All exchanges to implement an online complaints redressal system in line with SCORES: SEBI
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- Last Updated on 6 July, 2022
Circular no. SEBI/HO/MRD1/ICC1/CIR/P/2022/94, Dated- 04.07.2022
SEBI has implemented an online platform (SCORES) to help investors to lodge their complaints. In line with the same, all Recognized Stock Exchanges are advised to design and implement an online web-based complaints redressal system of their own, which will facilitate investors to file complaints and escalate complaints for redressal through Grievance Redressal Committee (GRC), arbitration, appellate arbitration etc. in accordance with their respective byelaws, rules and regulations.
The redressal mechanism shall be implemented within 6 months from the date of this circular. This system is intended to expedite redressal or disposal of investors’ complaints as it would also obviate the need for physical movement of complaints. Further, possibility of loss, damage or misdirection of the physical complaints would be avoided. It would also facilitate easy retrieval and tracking of complaints at any time.
Additionally, SEBI directs that the Stock Exchanges shall continue with the hybrid mode (i.e., online and offline) of conducting GRC and arbitration / appellate arbitration process. The Depositories shall follow the hybrid mode (i.e., online and offline) of conducting GRC and arbitration / appellate arbitration process
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