NEWS – SEBI, the Securities and Exchange Board of India, launched SCORES 2.0, a revamped version of the SEBI Complaint Redress System

FEATURES

• Efficient Complaint Redress Mechanism:
  • SCORES 2.0 strengthens the investor complaint redress mechanism in the securities market.
  • It aims to make the process more efficient through auto-routing, auto-escalation, and monitoring by designated bodies.
• Online Complaint Lodging:
  • SCORES is an online system where investors can lodge complaints in the securities market through a web URL and a dedicated app.
• Reduced Timelines:
  • The new version, SCORES 2.0, implements reduced and uniform timelines for resolving investor complaints. The timeline for redressal is set at 21 calendar days from the date of receiving the complaint.
  • Previously, entities had 30 days to submit the action taken report.
• Auto-Routing of Complaints:
  • Complaints will be auto-routed to the concerned regulated entity to eliminate delays in handling complaints.
• Two Levels of Review:
  • There will be two levels of review for complaints. The first review will be conducted by the designated body if the investor is dissatisfied with the resolution provided by the regulated entity.
  • The second review will be conducted by SEBI if the investor remains dissatisfied after the first review.
• Integration with KYC Registration Agency (KRA) Database:
  • SCORES 2.0 will be integrated with the KYC Registration Agency database for seamless registration of investors onto the SCORES platform.

SCORES 1.0

• Web-based centralized grievance redress system of SEBI launched in 2011
• Enables investors to lodge and follow up on their complaints and track the status of redressal of such complaints online from anywhere
• 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