Investors can submit complaints directly to cos: Sebi

Sebi today said it will allow investors to use SCORES platform for submission of grievances directly to the companies from August 1.

The move is aimed at faster disposal of investor complaints.

Introduced in June 2011, Sebi Complaints Redress System (SCORES) is a web based centralised system to capture investor complaints against listed companies and registered intermediaries.

"Sebi has received inputs from listed companies and intermediaries that investor grievances can be resolved faster if the grievance been taken up directly with the entity at the first instance," the regulator said in a circular today.

Accordingly, it appears to be prudent and time saving if the investors approach the concerned listed company or registered intermediary first with all the requisite details to redress the complaints, it added.

In case, the listed company or registered intermediary fails to redress the complaint to the investor's satisfaction, the investor may file a complaint in SCORES.

As per the circular, with effect from August 1 investors who have to lodge a complaint on SCORES will have to register themselves on the platform's website, file the registration form and provide details including their names, permanent account number and contact details.

Upon successful registration, a unique user id and a password shall be communicated to the investor through an acknowledgement email or SMS, Sebi said.

The investor would have to use login credentials for lodging complaint on SCORES.

"The complainant may use SCORES to submit the grievance directly to companies/ intermediaries and the complaint shall be forwarded to the entity for resolution.

"The entity is required to redress the grievance within 30 days, failing which the complaint shall be registered in SCORES," Sebi said.

The investor can lodge a complaint on SCORES within three years, where the entity has approached the listed company or registered intermediary for redressal of the grievance and it has been rejected by the concerned party.

Even if the complainant does not receive any communication from the listed company or intermediary concerned or is not satisfied with the reply given or redressal action taken by them, it can lodge a complaint on SCORES within three years.