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SEBI, the Securities and Exchange Board of India, recently introduced the latest version of the SEBI Complaint Redress System, known as SCORES 2.0. This upgrade aims to enhance the efficiency of the investor complaint resolution process within the securities market.
Features of SCORES 2.0
- Efficient Complaint Redress Mechanism
- SCORES 2.0 strengthens the investor complaint redress mechanism by implementing features such as auto-routing, auto-escalation, and monitoring by designated bodies.
- Online Complaint Lodging System
- SCORES provides an online platform where investors can lodge their complaints through a web URL and a dedicated app.
- Reduced Timelines
- The new version of SCORES implements reduced and uniform timelines for the resolution of investor complaints. The redressal period is set at 21 calendar days from the date of complaint receipt, as opposed to the previous requirement of submitting action taken reports within 30 days.
- Auto-Routing of Complaints
- Complaints will be automatically routed to the concerned regulated entity to eliminate any delays in the complaint resolution process.
- Two Levels of Review
- SCORES 2.0 introduces a two-tier review process. The first review will be conducted by a ‘designated body’ if the investor remains dissatisfied with the resolution provided by the regulated entity. If the investor is still dissatisfied after the first review, a second review will be conducted by SEBI.
- Integration with KYC Registration Agency Database
- SCORES 2.0 will be seamlessly integrated with the KYC Registration Agency database, simplifying the registration process for investors on the platform.
Multiple Choice Questions (MCQs):
- What is the primary objective of SCORES 2.0?
- a) To increase investor complaints
- b) To streamline the investor complaint resolution process
- c) To complicate the redress mechanism
- d) To reduce investor participation
- Answer: b) To streamline the investor complaint resolution process
- How can investors lodge complaints in SCORES?
- a) Through physical letters only
- b) Via fax
- c) Through a web URL and an app
- d) Through telegrams
- Answer: c) Through a web URL and an app
- What is the revised timeline for resolving investor complaints in SCORES 2.0?
- a) 30 calendar days
- b) 15 calendar days
- c) 21 calendar days
- d) 45 calendar days
- Answer: c) 21 calendar days
- What feature of SCORES 2.0 helps in eliminating delays in complaint resolution?
- a) Auto-escalation
- b) Manual routing
- c) Auto-routing
- d) Human intervention
- Answer: c) Auto-routing
- Who conducts the second review if the investor remains dissatisfied after the first review in SCORES 2.0?
- a) The designated body
- b) SEBI
- c) The regulated entity
- d) The investor
- Answer: b) SEBI