Mumbai (Maharashtra) [India], April 1 : India's financial market regulator SEBI on Monday launched a new version of the SEBI Complaint Redress System (SCORES 2.0) as part of its efforts to protect investors' interests.
SCORES is an online system where investors in the securities market can lodge their complaints through a web URL and an app. The old App has been discontinued and a new App in its place will be launched soon.
The new version has also been made more user friendly. The website is https://scores.sebi.gov.in
The new version aims to reduce and make uniform timelines for the redressal of investor complaints across the securities market21 calendar days from the date of receipt of the complaint.
Besides, it aims to introduce auto-routing of complaints to the concerned regulated entity so as to eliminate time lapses, if any, in the flow of complaints and monitoring of the timely redressal of the investors' complaints.
Also, provisions were made to provide two levels of review: First review by a 'Designated Body' if the investor is dissatisfied with the resolution provided by the concerned regulated entity. Second review by SEBI if the investor is still dissatisfied after the first review.
Among other features is the introduction of 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' as the case may be.
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