Processing of Investor complaints against KRA in SCORES
Summary
This circular mandates the use of SEBI's SCORES system for processing investor complaints against KYC Registration Agencies. It requires KRAs to submit Action Taker Reports electronically and resolve grievances within one month. Failure to comply with these electronic submission and timeline requirements subjects KRAs to penal action.
Text
SEBI has commenced processing of investor complaints in a centralized web based complaints redress system, “SCORES” featuring a centralised database, online movement of complaints, online upload of ATRs, and online viewing by investors.
All complaints pertaining to KRAs will be electronically sent through SCORES. KRAs are directed to view pending complaints and submit the ATR along with supporting documents electronically; physical ATRs will not be accepted.
The user id and password for logging into SCORES are being communicated separately to KRAs.
KRAs shall take adequate steps for redressal of grievances within one month from the date of receipt of the complaint and keep the investor and SEBI duly informed on the action taken thereon.
Failure to comply with the requirement to resolve grievances within one month and inform stakeholders will render the KRA liable for penal action.
KRAs are advised to develop the monitoring mechanism through internal audit and inspections and encourage investors to use SCORES for lodging their grievances.
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 and regulate the securities market.
Source: SecMarx — Processing of Investor complaints against KRA in SCORES. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.