This article delves into the requirements for SCORES registration by the Listed Companies/ Registered Intermediaries as well the procedure for investors seeking a way to file complaint against Listed Companies/ Registered Intermediaries.
The article is divided into 2 parts;
Part 1: For Listed Companies/ Registered Intermediaries seeking SCORES registration,
Part 2: For Investors seeking resolution of their grievances.
Part 1: For Listed Companies/ Registered Intermediaries seeking SCORES registration
1. What is SEBI SCORES?
SEBI Scores stands for SEBI Complaint REdress System. It is an online platform where investors can lodge complaints against market participants regulated by SEBI. The platform was launched in 2011 and has since handled over 10 million complaints.
SEBI Scores provides a convenient and accessible way for investors to resolve their grievances. Investors can lodge complaints on a variety of issues, including:
> Delays in settlement of trades
> Non-refund of money
> Difficulty in transferring securities
> Misrepresentation or fraud
> Violation of SEBI regulations
2. Who all are required to obtain registration on SCORES?
Every listed Company and every SEBI Registered Intermediary other than Stock Brokers, Sub-Brokers and Depository Participants are mandatorily required to get registered on the SCORES Portal.
3. What are the steps to obtain registration?
Step 1: Preparation of application form
Once the Company is Listed or the Intermediary is registered with SEBI, an application has to be made to SEBI for obtaining User ID and Password for SCORES in prescribed format.
Important Note: The application has to be made within 1 month from the date of registration.
The applicant shall make sure to provide a permanent email ID at the time of making application for registration on SCORE.
Non-Individual applicants are hereby advised to create a separate email ID for SCORE for example: compliance@xyz.com or investorgrievance@xyz.com or complaints@xyz.com etc.
Step 2: Submission of application form
> The application form needs to be sent in hard copy as well via email to SEBI.
> The registered Intermediaries have to submit the details in hard copy to the Department/ Division of SEBI which has granted them registration to operate in the Securities Market.
For Investment Advisers, Research Analysts and Portfolio Managers, the Department is “Investment Management Department” and Division is “Division of Funds – I”.
Step 3: Issuance of login credentials by SEBI
Upon receipt of application and after being satisfied of the details and information provided by the applicant, SEBI shall issue a login ID and Password to the Listed Company/ Intermediary.
The Listed Company/ Intermediary can login to SEBI SCORES Portal and check the status of the complaints received against them.
Note: It is advisable to check the portal on regular basis to check if there are any complaints filed against the Company/ Intermediary.
4. Whether separate registration is required for each category of intermediary registration?
The Intermediaries are required to take SCORES registration separately for each category of intermediary registration granted by SEBI.
For example: If a person is registered as a Merchant Banker as well as Research Analyst, he shall take SCORES registration for both categories.
5. What are the consequences for not obtaining registration on SCORES?
If any listed Company or registered Intermediary fails to obtain SCORES registration, it would mean non-redressal of grievances by such Company or Intermediary and shall indicate a willful avoidance of same.
SEBI may impose penalty for not obtaining registration on SCORES and violating circulars issued in this regard.
Part 2: For Investors seeking resolution of their grievances
6. What are the matters that are not considered as complaints in SCORES?
> Complaint not by investor
> Complaint not pertaining to investment in securities market
> Anonymous Complaints (except whistleblower complaints)
> Incomplete or un-specific complaints
> Allegations without supporting documents
> Suggestions or seeking guidance/explanation
> Seeking explanation for non-trading of shares or illiquidity of shares
> Not satisfied with trading price of the shares of the companies
> Non-listing of shares of private offer
> Disputes arising out of private agreement with companies/intermediaries
> Matter involving fake/forged documents
> Complaints on matters not in SEBI purview
> Complaint about market manipulation/ insider trading
> Complaint about any unregistered/ un-regulated activity
7. Which complaints are not dealt by SEBI?
> Complaints that are in the purview of some other regulators/ agencies such as complaints against unlisted/delisted/wound up/liquidated/sick companies etc.
> Complaints that are sub-judice (relating to cases which are under consideration by court of law, quasi-judicial proceedings etc.)
Complaints falling under the purview of other regulatory bodies viz. RBI, IRDAI, PFRDA, CCI, etc., or under the purview of other ministries viz., MCA, etc.
The relevant Regulators/ Authorities for some of the grievances which are not dealt by SEBI are given below:
|
Sr. No. |
Regulatory/ Authorities | Grievances pertaining to | Contact |
| 1 | Reserve Bank of India (RBI)/ Banking Ombudsman | – Banks deposits and banking
– Fixed Deposits with Non-Banking Financial Companies (NBFCs) and other matters pertaining to NBFCs – Primary Dealers |
http://www.rbi.org.in/
https://bankingombudsman.rbi.org.in/ |
| 2 | Ministry of Corporate Affairs (MCA) | – Deposits u/s 73 & 74 of Companies Act, 2013
– Unlisted companies – Mismanagement of companies, financial performance of the company, Annual General Meeting, Minority shareholders Interest, etc. – Nidhi Companies – All matters as delegated under overriding powers under Companies Act 2013 |
http://www.mca.gov.in/ |
| 3 | Insurance Regulatory and Development Authority of India (IRDAI) | – Insurance Companies
– Brokers – Agents – Products and Service |
http://www.irdaindia.org/ |
| 4 | Pension Fund Regulatory and Development Authority (PFRDA) | Pension funds | http://www.pfrda.org.in/ |
| 5 | Competition Commission of India (CCI) | Monopoly and anti-competitive Practices | http://www.cci.gov.in/ |
| 6 | National Housing Bank (NHB) | Housing Finance Companies | http://www.nhb.org.in/ |
| 7 | Insolvency and Bankruptcy Board Of India (IBBI) | Companies where insolvency proceedings has started | http://www.ibbi.gov.in/ |
| 8 | Respective Stock Exchange | Complaints against suspended companies | http://www.bseindia.com/
http://www.nseindia.com/ http://www.msei.in/ |
8. Steps to make complaint on SCORES by an Investor?
To register a complaint online on SCORES portal:
Step 1: Click on “Complaint Registration” under “Investor Corner”.
Step 2: Fill the complaint registration form containing personal details
Step 3: Provide the complaint details
Ensure that you fill the mandatory fields on the form. These fields include Name, Address for correspondence, State, Email Address of Investor and PAN Card no. in case of complaints against the broker.
Step 4: Select the correct complaint category, entity name, nature of complaint.
Step 5: Provide complaint details in brief (up to 1000 characters).
A PDF document (up to 2MB of size for each nature of complaint) can also be attached along with the complaint as supporting document.
On successful submission of complaint, system generated unique registration number will be displayed on the screen which may be noted for future correspondence. Also, an email acknowledging the complaint with complaint registration number will also be sent to the email id entered in the complaint registration form.
In case, you are not able to register a complaint online, you can send your complaint through post to any of the SEBI offices whose addresses are given at SEBI Website on https://www.sebi.gov.in/contact-us.html
Further the status of the complaint raised can be viewed from the SCORES portal itself. However, in case you are unable to view the status, you may also contact SEBI toll free Helpline service number 1800 266 7575 or 1800 22 7575 and tell them the registration no. of your complaint whereby they can provide you with the status of your complaint.
I hope this article has provided valuable insights into the significance of SCORES registration for Listed Companies and Registered Intermediaries, as well as the process for investors to address their concerns. If you require professional guidance in obtaining SCORES Registration with SEBI or have any further queries, feel free to contact me at mayank.jha@outlook.com or csbuzzinfo@gmail.com.
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