Not received dividends on your mutual fund units? Come across discrepancies in your statement of accounts? Has your mutual fund failed to take note of your PAN or address details?
If you are unhappy with your fund’s services and your fund house is not paying heed to your complaints, you can take up your grievance straight to the capital market regulator, the Securities and Exchange Board of India (SEBI). Here’s how it works.
SEBI has created an online platform for registering complaints, called SEBI Complaints Redressal System (SCORES). The SCORES platform for investors was started in 2011. All listed companies have to be registered with the SCORES portal; failure to get registered will be deemed as non-redressal of investor grievances.
The SCORES platform is easily accessible to all the investors. To lodge a complaint, investors are asked to provide some basic information such as name, address for correspondence, and e-mail address. Beyond this, the investor has to select the complaint category, the name of the entity against whom the complaint is being lodged, the nature of the complaint, and brief details of the complaint.
The SCORES platform also allows investors to attach any supporting document in pdf format. The investor is provided a Unique Registration Number (URN) after the complaint is registered. The investor will also receive an e-mail with the URN. The investors can track the status of the complaint through the URN.
The fund houses concerned should respond or resolve the issue within a month of the complaint being filed. After the complaint is resolved, the company has to file an Action Taken Report (ATR) with the SCORES platform. Failure to file the ATR in less than 30 days will be deemed as non-redressal of investor grievances.
After the complaint is resolved and the ATR is filed by the company, the complaint is closed, which fact is intimated to the investor by e-mail.