The Security Exchange Board of India rolled out an improved version of the SEBI complaint redressal system, SCORES 2.0, on April 1. This move aims to strengthen the handling process of investor complaints in the securities market. The updated system adds multiple new features, all focused on improving efficiency.
Let us walk you through the improved SEBIs Scores portal: SCORES 2:0.
Key Highlights| Complaint Redressal System SCORES 2.0
- SEBI launches complaint redressal system scores 2.0 for better investor experience.
- Aimed at enhancing efficiency in handling investor complaints in the securities market.
- Introduces features like auto-routing, auto-escalation, and standardised timelines.
- Offers a two-tier review process for complaint resolution.
- Integration with KYC Registration Agency database for simplified investor registration.
- The old SCORES platform for filing complaints has been discontinued; the new version will be accessible from April 1st.
- SEBI plans to introduce a new app in the future.
What is SCORES?
SCORES is an online system accessible via web URL and an app, enabling investors in the securities market to submit their complaints to SEBI.
SEBI Complaint Redressal System SCORES 2.0: Strengthening Investor Complaint Resolution
SCORES 2.0 streamlines the complaint redressal process by introducing a user-friendly interface and new features.
In September 2023, SEBI designated specific bodies and delineated their responsibilities in addressing complaints, as outlined in a circular.
Effective April 1, 2024, the SEBI scores portal will be accessible from the new SCORES website- https://scores.sebi.gov.in.
The administrators closed the old version of SCORES, namely www.scores.gov.in, as of March 28, 2024. Consequently, it is no longer possible to lodge complaints on the old SCORES platform.
Investors should be aware that they can review the status of their complaints lodged before March 28, 2024, in the old SCORES system only.
Key features of SCORES 2.0
- Standardized and shortened timelines (21 calendar days) for resolving complaints across the securities market.
- Automated routing of complaints to relevant entities to minimize delays.
- Ongoing monitoring of complaint resolution by designated bodies.
- Provision for two levels of review: first by designated bodies, then by SEBI, if necessary.
- Automatic escalation of complaints in case of missed deadlines by regulated entities or designated bodies.
- Integration with a database for seamless investor registration.
Enhanced Efficiency Through New Features
SEBI stated that SCORES 2.0 aims to enhance the efficiency of handling investor complaints.
The new version of SCORES incorporates enhancements to make the platform more user-friendly. It introduces standardised timelines for resolving complaints, set at 21 calendar days from the date of receipt. Additionally, complaints are automatically directed to the relevant authorities for prompt resolution. The new SEBI SCORES portal implements a two-tier review process for complaint resolution. Also, to ensure adherence to timelines, investors have the option to escalate complaints automatically if designated bodies do not respond promptly.
Integration with KYC Registration Agency Database
Moreover, SCORES now seamlessly integrates with the KYC Registration Agency database, simplifying the investor registration process within the platform.
Things Investors Need to Know About Upgraded SEBIs Complaint Redressal System
From April 1, 2024, investors must use the new version of SCORES at https://scores.sebi.gov.in to lodge complaints.
The old SCORES platform at https://scores.gov.in will no longer accept new complaints.
However, investors can still check the status of complaints previously lodged in the old SCORES system.
Additionally, you can view any of the complaints disposed of on the old SCORES on SCORES 2.0.
Please note that the old app has been discontinued, and a new one will launch soon. This change is effective as of April 1, 2024.
Source– sebi.gov.in
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Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.