What Is SEBI Complaints Redress System (SCORES) Platform?

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What Is SEBI Complaints Redress System (SCORES) Platform? Blog Image

Overview:

A total of 3,079 complaints against companies and market intermediaries have been disposed of through the Securities and Exchange Board of India's (SEBI) SCORES platform recently.

About SCORES Platform:

 

  • SCORES is a web based centralized grievance redress system of SEBI that was launched in June 2011. 
  • SCORES enables investors to lodge and follow up their complaints and track the status of redressal of such complaints online from the above website from anywhere. 
  • This enables the market intermediaries and listed companies to receive the complaints online from investors, redress such complaints and report redressal online. 
  • All the activities starting from lodging of a complaint till its closure by SEBI would be online in an automated environment and the complainant can view the status of his complaint online. 
  • What types of complaints can be registered in the SCORE portal? According to the regulatory authority, complaints can be lodged on SCORES for any issues covered under the Sebi Act, Securities Contract Regulation Act, Depositories Act, and rules and regulations and provisions of Companies Act, 2013.
  • Entities against which complaints are handled by SEBI include:
    • Listed companies / registrar & transfer agents
    • Brokers / stock exchanges
    • Depository participants / depository
    • Mutual funds
    • Portfolio Managers
    • Other entities (KYC Collective investment scheme, Merchant banker, Credit rating, Foreign institutional investor etc)

 

What types of complaints cannot be registered in the SCORES portal?

  • Bank deposits and banking; fixed deposits with non banking financial companies (NBFCs) and other matters pertaining to NBFCs. - RESERVE BANK OF INDIA (RBI)
  • Fixed deposits with manufacturing companies; unlisted companies; mismanagement of companies, financial performance of the company, annual general meeting, annual report, minority shareholders' interest, non-receipt of preferential allotment shares; corporate actions as per the court order, such as mergers, amalgamation, reduction of share capital/par value, etc. - MINISTRY OF CORPORATE AFFAIRS
  • Insurance companies / brokers / agents / products and services. - INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ( IRDA)
  • Commodities - FORWARD MARKETS COMMISSION
  • Pension fund - PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (PFRDA)
  • Monopoly and anti-competitive practices - COMPETITION COMMISSION OF INDIA (CCI)
  • Housing finance companies - NATIONAL HOUSING BANK

 

Securities and Exchange Board of India (SEBI):

  • It was established in April 1988 as an executive body and was given statutory powers in January 1992 through the SEBI Act, 1992.
  • It monitors and regulates the Indian capital and securities market while ensuring to protect the interests of the investors, formulating regulations and guidelines.

 


Q1) What are Listed Companies?

A listed company issues shares of its stock for trading on a stock exchange. If a company is listed in the U.S., it has met the requirements of the Securities and Exchange Commission (SEC) for selling shares to the public and has been accepted for trading on an exchange such as the New York Stock Exchange. It is a public company.

Source: Sebi's SCORES platform disposes of 3,079 complaints in June: Data