SEBI, the capital markets regulator, knocked out 4,239 complaints using the SCORES platform in April. This online system helps investors file and track complaints against listed companies and intermediaries. The watchdog got 4,341 new complaints last month, leaving a total of 4,263 unresolved at the end of April. This number was a tad higher than the 4,161 pending complaints from the previous month. SEBI spilled the beans that entities took an average of eight days to respond with Action Taken Reports (ATR) and a mere four days for complaints at the First Level Review.
The upgraded SCORES 2.0 framework automatically forwards complaints to entities, giving them 21 days to dish out an ATR to the investors. If the investors aren’t satisfied, they can opt for a first-level review within 15 days. Complaints stay on the pending list during this time, even if an ATR has been submitted. If the investor still isn’t happy, they can take it up a notch to a second-level review by the regulator, with the same resolution timeline in play. SEBI also mentioned that complaints can be wrapped up if investors choose the Online Dispute Resolution route. The regulator seems to be cracking down on pending complaints and speeding up the resolution process, but who really knows if this will make a big difference in the grand scheme of things, right?
Not really sure why this matters, but SEBI’s disposal of 4,239 complaints in April through the SCORES platform shows some progress in resolving investor grievances. With 4,341 fresh complaints flooding in, the total unresolved complaints at the end of the month stood at 4,263, slightly up from the previous month’s count. The regulator highlighted that entities are taking an average of eight days to respond with Action Taken Reports and only four days for complaints at the First Level Review. With the new SCORES 2.0 framework in place, complaints are now automatically sent to entities, giving them 21 days to address the concerns. Investors can escalate unresolved issues to a second-level review if necessary, or opt for the Online Dispute Resolution mechanism. SEBI seems to be streamlining the complaint redressal process, but will this really make a difference in the long run? Time will tell.