Now, investors can soon submit grievances directly to firms, says Sebi

New Delhi: Investors can soon submit their complaints directly to the listed companies through the SCORES platform, according to Securities and Exchange Board of India. The move, aimed at the faster disposal of investor complaints, would come into force from August 1.

Introduced in June 2011, Securities and Exchange Board of India (Sebi) Complaints Redress System (SCORES) is a web-based centralised system to capture investor complaints against listed companies and registered intermediaries.

"Sebi has received inputs from listed companies and intermediaries that investor grievances can be resolved faster if the grievance has been taken up directly with the entity at the first instance," the regulator said in a circular on Wednesday.

Accordingly, it appears to be prudent and time-saving if the investors approach the concerned listed company or registered intermediary first with all the requisite details to redress the complaints, it added.

In case, the listed company or registered intermediary fails to redress the complaint to the investor's satisfaction, the investor may file a complaint in SCORES.

As per the circular, with effect from August 1 investors who have to lodge a complaint on SCORES would have to register themselves on the platform's website, file the registration form and provide details including their names, permanent account number and contact details.

The investor would have to use login credentials for lodging a complaint on SCORES. "The complainant may use SCORES to submit the grievance directly to companies/intermediaries and the complaint shall be forwarded to the entity for resolution.

"The entity is required to redress the grievance within 30 days, failing which the complaint shall be registered in SCORES," Sebi said. 

(With PTI inputs)