SCORES 2.0

• SEBI recently launched the new version of the SEBI Complaint Redress System (SCORES 2.0).

ABOUT SCORES:

• SCORES is a web-based centralized grievance redress system of SEBI launched in 2011.
• SCORES enable investors to lodge and follow up on their complaints and track the status of redressal of such complaints online from anywhere.
• This enables market intermediaries and listed companies to receive complaints online from investors, redress such complaints, and report redressal online.
• An investor who is not familiar with SCORES or does not have access to SCORES can lodge complaints in physical form at any of the offices of SEBI.

KEY FEATURES OF SCORES 2.0

• It will feature reduced and uniform time lines for redressal of investor complaints, which is 21 calendar days from the date of receipt of the complaint.
• An auto-routing of complaints to the concerned regulated entity will be facilitated to eliminate time lapses, if any, in the flow of complaints.
• Designated bodies will have to monitor the timely redressal of investors’ complaints.
• There will be two levels of review. The first review will be by the ‘designated body’ if the investor is dissatisfied with the resolution provided by the concerned regulated entity. The second review will be by SEBI if the investor is still dissatisfied after the first review.
• If there is non-adherence to the prescribed timelines by the regulated entity, then there would be auto-escalation of the complaint to the next level.
• SCORES 2.0 will be integrated with the KYC Registration Agency database for easy registration of the investor on SCORES.

ABOUT SECURITIES AND EXCHANGE BOARD OF INDIA

• It is a statutory body established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
• Before SEBI came into existence, Controller of Capital Issues was the regulatory authority; it derived authority from the Capital Issues (Control) Act, 1947.
• It is a quasi-legislative and quasi-judicial body which can draft regulations, conduct inquiries, pass rulings and impose penalties.