Like SCORES Launched by SEBI, Soon All the Recognized Exchanges and Depositories are likely to launched their own Online Web based Complaints Redressal System.
In line with the Scores, Their system will enable investors to lodge and follow up their complaints and track the status of redressal of such complaints from anywhere, all Recognized Stock Exchanges including Commodity Derivatives Exchanges / Depositoriesare advised to design and implement an online web based complaints redressal systemof 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 above redressal mechanism shall be implemented within 6 months from the issuance of this circular.
The system is intended to expedite redressal / disposal of investors’ complaints as it would also obviate the need for physical movement of complaints. Further, the 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.
SCORES stands for SEBI Complaints Redress System which designed to help investors to lodge their complaints, pertaining to securities market, against listed companies and SEBI registered intermediaries.
All Recognized Stock Exchanges including Commodity Derivatives Exchanges/Depositoriesare advised to widely publicise (including in media) its online web based complaints redressal system.
Additionally, SEBI has decided 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.
Whereas, during the COVID pandemic, Stock Exchanges were advised to conduct GRC and arbitration / appellate arbitration meetings/hearings online for faster redressal of complaints. The online process of GRC and arbitration / appellate arbitration saves time and cost of the parties involved which is in the interest of investors.
Read Full Notification of SEBI below…