SEBI Complaints Redress System (SCORES)

The Securities and Exchange Board of India (SEBI) introduced the Complaints Redress System (SCORES) to provide investors a single point of contact for addressing grievances against market intermediaries. Launched in 2019, SCORES has become the primary online portal where investors can lodge, track, and resolve complaints related to securities transactions, mutual fund investments, demat accounts, and other regulated activities.

Why SCORES Matters

• Investor protection: It strengthens confidence by ensuring that investors have a transparent, timebound mechanism to raise concerns.
• Uniformity: All registered intermediariesstock brokers, mutual fund distributors, depository participants, registrars and transfer agentsare required to subscribe to SCORES.
• Accountability: Intermediaries must acknowledge complaints within 24 hours and resolve them within the timelines prescribed by SEBI.
• Datadriven oversight: SEBI analyses the complaint data to identify systemic issues and take corrective action.

Who Can Use SCORES?

The portal is open to:

• Retail investors holding securities, mutual funds or bonds.
• Beneficiaries of securities (e.g., nominees, legal heirs).
• Investors of any age who have a grievance against a SEBIregistered intermediary.

StepbyStep Guide to Lodging a Complaint

1. Register on the SCORES Portal

1. Visit scores.sebi.gov.in.
2. Click New User Registration. Provide your PAN, email, and mobile number.
3. Verify the OTP sent to your mobile and set a password.

2. Log In and Choose the Appropriate Category

1. After logging in, select File a Complaint.
2. Pick the relevant category: Brokerage Services, Mutual Fund, Depository Participant, Registrar & Transfer Agent, etc.

3. Fill in the Complaint Form

• Basic details: Name, address, PAN, and contact information.
• Intermediary details: Name, registration number, and branch (if applicable).
• Subject and description: Clearly describe the issue, include transaction dates, amounts, and any supporting documents.
• Attachments: Upload PDFs, screenshots, or scanned copies of relevant evidence.

4. Submit and Receive a Unique Complaint ID

Once submitted, the system generates a Complaint Reference Number (CRN). Keep this ID safe; you will need it to track the status.

5. Track the Complaint

Log in anytime and click Track Complaint. You will see:

• Status (e.g., Acknowledged, Under Review, Resolved).
• Dates of each action taken.
• Reply from the intermediary, if any.

Timeline for Resolution

Escalation Procedure

If the intermediarys response is unsatisfactory or the complaint remains unresolved within the stipulated time, you can:

1. Raise a Second Level complaint through SCORES (the same portal).
2. Contact the SEBI Regional Office directly, quoting your CRN.
3. Seek assistance from the Investor Education and Protection Fund (IEPF) if the issue involves fraud or misappropriation of funds.

Common Types of Complaints Handled by SCORES

• Nonreceipt of trade confirmation or statement.
• Incorrect charge of brokerage or transaction fees.
• Delay or denial in settling a trade.
• Issues with demat account opening, transfer, or closure.
• Misallocation of mutual fund units.
• Failure to receive dividend or interest payouts.
• Unauthorized trading or fraud.

Best Practices for Investors

• Maintain records: keep trade confirmations, account statements, and communication logs.
• Before filing, check if the intermediary has an internal grievance mechanism; many resolve issues faster.
• Be precise: include dates, amounts, and transaction IDs to avoid backandforth.
• Follow up regularly; the portals Track feature shows where the process stands.
• Use the same email and mobile number throughout the process to avoid verification delays.

Impact of SCORES on the Market

Since its inception, SCORES has processed thousands of complaints each year. SEBIs annual reports indicate:

• Average resolution rate above 85% within the prescribed timeline.
• Reduction in repeat complaints against the same intermediary.
• Greater transparency as complaint data is periodically published on SEBIs website.

These outcomes have contributed to higher investor confidence and have pressured intermediaries to improve service standards.

Useful Links

• Official SCORES Portal
• SEBI Annual Reports (Complaint Statistics)
• Investor Education & Protection Fund

For complex disputes involving large sums, consider consulting a legal professional alongside using SCORES. The system is designed for timely redress, but it does not replace legal recourse when required.

Stay informed, keep your documents organized, and make use of the SCORES portal whenever you encounter an issue with a securities market participant.