MUMBAI: The markets watchdog Sebi on Monday launched a new version of the SCORES (Sebi complaint redress system) to strengthen its complaint redressal mechanism for investors by introducing auto-routing of complaints and their timely monitoring by designated bodies.
The SCORES is an online system wherein investors can lodge their complaints through a web URL and an app. The first version was launched way back in June 2011.
"The new version of SCORES strengthens the investors’ complaint redress mechanism by making the process more efficient through auto-routing, auto-escalation, monitoring by the designated bodies and reduction in timelines," Sebi said in a statement.
Chairperson Madhabi Puri Buch has taken a slew of initiatives to help investors and also market infrastructure makers with a broader view to make stock/mutual fund investments more efficient and investor-friendly. Some of the key steps include bringing down the IPO process to listing to three days from seven earlier, making issuers clearly disclose the end use of funds being mopped up and the latest being T+0 settlement, which was first reduced to T+1 from T+3, from last week on select 25 stocks. The move ensures instant payout to an investor on selling her holding and makes India the only market in the world with such a facility.
The new system is also more user-friendly as in the older version, investors were not able to lodge any new complaint.
The regulator had in September 2023 appointed designated bodies and defined the roles and responsibilities of the regulated entities and the designated bodies.
The salient features of the SCORES 2.0 are reduced and uniform timelines for redressal of investor complaints within 21 calendar days from the date of receipt of the complaint; introduction of auto-routing of complaints to the regulated entity concerned to eliminate time lapses; timely monitoring of complaints by the designated bodies.
The new system also provides two levels of review: first by the designated body if the investor is dissatisfied with the resolution provided; and the second review by Sebi if the investor is still dissatisfied after the first review. It also has an auto-escalation of complaints to the next level in case of non-adherence to the prescribed timelines by the regulated entity or the designated body.
