SCORES 2.0 (Syllabus: GS Paper 3 – Economy)
Context: SEBI recently launched the new version of the SEBI Complaint Redress System (SCORES 2.0).
SCORES 2.0
- About: It is a updated version of SCORES enhances the investor complaint resolution mechanism in the securities market.
- Key Features of SCORES 2.0:
oReduced Timelines: Investor complaints will be addressed within 21 calendar days from receipt.
oAuto-Routing of Complaints: Complaints will be automatically directed to the relevant entity to minimize delays.
oMonitoring by Designated Bodies: Entities must oversee timely resolution of investor complaints.
oTwo-Level Review Process: Dissatisfied investors can seek review first from designated bodies, then from SEBI.
oAuto-Escalation for Non-Adherence: Complaints will escalate if entities don't meet prescribed timelines.
oIntegration with KYC Database: Integration with KYC Registration Agency facilitates easy investor registration on SCORES.
SCORES
- About: is a web-based centralized grievance redress system launched by SEBI in 2011.
- Accessibility and Convenience: It allows investors to lodge, track, and follow up on complaints online, providing accessibility from anywhere.
- Intermediary and Company Engagement: SCORES facilitates market intermediaries and listed companies to receive and address complaints online, ensuring efficient grievance redressal.
- Types of Complaints in SCORES
oLegislative Coverage: Complaints can encompass issues under various acts and regulations including the SEBI Act, Securities Contract Regulation Act, Depositories Act, and Companies Act, 2013 provisions.
oEntities Covered: SEBI handles complaints against a range of entities such as listed companies, brokers, depositories, mutual funds, portfolio managers, and other entities like KYC collective investment schemes, merchant bankers, credit rating agencies, and foreign institutional investors.
