Follow Us :

Introduction: The National Stock Exchange of India (NSE) has always been at the forefront of implementing measures to ensure investor protection and confidence in the Indian capital markets. Recently, SEBI introduced SCORES 2.0, an upgraded version of its complaint redressal system, aimed at further strengthening investor grievance mechanisms. In this article, we’ll delve into the details of SCORES 2.0, its significance, and how it impacts listed companies, municipal debt securities, registrars, and share transfer agents.

Detailed Analysis: SCORES, short for SEBI Complaints Redress System, has been pivotal in streamlining the process of resolving investor grievances. With the launch of SCORES 2.0, SEBI aims to enhance transparency, efficiency, and accountability in addressing investor complaints.

One of the key features of SCORES 2.0 is its user-friendly interface, making it easier for investors to lodge complaints and track their status. Additionally, the system ensures timely resolution of complaints by setting strict timelines for listed entities to respond.

Upon receiving a complaint through SCORES, listed companies, municipal debt securities, registrars, and share transfer agents are mandated to resolve the issue within 21 calendar days. They must then submit an Action Taken Report (ATR) via SCORES, which is automatically routed to the complainant.

If the complainant remains dissatisfied with the resolution provided by the entity, they have the option to escalate the complaint to the exchange for review. The exchange is required to address escalated complaints within 10 calendar days.

In cases where the prescribed timelines are not adhered to by the concerned entity, the complaint is auto-escalated to the next level. Furthermore, investors have the option to refer unresolved complaints to Online Dispute Resolution (ODR), thereby ensuring swift resolution of disputes.

It’s essential for all listed entities to familiarize themselves with the timelines outlined in SEBI circulars and adhere to them diligently. Non-compliance could result in adverse consequences, including auto-escalation of complaints and regulatory actions.

Conclusion: SCORES 2.0 represents a significant step towards strengthening SEBI’s investor grievance redressal mechanism. By leveraging technology and setting clear guidelines, the system aims to instill greater trust and confidence among investors in the Indian capital markets. Listed companies, municipal debt securities, registrars, and share transfer agents must proactively adapt to the new requirements and ensure prompt resolution of investor complaints. Ultimately, SCORES 2.0 underscores SEBI’s commitment to protecting the interests of investors and maintaining the integrity of the Indian securities market.

*****

National Stock Exchange of India

Department: INVESTOR SERVICES CELL
Circular Ref. No: NSE/CML/2024/09 Date: April 05, 2024

To all Listed Companies / Municipal Debt Securities /Registrars and Share Transfer Agents

Subject: SCORES 2.0 New Technology to strengthen SEBI Complaint Redressal System for Investors

Exchange vide Circular No. NSE/ISC/58504 dated September 21, 2023, and Circular No. NSE/ISC/59602 dated December 01, 2024, had informed the Market participants with respect to SEBI circular no. SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023, on Redressal of Investor Grievances through the SEBI Complaint Redressal (SCORES) Platform.

In continuation to the same, SEBI vide its press release no. PR No. 06/2024 dated April 01, 2024, has informed that the new version of the SEBI Complaint Redress System (SCORES 2.0) has been launched w.e.f. April 01, 2024. A Copy of the release is attached herewith as Annexure A, which is self-explanatory.

All Listed Companies / Municipal Debt Securities /Registrars and Share Transfer Agents are required to note and adhere to the below:

1. SCORES user ID and Password details are being sent to the e-mail ID of the respective contact person, by SEBI.

2. Upon receipt of the “Complaint” through SCORES, Listed Company/ Municipal Debt Securities/Registrars and Share Transfer shall resolve the complaint within 21 calendar days and submit Action taken Report (ATR) vide SCORES. The submitted ATR will be automatically routed to the complainant.

3. In case complainant is not satisfied with the resolution, the said complaint will be escalated to the Exchange, for review. Such escalated complaints are required to be addressed by the Exchange within 10 calendar days.

4. Subsequent to the first review by the Exchange, if the investor still remains dissatisfied with the resolution, they can escalate the complaint for a second review to SEBI.

5. In case of nonadherence to the prescribed timelines by the Listed Company/ Municipal Debt Securities/Registrars and Share Transfer or the Designated Body as the case may be, the complaint will be auto escalated to the next level.

6. At any stage, Investor will have an option to refer the complaint to ODR (Online Dispute Resolution). Once the Complaint has been referred to ODR, the same shall be treated as disposed of in SCORES 2.0.

7. All Listed Companies shall take note of Schedule VI of the SEBI circular no. SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023, read with SEBI circular no. SEBI/HO/OIAE/IGRD/CIR/P/2023/183 dated December 01, 2023, for timelines for handling of complaints and actions in case of non-compliances.

All are requested to take note of the contents of the aforesaid circular.

For and on behalf of
National Stock Exchange of India Limited

Jinit Thakkar
Vice President

Toll Free No

1800 266 0050 (select option 5)

Email id

ignse@nse.co.in

Tags:

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Post by Date
May 2024
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031