MUMBAI: The Securities and Exchange Board of India(Sebi) on Monday launched the new version of its complaint redress system.
The new version of SCORES (Sebi Complaint Redress System) strengthens the investor complaint redress mechanism in the securities market by making the process more efficient through auto-routing, auto-escalation, monitoring by the designated bodies and reduction of timelines,” it said in a release.
The revised version with additional features has been made more user friendly.
SCORES 2.0, introduces auto- routing of complaints to the concerned regulated entity to eliminate time lapses.
It has reduced and uniform timelines for redressal of investors complaints across the securities market, 21 calendar days from date of receipt of complaint.
Designated bodies will have to monitor timely redressal of investors’ complaints.
The new version of SCORES also offers two- levels of review, the first one by the designated body, Sebi would step in at the second review if the investor is still dissatisfied.
If there is non- adherence to the prescribed timelines by the regulated entity, then there would be auto- escalation of complaint to the next level, Sebi said.
Furthermore, there would be integration with KYC registration agency database for easy registration of the investor on to SCORES.
