The Securities and Exchange Board of India (SEBI) recently unveiled a significant upgrade to its SCORES platform – SCORES 2.0. This revamped system aims to empower investors in the securities market by streamlining the complaint redressal process.
Faster Resolutions and Streamlined Processes
SCORES (SEBI Complaint Redress System) is an online portal designed for investors to lodge and track complaints concerning any issues related to the securities market. SCORES 2.0 introduces several key features to expedite complaint resolution and improve transparency:
- Reduced Timelines: SCORES 2.0 implements stricter timelines, ensuring a maximum redressal period of 21 calendar days from the date a complaint is received. This significant improvement from previous timelines aims to provide investors with quicker solutions to their grievances.
- Auto-Routing and Escalation: The new system incorporates an auto-routing mechanism that swiftly directs complaints to the relevant regulated entity. This eliminates delays and ensures complaints reach the appropriate authorities for faster resolution. Additionally, if a complaint isn’t addressed within the 21-day window, SCORES 2.0 automatically escalates it to the next level, ensuring accountability and prompt action.
- Two-Tier Review Process: SCORES 2.0 offers a two-level review process. If an investor is unsatisfied with the initial resolution provided by the concerned entity, a ‘Designated Body’ conducts a first-level review. This ensures a fair and thorough examination of the complaint, fostering trust in the system.
Enhanced User Experience for Easier Access
SEBI has emphasized making SCORES 2.0 more user-friendly. The new platform boasts a streamlined interface for easier navigation and complaint filing. Additionally, SCORES 2.0 integrates with the KYC Registration Agency database, simplifying investor registration on the platform. This eliminates a potential hurdle for investors seeking to file complaints.
Mandatory Use and Availability
It’s important to note that effective April 1, 2024, investors can only lodge new complaints through SCORES 2.0. The older version of the platform will no longer accept new complaints. However, investors can still access the status of previously filed complaints and view disposed-off complaints from the old SCORES within SCORES 2.0.
A Positive Step Towards Investor Protection
The launch of SCORES 2.0 underscores SEBI’s dedication to fostering a secure and efficient securities market. By facilitating faster complaint resolution, auto-escalation for delays, and empowering investors with a more streamlined redressal process, SCORES 2.0 is a positive step towards strengthening investor protection in India. This will likely lead to increased investor confidence in the market, potentially attracting new investments and promoting overall market stability.
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