SEBI clears over 5,000 investor complaints through 'SCORES' in June
Mumbai, July 16
The Securities and Exchange Board of India resolved more than 5,000 investor complaints through its online grievance redressal platform 'SCORES' in June, while the number of pending complaints declined marginally during the month, according to data released by the capital markets regulator.
SEBI said the SCORES platform received 5,035 fresh complaints in June and disposed of 5,037 complaints during the month.
As a result, the number of pending complaints came down to 5,524 as of June 30 from 5,537 at the end of May.
According to the market regulator, only 17 complaints involving listed entities and intermediaries remained pending for more than three months at the end of June.
These included complaints related to entities such as Aditya Birla Money Ltd, Finolex Industries and HBL Power Systems, it added.
Moreover, the regulator said entities took an average of four days to submit Action Taken Reports (ATRs) on investor complaints during June, while the average resolution time for first-level review complaints was eight days.
Sebi also clarified that the pending complaints data also includes cases where entities or designated bodies have submitted ATRs within the prescribed timeline, but the complaints continue to remain pending as investors are entitled to seek a review if they are dissatisfied with the response.
Under the SCORES 2.0 framework, investor complaints are automatically forwarded to the concerned entity, which is required to submit an ATR within 21 days.
If an investor is not satisfied with the response, a first-level review can be sought within 15 days. The complaint is then examined by a designated body, which submits its ATR.
Although investors can also seek a second-level review within another 15 days, following which Sebi directly examines the matter and submits its ATR. Complaints are also treated as disposed of if investors opt for the Online Dispute Resolution (ODR) mechanism.
— IANS
Reader Comments
Finally some good news for retail investors! But I wish SEBI would also focus on reducing those 5,524 pending complaints faster. Average resolution time of 8 days for first-level review seems decent, but the ODR option is a game-changer! 👏
Interesting data, but I wonder how many of these resolved complaints actually gave investors satisfaction. Just closing a complaint doesn't mean the investor got their money back! SEBI should also track the monetary value recovered.
As someone who's dealt with Indian market regulators before, this is genuinely impressive. 17 complaints pending over 3 months out of thousands is a great record. SEBI is showing how regulators in emerging markets can be efficient!
Not bad, but why are big names like Aditya Birla Money and Finolex still in the pending list? These are established companies, they should resolve issues quickly. Also, the 4-day average for ATR submission is good but could be better.
SCORES 2.0 framework with the 21-day deadline is a step in the right direction. But I still have friends who complain that the review process takes longer than expected. SEBI should also publish a monthly list of companies with the most complaints. Transparency will force them to fix issues faster!
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