What you will do when you have complaint against your mutual fund company, listed company of which you are share holder, stock exchange or stock broker? SEBI provided online redressal system called as “SCORES”-Sebi COmplaints REdress System.
Whenever you have complaints regarding below listed entities, first approach the concerned company/intermediary. If it was not heed properly then the next step is go to SEBI.
1) Mutual Funds
2) Listed Companies
3) Stock Brokers/Sub Brokers
4) Depository/Depository Participants
5) Register to an issue/Share Transfer Agents
6) Portfolio Managers
7) Bankers to an issue
8) Collective Investment Schemes
9) Credit Rating Agencies
10) Custodians of Securities
11) Debenture Trustees
12) Merchant Bankers
This system is totally online, starting from complaint lodging to till it’s closure. In automated environment customer can view status of complaint online. It is the 24X7 accessible option. Including complaints you can also lodge the reminders. Once you lodge the complaint, instant email will be sent to your registered mail by mentioning unique complaint registration number. Once the complaint lodged, then it will be forward to concerned entity. Concerned entity then uploads the Action Taken Report (ATR). Then SEBI verify ATR and if satisfy with the report then it will close the case. Investors can view their status of complaint by entering unique complaint registration number. Complaint lodged investor and concerned entity can interact with each other to seek further clarification.
How to lodge the complaint?
Visit SCORES by clicking here. Here click on the “Complaint Registration” under “Investor Corner”. Now fill your personal details. You can also upload the relevant documents while registering. Once submission of all mandatory fields are complete the system generates unique complaint registration number which will be sent to your mail also.
Usually it takes 30 days to resolve the complaints. But in some cases it may take more time. But if SEBI found some negligence from the concerned entity then SEBI can take action on that entity. Sometimes it is difficult to say who actually are culprit, in such cases SEBI can advice you to go for court or consumer court.
Complaints dealt by SEBI
Complaints raised out of issues covered under SEBI Act, Securities Contract Regulation Act, Depository Act and rules and regulations made under Sec 55 of Companies Act.
Complaints not dealt by SEBI
Complaints again unlisted, delisted, wound up, liquidated, and sick companies. Complaint that are sub-judice. Complaint falling under other regulators such as RBI, IRDA, PFRDA, CCI, FMC etc..
Complaints which are not considered as irrelevant
Complaints which are incomplete or not specific.
Complaints without supporting documents.
Complaints asking for suggestions, guidance or explanation.
Complaints seeking explanation regarding non trading of shares or illiquidity of shares.
Complaints related price of shares.
Disputes due to private agreements with companies or intermediaries.
For the detailed procedure and doubts click here