Sebi resolves over 5,600 complaints through SCORES platform in Dec 2024

Capital markets regulator Sebi has disposed of 5,636 complaints in December last year through its complaint redressal system SCORES platform.

According to Sebi data, the complaints pending as of November 30, 2024, stood at 5,826.

During December, the regulator received 5,193 fresh complaints, bringing the total applications to 11,019.

Of these, 5,383 complaints remained unresolved as of December 31, 2024, the regulator said in a public notice on Tuesday.

The markets watchdog also highlighted that the average resolution time taken by entities to submit Action Taken Reports (ATRs) to investors in December was eight days. For complaints escalated to the first-level review, the average resolution time was five days, showcasing the efficacy of the updated system.

Under the upgraded SCORES 2.0 framework, complaints are automatically forwarded to the concerned entity, which is given 21 days to submit an ATR to the investor.

If dissatisfied, investors can opt for a first-level review within 15 days. During this period, complaints remain on the pending list, even if an ATR has been submitted. If the investor continues to be unsatisfied, they can escalate the issue to a second-level review by the regulator, with the same timeline for resolution applying, Sebi said.

Complaints can also be disposed of if the investor opts for the Online Dispute Resolution (ODR) mechanism, it added.

In another public notice, Sebi said six complaints were pending for more than three months on SCORES as of December-end involving entities such as DFM Foods Ltd, Smartowner Services India Pvt Ltd and Nikhil Dayanand Baljekar.

SCORES was launched in June 2011. The platform was designed to help investors lodge their complaints online with Sebi, pertaining to the securities market, against companies, intermediaries and market infrastructure institutions.

In April last year, the regulator launched the platform's new version, SCORES 2.0, with additional features.