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Consider the following statements regarding the SEBI Complaint Redress System (SCORES 2.0):
1. It enables market intermediaries and listed companies to receive complaints online from investors.
2. It provides for the redressal of complaints within two months from the date of receipt of the complaint.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the SEBI Complaint Redress...
SEBI recently launched a new version of the SEBI Complaint Redress System (SCORES 2.0).
What is SCORES?
- SCORES is a web-based centralized grievance redress system of SEBI launched in 2011.
- SCORES enables investors to lodge and follow up on their complaints and track the status of redressal of such complaints online from anywhere.
- This enables market intermediaries and listed companies to receive complaints online from investors, redress such complaints, and report redressal online.
- An investor who is not familiar with SCORES or does not have access to SCORES can lodge complaints in physical form at any of the offices of SEBI.
- Such complaints would be scanned and also uploaded in SCORES for processing.
- What types of complaints can be registered in the SCORE portal?
- Complaints can be lodged on SCORES for any issues covered under the Sebi Act, Securities Contract Regulation Act, Depositories Act, and rules and regulations and provisions ofthe Companies Act, 2013.
- Entities against which complaints are handled by SEBI include:
- Listed companies / registrar & transfer agents
- Brokers / stock exchanges
- Depository participants / depository
- Mutual funds
- Portfolio Managers
- Other entities (KYC Collective investment scheme, Merchant banker, Credit rating, Foreign institutional investor etc)
Key Features of SCORES 2.0:
- It will feature reduced and uniform timelines for redressal of investor complaints, which is 21 calendar days from the date of receipt of the complaint.
- An auto-routing of complaints to the concerned regulated entity will be facilitated to eliminate time lapses, if any, in the flow of complaints.
- Designated bodies will have to monitor the timely redressal of investors’ complaints.
- There will be two levels of review. The first review will be by the ‘designated body’ if the investor is dissatisfied with the resolution provided by the concerned regulated entity. The second review will be by SEBI if the investor is still dissatisfied after the first review.
- If there is non-adherenceto the prescribed timelines by the regulated entity, then there would be auto-escalation of the complaint to the next level.
- SCORES 2.0 will be integrated with the KYC Registration Agency database for easy registration of the investor on SCORES.
Hence only statement 1 is correct.
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Community Answer
Consider the following statements regarding the SEBI Complaint Redress...
Explanation:
Statement 1:
- The first statement is correct. SEBI Complaint Redress System (SCORES 2.0) allows market intermediaries and listed companies to receive complaints online from investors.
- SCORES 2.0 serves as a platform for investors to lodge their complaints easily and conveniently, enhancing transparency and efficiency in the redressal process.
Statement 2:
- The second statement is incorrect. SCORES 2.0 does not specify a fixed timeline for the redressal of complaints. However, SEBI aims to resolve complaints in a timely manner, typically within a reasonable period, but it may not always be within two months from the date of receipt of the complaint.
Therefore, the correct answer is option 'A) 1 only', as only the first statement is accurate.
Statement 1:
- The first statement is correct. SEBI Complaint Redress System (SCORES 2.0) allows market intermediaries and listed companies to receive complaints online from investors.
- SCORES 2.0 serves as a platform for investors to lodge their complaints easily and conveniently, enhancing transparency and efficiency in the redressal process.
Statement 2:
- The second statement is incorrect. SCORES 2.0 does not specify a fixed timeline for the redressal of complaints. However, SEBI aims to resolve complaints in a timely manner, typically within a reasonable period, but it may not always be within two months from the date of receipt of the complaint.
Therefore, the correct answer is option 'A) 1 only', as only the first statement is accurate.
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Consider the following statements regarding the SEBI Complaint Redress System (SCORES 2.0):1. It enables market intermediaries and listed companies to receive complaints online from investors.2. It provides for the redressal of complaints within two months from the date of receipt of the complaint.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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