One more regulator has embraced the electronic mode to handle complaints. This time, it is the turn of SEBI to launch SEBI Complaints Redress System (SCORES)
The soft launch was done June8, 2011 and it was thrown open to the public and other users on August 2, 2011.
SCORES has been developed by National Informatics Centre, and is web-based with 24 X 7 online access.
Ideally, all the investors have to lodge the complaints in SCORES only. However, where SEBI receives hard copies of the complaints, the same will be scanned and uploaded into SCORE. The Compliance Officer of the entity (intermediary or listed company), will update the ATR (Action Taken Report) online only. Physical ATR’s will not be accepted by SEBI.
Well, the Compliance Officers need not worry; the market regulator would send a daily alert on pending complaints to concerned compliance officers, in case the SCORES admin area is not checked daily for notifications.
- - SEBI has commenced processing of investor complaints in a centralized web based complaints redress system 'SCORES'. The salient features of this system are :
* Centralized database of all complaints.
* Online movement of complaints to the concerned intermediaries
* Online upload of Action Taken Reports (ATRs) by the concerned entities, and
* Online viewing by investors of action on the complaints and its current status.
The FAQ’s for SCORES can be accessed @ http://scores.gov.in/FAQ-SCORES.pdf
The major advantage in this centralized lodgment of complaints, would be that over a period of time, SEBI would be able to pinpoint the major concern areas, and take appropriate steps to remove them.
Such a step will benefit the Investors and other players in the Investment arena.