Investor grievance redress mechanism – new policy measures
Summary
This circular mandates that investors must first approach listed companies or registered intermediaries to resolve grievances before filing a complaint on the SCORES platform. It establishes specific procedures for registering and lodging complaints on SCORES, including mandatory details and a three-year limitation period. The document also outlines exclusions from SCORES jurisdiction and requires intermediaries to disseminate these new policy measures.
Text
This circular is being issued in continuation to SEBI circular no. CIR/OIAE/1/2014 dated 18th December, 2014 regarding redressal of investor grievances through SEBI Complaints Redress System (SCORES) platform.
SEBI encourages investors to lodge complaints through electronic mode in SCORES... Thereafter, follow-up actions of the complaint are done in electronic form only i.e. through SCORES.
it appears to be prudent and time saving if the investors approach the concerned listed company or registered intermediary first with all the requisite details to redress the complaints. In case, the listed company or registered intermediary fails to redress the complaint to the investor’s satisfaction, the investor may file a complaint in SCORES.
At present following types of complaints are not dealt through SCORES: i. Complaints against the companies which are unlisted/delisted... ii. Complaints those are sub-judice... iii. Complaints falling under the purview of other regulatory bodies viz. RBI, IRDAI, PFRDA, CCI, etc...
SEBI has already put in place a ‘Complaint Review facility’ under SCORES wherein an investor if unsatisfied with the redressal may within 15 days from the date of closure of his complaint in SCORES opt for review of the complaint and the complaint shall be escalated
Investors who wish to lodge a complaint on SCORES are requested to register themselves on www.scores.gov.in by clicking on “Register here”. While filing the registration form, details like Name of the investor, PAN, Contact details, Email id, Aadhaar card number(optional), CKYC ID(optional) etc. (Annexure A) may be provided
The entity is required to redress the grievance within 30 days, failing which the complaint shall be registered in SCORES
the investor may lodge a complaint on SCORES within three years from the date of cause of complaint, where; Investor has approached the listed company or registered intermediary for redressal of the complaint and, The concerned listed company or registered intermediary rejected the complaint or, The complainant does not receive any communication from the listed company or intermediary concerned or, The complainant is not satisfied with the reply given to him or redressal action taken by the listed company or an intermediary.
Stock Exchanges, Depositories and the Association of Mutual Funds of India (AMFI) are accordingly advised to bring the provisions of this Circular to the notice of all Listed Companies, registered Stock-Brokers, Depository Participants and Asset Management Companies respectively and also to disseminate the same on their 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.
Source: SecMarx — Investor grievance redress mechanism – new policy measures. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.