New Delhi: Markets regulator Sebi on Monday launched the new version of SCORES in a bid to strengthen the investor complaint redressal mechanism by introducing auto-routing of complaints and monitoring such grievances by designated bodies.
SEBI Complaint Redress System (SCORES) is an online system where investors in the securities market can lodge their complaints through web URL and an app. It was launched in June 2011. "The new version of SCORES strengthens the investor complaint redress mechanism in the securities market by making the process more efficient through auto-routing, auto-escalation, monitoring by the designated bodies and reduction of timelines," Sebi said in a statement.
Sebi said that investors can lodge complaints only through a new version of SCORES from April 1, 2024. In the old SCORES, investors would not be able to lodge any new complaint, however, investors can check the status of their complaints already lodged in old SCORES. Further, the disposed of complaints filed in the old SCORES can be viewed at SCORES 2.0.
The regulator said that the old app has been discontinued and a new app in its place will be launched soon. Under the new version of SCORES, the regulator has introduced auto-routing of complaints to the concerned regulated entity to eliminate time lapses in the flow of complaints.
Other features include uniform timelines for redressal of investor complaints across the securities market -- 21 calendar days from date of receipt of complaint -- and monitoring timely redressal of the investors' complaints by the designated bodies. Also, the new version provides two levels of review-- first review by the 'Designated Body', if the investor is dissatisfied with the resolution provided by the concerned regulated entity, and second review by Sebi if the investor is still dissatisfied after the first review.
Further, the regulator has introduced 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. The new version provides integration with KYC Registration Agency database for easy registration of the investor on to SCORES.
