Strengthen investor grievance redressal mechanism: Sebi to cos

To ensure timely relief to investors, Sebi today asked listed companies and registered intermediaries to strength and address shortcomings in their investor grievances redressal mechanism.
Action taken by the listed company or intermediary to address investor grievance would be considered complete only after the complaint is removed from SCORES.
In 2011, the regulator launched the Sebi Complaints Redress System (SCORES) -- a centralised web-based complaints redressal platform.
"All listed companies and Sebi registered intermediaries shall review their investors grievances redressal mechanism so as to further strengthen it and correct the existing shortcomings, if any," Sebi said in a circular.
The circular, issued by Chief General Manager N Hariharan (Office of Investor Assistance and Education), has asked the concerned entities to make efforts to address the grievance within 30 days of receiving the same.

Listed companies and intermediaries should also keep the complainant informed about the action taken.

The latest circular has put together all directions issued so far related to SCORES.
"A complaint shall be treated as resolved/disposed/closed only when Sebi disposes/closes the complaint in SCORES. Hence, mere filing of ATR (Action Taken Report) by a listed company or Sebi registered intermediary with respect to a complaint will not mean that the complaint is not pending against them," the circular said.
All newly listed companies and registered intermediaries have been asked to obtain SCORES within one month of listing.
Stock brokers, sub-brokers and depository participants are not required to obtain SCORES authentication as complaints against these intermediaries would continue to be routed through the platforms of the concerned stock exchange or depository.