Redressal of investor grievances through the SEBI Complaint Redressal (SCORES) Platform and linking it to Online Dispute Resolution platform
Summary
This circular establishes a revised framework for handling investor grievances through the SEBI Complaint Redressal System (SCORES) and links it to Online Dispute Resolution. It mandates that entities resolve complaints within 21 calendar days and introduces designated bodies to monitor this process with auto-routing and escalation features. The regulations amend existing rules to enhance efficiency, specifying implementation dates and rescinding previous master circulars while preserving prior legal actions. This section outlines the procedures for second reviews of investor complaints and the mandatory SCORES authentication requirements for various market entities. It details the specific obligations of Designated Bodies regarding infrastructure, data security, and MIS reporting. Additionally, it establishes a strict penalty regime for listed companies failing to redress grievances, including daily fines and share freezing. This section outlines the procedural requirements for investors lodging grievances on the SCORES platform, including mandatory registration and a one-year limitation period. It explicitly lists categories of complaints that are excluded from SCORES processing,
Text
SEBI Complaint Redressal System (SCORES) is a centralised web based complaint redressal facilitation platform launched in 2011... Currently, the process of investor grievances redressal on SCORES is governed by the Master Circular dated November 07, 2022...
SEBI notified the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023... Consequently, it becomes necessary to revise the extant process... and provide for a mechanism through which Designated Bodies... may monitor the process...
the Entities shall, submit the Action Taken Report (“ATR”) on SCORES within 21 calendar days from the date of receipt of the complaint.
The provisions of this circular related to work flow of processing of investor grievances by Entities and framework for monitoring and handling of investor complaints by the Designated Bodies shall come into force with effect from December 04, 2023.
The designated bodies referred to in the Schedule II (“Designated Bodies”) may apply for SCORES Authentication and/or for Application Programming Interface (API) integration as per Annexure I within such period so as to ensure that Designated Bodies can comply with provisions of this circular by December 04, 2023 and onwards.
This Circular shall rescind the Master Circular SEBI/HO/OIAE/IGRD/P/CIR/2022/0150 dated November 07, 2022 above with effect from December 04, 2023.
anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Circular;
the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars... shall remain unaffected as if the rescinded circulars has never been rescinded.
All the Entities and Designated Bodies shall comply with this Circular. Market Infrastructure Institutions and Designated Bodies shall bring the provisions of this Circular to the notice of all listed companies and registered intermediaries, and disseminate the same on their respective websites.
This Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
All Entities shall review the investors’ grievances redressal mechanism from time to time to further strengthen it and rectify the existing shortcomings, if any, in line with this circular.
All Entities who are in receipt of the complaints of the investors (“Complaint”) through SCORES, shall resolve the complaint within 21 calendar days of receipt of such Complaint.
You have read the preview. Create a free account to read the full document and see every order that applied it.
Free accounts include 10 searches/day with full text access.
Source: SecMarx — Redressal of investor grievances through the SEBI Complaint Redressal (SCORES) Platform and linking it to Online Dispute Resolution platform. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.