Market Regulator SEBI announced the extension of timeline of linking of SEBI Complaint Redressal (SCORES) platform with online dispute resolution platform. Earlier, the deadline was on December 4 and the market regulator has now pushed it to April 1, 2024.
SEBI in their circular, however, said the market entities need to keep submitting the Action Taken Report (ATR) on SCORES within 21 calendar days from the date of receipt of the complaint.
SEBI in a circular on September 20, 2023 said the market entities need to apply for SCORES authentication and for Application Programming Interface (API) integration so that entities can comply with the circular from December 4, the earlier deadline. The deadline for applying SCORES authentication has also extended to April 1, 2024.
SCORES platform was launched in 2011 to provide a facilitative platform for investors to file their grievances against listed companies, registered intermediaries market entities which are unresolved.
To strengthen the investor grievance handling mechanism through SCORES, SEBI proposed to reduce the timelines and introduce auto routing and auto escalation of complaints.
The complaints filed against any entity in SCORES platform shall be automatically forwarded to concerned entity for complaint resolution and ATR submission. Entities need to resolve the complaint and upload the ATR on SCORES within 21 calendar days of receipt of the Complaint. Complaint against Entity will also be forwarded to relevant designated bodies.
Designated bodies include stock exchanges, Association of Investment Bankers of India (AIBI), the Indian REITs Association, Depositories and Association of Portfolio Managers in India (APMI) and Association of Mutual Funds in India (AMFI).
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