Markets regulator Securities and Exchange Board of India (SEBI) rolled out an upgraded iteration of its complaint redressal system, SEBI Complaint Redress System (SCORES 2.0), on April 1.
“The new version of SCORES strengthens the investor complaint redress mechanism in the securities market by making the process more efficient through auto-routing, auto-escalation, monitoring by the ‘Designated Bodies and reduction of timelines,” SEBI said in a release.
Also read: FY25 Outlook: Hotels to see revenue growth of 9-11%, a 3rd straight Year of growth- CareEdge
SEBI announced enhancements to the new SCORES system, making it more user-friendly. SCORES 2.0 introduces several features aimed at streamlining investor complaint resolution across the securities market.
These include standardized timelines for complaint resolution, set at 21 calendar days from the complaint’s receipt date, automatic routing of complaints to relevant authorities, and monitoring of timely resolution by designated bodies.
Additionally, SCORES now offers a two-tier review process: the first level involves review by the designated body, with SEBI stepping in for the second level if the investor remains dissatisfied. To ensure adherence to timelines, investors have the option to auto-escalate complaints if designated bodies fail to respond promptly.
Also read: PSU bank stocks rise, IOB up 8%, Union Bank surges 2%; here’s why
Furthermore, SCORES integrates seamlessly with the KYC Registration Agency database, simplifying investor registration processes within the platform.
Investors will no longer have the option to file new complaints using the old SCORES platform. However, they can still monitor the status of any complaints previously submitted through the old SCORES.
Starting April 1st, the updated version of SCORES can be accessed at https://scores.sebi.gov.in. Additionally, SEBI has announced the discontinuation of the old app, with plans to introduce a new app in the near future.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 01 Apr 2024, 06:19 PM IST