companies or companies under liquidation.


SCORES Authentication for intermediaries and MIIs

The procedure for generation of SCORES user id and password is fully automated for all new

SEBI registered intermediaries and MIIs who got registered/ recognised with / by SEBI after

August 02, 2019. SCORES user id and password details shall be sent through auto-generated e[1]mails, upon completion of process of online grant of registration by SEBI. Stock Brokers and Depository Participants are not required to obtain SCORES authentication since complaints against these intermediaries shall continue to be routed through the platforms of the concerned Stock Exchange/ Depository.


SCORES Authentication for companies intending to list their securities on SEBI

recognized stock exchanges

An online mechanism for obtaining SCORES credentials for all “companies intending to list

their securities on SEBI recognized stock exchanges” was introduced on October 14, 2021. The online form can be accessed on the SCORES website www.scores.gov.in. This has been done as part of SEBI’s green initiative and to streamline the redressal of investor grievances against companies before listing. The SCORES credentials shall be sent to the e-mail id of the Compliance Officer/Dealing Officer as provided in the online form.


Complaints against listed companies can be processed by companies in-house or through its Registrar to Issue and Share Transfer Agent (RTI/STA). In case the complaints are processed by the RTI/STA on behalf of the listed company, any failure on the part of the RTI/STA to redress the complaints or failure to update Action Taken Report (ATR) in SCORES, will be treated as failure of the listed company to furnish information to SEBI and non redressal of investor complaints by the listed company

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