The Securities and Exchange Board of India (SEBI) has launched the enhanced version of the SEBI Complaint Redress System (SCORES 2.0), which represents a significant improvement in the securities market’s investor complaint redressal procedure.
What is the SCORES 2.0?
- SCORES 2.0 is the improved version of the SEBI Complaint Redress System (SCORES) launched by the Securities and Exchange Board of India (SEBI).
- SCORES is an online tool meant to help investors file and resolve concerns in the securities market.
- Complaints can be filed for any issues covered by the
- SEBI Act, 1992
- Securities Contract Regulation Act, 1956
- Depositories Act, 1966
- Companies Act, 2013
Complaints on SCORES 2.0 can be launched against:
- 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.)
Features of SCORES 2.0:
- SCORES 2.0 offers shorter and standardised timescales for handling investor grievances, with a maximum redressal duration of 21 calendar days from complaint receipt.
- Auto-Routing and Escalation: The updated version has an auto-routing mechanism that quickly sends complaints to the appropriate regulated entity. Furthermore, it establishes a two-tier review mechanism, with complaints being reviewed first by the designated body and then by SEBI if investors are dissatisfied with the resolution provided.
- Integration with KYC Database: SCORES 2.0 is completely integrated with the KYC Registration Agency database, making it easier for investors to register on the platform.
- Enhanced Efficiency: By incorporating features such as auto-routing, auto-escalation, and tougher monitoring protocols, SCORES 2.0 intends to improve the efficiency and effectiveness of the investor complaint resolution process.
Significance of SCORES 2.0
- SEBI’s SCORES 2.0 initiative intends to improve regulatory efficiency and transparency, leading to a more accountable and responsive market ecosystem through tougher timeframes and supervision procedures.
- Technological Advancements: The incorporation of advanced technological elements, including as auto-routing and KYC database connection, demonstrates SEBI’s proactive attitude to using digital advances to modernise regulatory procedures and services.
Source: https://m.economictimes.com/markets/stocks/news/sebi-launches-scores-2-0-to-strengthen-investors-complaint-redressal-system/articleshow/108947507.cms