When retail investors face any problem relating to a listed company or intermediary, they usually file a complaint with the entity concerned. In situations where the problem is not addressed, they have an option to file a grievance with a SCORES, a grievance redressal platform by the markets regulator Securities Exchange Board of India (Sebi).
Sebi has released the latest figures of the number of complaints filed and disposed of in the April-June quarter.
Total number of complaints received on New SCORES in the June quarter – between April 1 to June 30 — are 15,372. Out of these, complaints received during June are 7,003, showed the Sebi data.
Total number of complaints disposed of in the June quarter are 10,725. Entities took an average of 9 days to provide the average taken report (ATR).
In the beginning of June, the number of complaints stood at 380 out of which 338 were disposed of and the average resolution time was 103 days.
What is the SCORES platform?
It is an online grievance redressal facilitation platform provided by SEBI where complainants can register complaints relating to the securities market against entities such as listed companies, registered intermediaries as well as market infrastructure institutions (MIIs).
Typically, investors first take up their grievances for redressal with the company through their designated grievance officials who are tasked with the responsibility to redress investors’ grievances.
How is a complaint disposed of?
As per SCORES, investor complaints are automatically forwarded to the entity and the entity has 21 days to submit the action taken report (ATR) to the investor. Investors can opt for first level review within 15 days if not satisfied with the ATR.
If the investor does not take review, then the complaint is disposed of. And if the investor opts for first level review, then the designated body will take up the complaint and submit ATR.
Then the investor has 15 days to opt for second level review if not satisfied with the ATR submitted by the designated body.
If the investor does not take review, then the complaint is disposed of. In case if the investor opts for second-level review, then SEBI will take up the complaint and submit ATR. Complaint is also treated as disposed if the investor opts for ODR mechanism.
