Investor grievances through SEBI Complaints Redress System (SCORES) platform – SEBI Circular

 CIRCULAR CIR/OIAE/1/2014                                                                                        

 December 18, 2014

 

To

 

All
Companies whose securities are listed on SEBI recognized Stock Exchanges
(Through the Stock Exchanges)

 

All Intermediaries
registered with SEBI (Through the Stock Exchanges for Stock

 

Brokers and Sub
Brokers, Depositories for Depository Participants, AMFI for Mutual

 

Funds and Asset
Management Companies)

 

All recognized Stock
Exchanges

 

All Depositories

 

Association of Mutual
Funds in India (AMFI)

 

Dear Sir/Madam,

 

Subject : Redressal of investor grievances
through SEBI Complaints Redress System (SCORES) platform

 

1.   
SEBI launched a centralized web based
complaints redress system ‘SCORES’ in

 

June 2011. The purpose of SCORES is to
provide a platform for aggrieved investors, whose grievances, pertaining to
securities market, remain unresolved by the concerned listed company or
registered intermediary after a direct approach. SCORES also provides a
platform, overseen by SEBI through which the investors can approach the
concerned listed company or SEBI registered intermediary in an endeavor towards
speedy redressal of grievances of investors in the securities market. It would,
however, be advisable that investors may initially take up their grievances for
redressal with the concerned listed company or registered intermediary, who are
required to have designated persons/officials for handling issues relating to
compliance and redressal of investor grievances.

 

2.   
SEBI has issued
various circulars/directions from time to time with respect to SCORES. In order
to enable the users to have an access to all the applicable
circulars/directions at one place, this Circular on SCORES consolidates the
current provisions.

 

3.   
This Circular inter
alia
consolidates the following circulars/directions issued by SEBI in this
regard till date and shall come into force from the date of its issue:

 

i.       
Circular no.CIR/OIAE/2/2011 dated June
3, 2011 

ii.       
Circular no.CIR/OIAE/1/2012 dated
August 13, 2012

iii.       
Circular no.CIR/OIAE/1/2013 dated
April 17, 2013 


4.   
The salient features of SCORES are:

 

i.       
Centralised database of investor
complaints 

ii.       
Online movement of complaints to the
concerned listed company or SEBI registered intermediary

iii.       
Online upload of Action Taken Reports
(ATRs) by the concerned listed company or SEBI registered intermediary

iv.       
Online viewing by
investors of actions taken on the complaint and its current status

 

5.   
All newly listed companies and SEBI
registered intermediaries (excluding Stock

 

Brokers, Sub-Brokers and Depository
Participants) are hereby advised to send their details as per Form-A and Form-B
annexed to this Circular, respectively to SEBI in hard copy and by email to
scores@sebi.gov.in and obtain SCORES user id and password immediately within a
period of one month from the date of listing. The email id to be furnished by
the listed company / SEBI registered intermediary for receiving SCORES user id
and password from SEBI has to be preferably a corporate email id and
necessarily a permanent one. Failure by any listed company or SEBI registered
intermediary to obtain the SCORES user ID and password would not only be deemed
as non-redressal of investor grievances but also indicate willful avoidance of
the same. The existing listed companies which have failed to obtain
authentication will be dealt with in accordance with para 15 below.

 

6.   
Stock Brokers,
Sub-Brokers and Depository Participants are not required to obtain SCORES
authentication since complaints against these intermediaries shall continue to
be routed through the platforms of the concerned Stock Exchange/Depository. 

 

7.   
The registered
intermediaries shall submit the details in hard copy (Form-B) to the
Department/Division of SEBI which has granted them registration to operate in
the securities market. SCORES user id and password of an intermediary shall be
created only after receiving approval from the concerned Department/Division of SEBI. 

 

8.   
In case of complaints
against listed companies, the same can be processed by companies in-house or
through its Registrar to Issue and Share Transfer Agent (RTI/STA). In case the
complaints are processed by the RTI/STA on behalf of the listed company, the
company should indicate in the enclosed Form-A whether they require the
facility to forward complaints to the RTI/STA, so that the ATRs can be uploaded
by them. In such cases, the name of the RTI/STA, the name of the Compliance
Officer of the listed company and email id of the listed company should be
furnished, so that the user id and password can be provided accordingly. In
case the complaints are processed by the RTI/STA on behalf of the listed
company, any failure on the part of the RTI/STA to redress the complaints or
failure to update ATR in SCORES, will be treated as failure of the listed
company to furnish information to SEBI and non redressal of investor complaints
by the listed company.

 

9.   
All listed companies
and SEBI registered intermediaries shall review their investors grievances
redressal mechanism so as to further strengthen it and correct the existing shortcomings,
if any. The listed companies and SEBI registered intermediaries to whom
complaints are forwarded through SCORES, shall take immediate efforts on
receipt of a complaint, for its resolution, within thirty days. The listed
companies and SEBI registered intermediaries shall keep the complainant duly
informed of the action taken thereon.

 

10.The
listed companies and SEBI registered intermediaries shall update the ATR along
with supporting documents, if any, electronically in SCORES. ATR in physical form
need not be sent to SEBI. The proof of dispatch of the reply of the listed
company / SEBI registered intermediary to the concerned investor should also be
uploaded in SCORES and preserved by the listed company / SEBI registered
intermediary, for future reference.

