SEBI launched the new version of the SEBI Complaint Redress System (SCORES 2.0) on Monday. 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, the regulator said in a note.

SCORES is an online system where investors in securities market can lodge their complaints through web URL and an app.

Reduced timeline

SCORES 2.0 will feature reduced and uniform timelines for redressal of investor complaints, which is 21 calendar days from date of receipt of the complaint. Currently, entities are required to submit the action taken report not later than 30 days.

An auto-routing of complaints to the concerned regulated entity will be facilitated to eliminate time lapses, if any, in the flow of complaints.

There will be two levels of review. 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.

SCORES 2.0 will be integrated with KYC Registration Agency database for easy registration of the investor on to SCORES.

Related Topics
comment COMMENT NOW