Sebi centralises database to quicken complaints redressal

Market regulator the Securities and Exchange Board of Inda (Sebi) today said it has operationalised a centralised database to fastrack redressal of investor complaints against listed companies, called Sebi Complaints Redressal System (SCORES).

"Sebi has commenced processing of investor complaints in a centralised web-based complaints redressal system 'SCORES'," the regulator said in a circular.

Under the new system, companies are required to view the complaints pending against them and submit ATRs (Action Taken Reports) along with supporting documents electronically in SCORES.

"Failure on the part of the company to update the ATR in SCORES will be treated as non redressal of investor complaints by the company. Submission of physical ATR will not be accepted for complaints lodged in SCORES," Sebi said.

However, for complaints forwarded to companies "on or before May 20, 2011, physical ATRs should be submitted", it added.

Failure on the part of the Registrar to Issue and Share Transfer Agent (RTI/STA) to update the ATR in SCORES will be treated as non redressal of investor complaints by the company, according to the Sebi circular.

SCORES facilitates online movement of complaints to the concerned listed companies by enabling online upload of Action Taken Reports (ATRs) by these companies.

Besides, investors can view the status of their complaints and the action, if taken, online.