Sebi resolves over 3,500 complaints against companies via SCORES in Oct

Sebi has disposed of 3,533 complaints against companies and market intermediaries through its online grievance redressal system SCORES in October, according to the data released by the capital markets regulator.

As many as 16 complaints were pending for more than three months on SCORES as of October-end, involving 12 entities such as SBI Mutual Fund, UTI Mutual Fund, JSW Steel Ltd, Waree Renewable Technologies Ltd, Sundaram Mutual Fund and Tirupati Fincorp Ltd.

At the beginning of October, there were 5,259 complaints pending and 3,369 fresh complaints were received, as per the data released by market watchdog Sebi on Monday.

The regulator said it had 5,083 pending actionable complaints as of October-end, excluding 12 complaints that were under regulatory actions or legal proceedings.

Further, Sebi noted that it had received 159 reviews of complaints. A complainant can request a review within 15 days after the disposal of their complaint.

These complaints, which were disposed of during the October 16-31 period, can also be reviewed during the next month for further action.

As of October, 16 complaints were pending for more than three months. These complaints were related to mutual funds, investment advisers, venture capital funds, buyback of securities, refund/ allotment/ Transfer/ Rights/ Redemption/ Interest and takeover/ restructuring.

The average resolution time for a complaint was 36 days, as per the data.

In a separate public notice, the markets regulator mentioned about 12 entities against whom complaints have been pending for more than three months on SCORES as of October 2023.

SCORES is a grievance redressal system that was launched in June 2011. It is designed to help investors to lodge their complaints online with Sebi, pertaining to the securities market, against companies, intermediaries and market infrastructure institutions.