SEBI introduces new version of complaint redressal system SCORES 2.0

Utkarsh Classes Last Updated 04-04-2024

SEBI introduces new version of complaint redressal system SCORES 2.0

Banking and Finance 5 min read

Market regulator Securities and Exchange Board of India (SEBI) launched an upgraded version of its SEBI Complaint Redress System (SCORES 2.0) on April 1, 2024.

Objective of SEBI Complaint Redress System (SCORES 2.0):

SCORES 2.0 introduces a number of features aimed at streamlining investor complaint resolution in the securities market.
According to SEBI, the new version of SCORES 2.0 aims to regularize the following system, which mainly includes
- Auto-Routing
- Auto-Escalation
- Monitoring by Designated Bodies
- Missed Deadlines
Through the above the investor grievance redressal mechanism in the securities market is strengthened by making the process more efficient.
SEBI announced improvements to the new SCORE system, making it more user-friendly.

Features of SEBI Complaint Redress System (SCORES 2.0):

SEBI Complaint Redress System (SCORES 2.0) incorporates several features, which include:
- Standardized time frame for complaint resolution
- To determine 21 calendar days from the date of receipt of complaint.
- Automated routing of complaints to concerned authorities
- Monitoring of timely resolution by designated bodies

Two-tier review process in SCORES 2.0:

In addition to the above features, Scores now implements a two-tier review process.
The first level involves review by a designated body. If the investor remains dissatisfied then SEBI takes steps to the second level.
To ensure adherence to deadlines, investors have the option to automatically escalate complaints if the designated bodies fail to respond promptly.
KYC registration seamlessly integrates with agency databases, simplifying investor registration processes within the Scores platform.

From now on, the use of the old Scores platform will be discontinued:

Investors will no longer have the option to lodge new complaints using the old Scores platform.
However, they can still monitor the status of any previously submitted complaints through old scores.

SEBI will soon launch a new app:

From April 1, 2024, the updated version of the scores can be accessed at https://scores.sebi.gov.in. SEBI has announced the closure of the old app. Also SEBI plans to introduce a new app in the near future.

About SEBI:

SEBI is a statutory body formed on April 12, 1992, as per the Securities and Exchange Board of India Act, 1992, established by Parliament.
The primary role of SEBI is safeguarding investors' interests in securities and overseeing the promotion and regulation of the securities market.
Before SEBI came into existence, it was the regulatory authority controlling capital issues; It had powers under the Capital Issues (Control) Act, 1947.
SEBI was formed in April 1988 under a resolution of the Government of India as the regulator of capital markets in India.
Initially SEBI was a non-statutory body which did not have any statutory power.
Through the SEBI Act, 1992, it became an autonomous body and was given statutory powers.
Headquarters: Mumbai
Regional Offices: Ahmedabad, Kolkata, Chennai and Delhi.
Chairperson: Madhabi Puri Buch (Madhabi Puri Buch is the first woman chairperson of SEBI.)