CS Siddhartha Banik

CS Siddhartha BanikIntroduction:

SCORES is online platform to file, monitor and redress investors grievances of Listed Companies/ intermediary registered with SEBI. Investors of Listed Companies can utilize this platform to communicate their grievances to the Company through SEBI.

In case of grievances pertaining to securities market the investors should first lodge their complaints with the Compliance Officer of the Listed Company or intermediary against whom the investors has grievances. In case the grievances remains unresolved by the company concerned or respective registered intermediary after direct approach to them by the Investors then the aggrieved investors can utilize this platform of SCORES to resolve his genuine grievances with the direct interference with SEBI.

Eligibility of Complaints:

SEBI deals with the Complaints that are related with SEBI Act, Securities Contract Regulation Act, Depositories Act and rules and regulation made there under and Shares Transfer/ Transmission related issues.

However in the following circumstances complaints will not be entertained by SEBI:

  1. If the complain are not complete in all respect;
  2. If the Complain does not carry necessary back-up papers/documents;
  3. Complains pertaining to Unlisted Companies.

Complaints against Listed Company:

In case of complaint against listed Companies, the same can be processed by in-house or its Registrar or Share Transfer Agent(RTA).

However ,even if a listed company decides to handed over the responsibility to redress investors grievances to RTA still the Company should keep track with the RTA regarding proper redressal of grievances and uploading of Action Taken Report(ATR) , because failure on the part of the RTA to take appropriate action to redress grievances and uploading of ATR within 30 days will be treated as failure on the part of the Listed company.

Procedure to file complaints by Investors through SCORES:

Step 1:

Investors should first lodge their complaints to the concerned Company or intermediary against whom the Investors has complaints/grievances. If the Investor is not satisfied with the initiative of the Company or intermediary then the Investors can file their compliant to the SEBI through SCROES.

Step-2:

Before filing complaints to SEBI Investor shall first visit scores.gov.in and create his user id and password by filing complaint registration form.

For doing this user needs to give his/her personal informations like name, e-mail, address, PAN no. etc. On successful registration, SCORES will send user id and password to registered e-mail id.

Step-3:

After receiving the complaint by SEBI, and if the Complaint is in order, then SEBI should forward the same to the concerned Company for taking action.

Step-4:

Complainant can check the status of his complaint through web portal of SCORES by using his complaint registration number. User can track the status and send reminders too. Even they can also call SEBI at their Tool free Investors helpline Number 1800 266 7575 or 1800 22 7575;

Responsibility of Listed Company and Intermediaries:

The Board of Directors of Listed Companies or Board of Directors /Proprietor /Partner of registered intermediaries are responsible to ensure proper compliances.

SEBI vide its circulars had directed all the listed companies to get SCORES authentication within the prescribed time period.

SEBI has already inflicted penalty to some Listed Companies for failing to register with SEBI with its online complaint system namely SCORES.

Intermediaries Not Covered:

However, Stock Brokers, Sub-brokers, and Depository Participants are not required to obtain SCORES authentication because complaints against these intermediaries shall continue to be routed through the platforms of concerned stock exchange.

Physical Complaint with SEBI:

Though SEBI has started online platform to redress Investors Grievances, still those Investors who are not frequent with the online system or resides in remote area where required infrastructure to use online platform SACORES is not available can file complain physically also.

Secretarial Check Point:

1. Company Secretary of Listed Company should ensure that their employer Organization has obtained authtication code.

2. Company Secretary should also keep track on the web portal (http://scores.gov.in) to check the status of Investors Grievances;

3. Secretarial Auditor, before while conducting Secretarial Audit should make it a point that the Company has duly obtained authentication of SCORES and Investors Grievances are duly redressed and ATR uploaded on time;

Hindrance:

Investors should utilize this platform for redressal of genuine complaints only. It should be kept in mind that this platform is for redressal of grievances only and not for obtaining information. Also, multiple complaints on same subject matter or complaint on a matter answer on which is otherwise available on Stock Exchange portal should be discouraged by SEBI.

(Author is Associated with ‘RRR Compliance Services (A division of PJ LAW SOLUTION) and can be reached at pj_law_solution@yahoo.in)

More Under SEBI

Posted Under

Category : SEBI (1636)
Type : Articles (10827)
Tags : SEBI (449)

Search Posts by Date

October 2016
MTWTFSS
« Sep  
 12
3456789
10111213141516
17181920212223
24252627282930
31