Markets regulator Security Exchange Board of India (SEBI) said on March 05, 2020 via a press release that it will be introducing a mobile application for the convenience of investors so that they can lodge grievances more effectively and conveniently.
The app is named as SEBI Complaints Redress System (SCORES).
This app would be available on both iOS and Android platforms, SEBI said during a press release.
Launching the mobile app, ‘SEBI SCORES’, Ajay Tyagi, Chairman, SEBI said “SCORES mobile app will make it easier for investors to lodge their grievances with SEBI, as they can now access SCORES at their convenience of a smart phone. The Mobile App, I am sure, will encourage investors to lodge their complaints on SCORES rather than sending letters to SEBI in physical mode”.
“This is another effort of SEBI in improving digitalization in securities market”, he added.
Whole Time Members, Executive Directors and other officials from SEBI were also present on the occasion.
After completing the mandatory registration required to use the application, investors will get an acknowledgement of the same through SMS and e-mail for each grievance lodged so that they can keep a record of the issues.
They can also track the status of their complaint redressal. In addition to all these, connectivity via the toll-free helpline number of SEBI has also been provided on the app. Other helpful aspects of the app include like FAQs on SCORES for better understanding of the complaint handling process can also be accessed.
SCORES is a platform for investors to lodge online complaints with SEBI against listed companies, registered intermediaries and market infrastructure institutions.
Referring to the SEBI norms, “entities against whom complaints are lodged need to file an action taken report with the regulator within 30 days of receipt of complaint,” SEBI said.
Author – Devansh Dev