Updated Apr 13, 2022

What is the SEBI "Scores" ?

What are the Sebi scores?

The regulatory body for the Indian securities market: the Security Exchange Board of India, abbreviated as SEBI, has been in existence since 1988. But, after the SEBI Act 1992 passed, it was provided with statutory powers on 1992 April 12. The SEBI maintains an online centralized grievance redress system named SCORES (SEBI Complaints Redress System). The article elaborates essential information about it.

What is the meaning of SCORE?

SCORES allows investors to appeal complaints and follow up with them actively. It also enables them to track the redressal status of their complaints through the website. Through it, listed companies and market intermediaries receive all the direct complaints from investors online. Further, they redress the complaints and report the changes made online. The process takes place in an automated setting, from complaint appeal to its closure.

Investors who are not aware of the function of the SCORES, or for some reason, it is not accessible to them, can present their complaint appeals in SEBI offices offline. The offline complaints are scanned and uploaded online in the SCORES for further processing.

What entities are liable to receive complaints against them under SCORE?

Following is the list of entities against whom investors' complaints are considered valid:

• The transfer agent and registrar agents and listed companies.
• Stock or Brokers exchanges.
• Depository or Depository participants
• Portfolio managers
• Mutual funds
• Merchant banker
• Foreign institutional investor
• KYC Collective investment scheme
• Credit rating

What types of entities are not liable for registered complaints under SCORE?

RESERVE BANK OF INDIA (RBI): Complaints related to fixed deposits with NBFCs, banking and bank deposits.

Ministry of corporate affairs: Complaints against manufacturing companies fixed deposit, companies' mismanagement, unlisted companies, company's financial performance, annual report and general meeting, preferential allotment shares' non-receipt, the interest of minority shareholders, corporate actions based on the court order ( ex. amalgamation, mergers, par value/share capital reduction etc.).

IRDA (INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY): Complaints against Insurance brokers/ companies/products/services/ agents.

FORWARD MARKETS COMMISSION: Complaints on commodities.

PFRDA ( PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY): Appeal against pension fund.

(CCI) COMPETITION COMMISSION OF INDIA: Complaint appeals on anti-competitive and monopoly practices.

NATIONAL HOUSING BANK: Housing finance companies.

Note that an investor needs to approach the entity in question regarding the complaint before putting their appeal in SCORE. In case the complaint does not get a satisfactory response, then investors can move ahead to register their complaints in SCORE.

What are the steps to raise a complaint through the SCORE webpage?

Below is given detailed process investors can follow to raise complaints in SCORE online:

• Go to scores.gov.in/Registration.aspx to make a registration as a new user. Fill up all the asked personal information, including e-mail, name, PAN details, address and so on.

• Once you successfully register your profile in SCORE. You'll receive your user ID and password from SCORE through your registered e-mail ID.

• Again visit the official website page, and log in using the provided username and password. You can find it on the webpage's left side. Next, click on SIGN IN.

• Once logged in, you can get the options like Complaint Registration, View Complaint Status, and Send Reminder on the top left side. Tap on the Complaint Registration for raising your complaint.

• It will open a Complaint Registration Form. Here, fill in your personal details like full name, contact number, address etc.

• At the bottom of the form, you need to choose your complaint's category. For example, Broker, Depository participant listed companies, Mutual funds, etc.

• After you select the category, it will ask for further details such as complaint type, mutual fund company's name, complaint descriptions and others. You can upload a supporting document up to 1 MB. Next, tap on the submit button.

• Further, you'll receive a complaint registration number through e-mail and SMS.

Now, you need to wait up to 30 days for a proper response.

Conclusion

SCORE is one of the beneficial initiatives that serve the interest of investors. It brings transparency to investors who have appealed for any complaints against listed entities. On the other hand, the entities in question can also openly display how they are handling the complaints. The process is convenient for both the complainant and the target company.