What is SEBI Complaint Redress System (SCORES 2.0)?

April 2, 2024

SEBI recently launched the new version of the SEBI Complaint Redress System (SCORES 2.0).

What is SCORES?

  • It is a web-based centralized grievance redress system of SEBI launched in 2011. It enables investors to lodge and follow up on their complaints and track the status of redressal of such complaints online from anywhere.
  • It enables market intermediaries and listed companies to receive complaints online from investors, redress such complaints, and report redressal online.
  • An investor who is not familiar with SCORES or does not have access to SCORES can lodge complaints in physical form at any of the offices of SEBI.
    • Such complaints would be scanned and also uploaded in SCORES for processing.
  • What types of complaints can be registered in the SCORE portal? 
    • Complaints can be lodged on SCORES for any issues covered under the SEBI Act, Securities Contract Regulation Act, Depositories Act, and rules and regulations and provisions of the Companies Act, 2013.
  • Entities against which complaints are handled by SEBI include:
    • Listed companies / registrar & transfer agents
    • Brokers / stock exchanges
    • Depository participants / depository
    • Mutual funds
    • Portfolio Managers
    • Other entities (KYC Collective investment scheme, Merchant banker, Credit rating, Foreign institutional investor etc)

Key Features of SCORES 2.0:

  • It will feature reduced and uniform timelines for redressal of investor complaints, which is 21 calendar days from the date of receipt of the complaint.
  • An auto-routing of complaints to the concerned regulated entity will be facilitated to eliminate time lapses, if any, in the flow of complaints.
  • Designated bodies will have to monitor the timely redressal of investors’ complaints.
  • There will be two levels of review. The first review will be by the ‘designated body’ if the investor is dissatisfied with the resolution provided by the concerned regulated entity. The second review will be by SEBI if the investor is still dissatisfied after the first review.
  • If there is non-adherence to the prescribed timelines by the regulated entity, then there would be auto-escalation of the complaint to the next level.
  • SCORES 2.0 will be integrated with the KYC Registration Agency database for easy registration of the investor on SCORES.