 

11.Action
taken by the listed companies and SEBI registered intermediaries will not be
considered as complete if the relevant details/ supporting documents are not
uploaded in SCORES and consequently, the complaints will be treated as pending.

 

12.A
complaint shall be treated as resolved/disposed/closed only when SEBI
disposes/closes the complaint in SCORES. Hence, mere filing of ATR by a listed
company or SEBI registered intermediary with respect to a complaint will not
mean that the complaint is not pending against them.

 

13.Failure
by listed companies and SEBI registered intermediaries to file ATR under SCORES
within thirty days of date of receipt of the grievance shall not only be
treated as failure to furnish information to SEBI but shall also be deemed to
constitute non-redressal of investor grievance.

 

14.The
Board of Directors of the listed company or the Board of Directors/ Proprietor/ Partner of the registered intermediary shall
be responsible for ensuring compliance with the provisions of this Circular.

 

15.The
Circulars mentioned in para 3 of this Circular stand rescinded. Notwithstanding
such rescission, anything done or any action taken or any failure to take
action under those Circulars before the date of issuance of this Circular,
shall be deemed to have been done or taken or commenced under the provisions of
this Circular.

 

16.All
companies whose securities are listed on recognized Stock Exchanges and
intermediaries registered with SEBI are advised to comply with this Circular.

 

17.Stock
Exchanges, Depositories and the Association of Mutual Funds of India (AMFI) are
accordingly advised to bring the provisions of this Circular to the notice of
all Listed Companies, registered Stock-Brokers, Depository Participants and
Asset Management Companies respectively and also to disseminate the same on
their websites.
Further, the Stock Exchanges, Depositories and AMFI should also arrange for
adequate publicity of this Circular on an urgent basis.

 

18.This
Circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 to protect the interests of
investors in securities and to promote the development of, and to regulate the
securities market.

 

19.This
Circular is available on SEBI website at www.sebi.gov.in

 

Yours faithfully,

 

 N Hariharan

 

Chief General Manager

Office of Investor Assistance and
Education

 Tel No. 022 26449880

 Email id – hariharan@sebi.gov.in

  

 FORM – A

 

AUTHENTICATION FOR SCORES BY LISTED COMPANIES

 

1.    Name of the
Company:

 

2.    PAN of Company :

 

3.    CIN of Company:

 

4.    Date of
incorporation of company:

 

5.    Registered Office
address of company:

 

6.

Complaints processed through: ?RTI/STA  ?Company

7.

Please indicate the following:

 

Name of the RTI/STA (if through RTI/STA):

 

Whether complaints will be passed to RTI/STA by the
company  directly to the
RTI/STA through SCORES

 

8.    Stock exchange on
which company is listed/ proposed to be listed:

 

9.    The details of
the concerned person of the company to whom User id and password will be sent:

 

Name :

 

Designation:

 

Email id : (Corporate and permanent email id)

 

Mobile no.

 

Telephone No. :

 

Fax No. :

 

10. Name, PAN and address of the
promoters and directors of the company:

 

Place:                                                         Signature of Compliance Officer of
company:

 

Date:                                                          Name:

 

Designation:

Company Seal:

 

Note: A scanned copy to be sent by
email to scores@sebi.gov.in followed by
hard copy to Office of the Investor Assistance and Education, Securities and
Exchange Board of India, Plot No. C4-A, ‘G’ Block, Bandra Kurla Complex, Mumbai
– 400 051

 

Important: Please note that SCORES has
the provision for updating company details by the company itself. Any field
(except the e-mail id which is permanent) such as registered office address,
name of the RTI/STA, name/details of the compliance officer, telephone numbers,
etc should be changed by the company immediately when warranted.

 

FORM – B

 

AUTHENTICATION FOR SCORES BY SEBI REGISTERED
INTERMEDIARIES

 

1.    Name of the
registered intermediary :

 

2.    Nature of
registered intermediary:

 

3.    SEBI registration
no.

 

4.    PAN of registered
intermediary :

 

5.    Date of SEBI
registration of intermediary:

 

6.    SEBI registration
valid upto:

 

7.    Office address of
the intermediary:

 

8.   
The details of the concerned person of the intermediary
to whom User id and password will be sent:

 

Name :

 

Designation:

 

Email id : (corporate and permanent email id)

 

Mobile no.

 

Telephone No. :

 

Fax No. :

 

 

Place:                                                         Signature:

 

Date:                                                          Name:

 

Designation:

Seal:

 

 Note: A scanned copy to be sent by
email to scores@sebi.gov.in followed by
hard copy to the concerned Department/Division of Securities and Exchange Board
of India, Plot No. C4-A, ‘G’ Block, Bandra Kurla Complex, Mumbai – 400 051

 

Important: Please note that SCORES has
the provision for updating intermediary’s details by the intermediary itself.
Any field (except the e-mail id which is permanent) such as registered office
address, name/details of the compliance officer, telephone numbers, etc should
be changed by the intermediary immediately when warranted.

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