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TMI BlogMaster Circular on the redressal of investor grievances through the SEBI Complaints Redress System (SCORES) platformX X X X Extracts X X X X X X X X Extracts X X X X ..... ognized market infrastructure institutions (MIIs). 2. SEBI had been receiving inputs from listed companies, registered intermediaries and recognised MIIs that such investor grievances may be resolved faster if these grievances are taken up directly with the entity concerned at the first instance. Accordingly, it is now mandatory for investors to first take up their grievances for redressal with the entity concerned, through their designated persons/officials who handle issues relating to compliance and redressal of investor grievances. In case, the entity concerned fails to redress the complaint within the timeline provided herein, the investor may then file their complaint in SCORES. 3. The investors may contact the Investor Associations (IAs) recognized by SEBI for any assistance in filing complaints on SCORES. The list of IAs are available on SEBI website (www.sebi.gov.in). Investors may also seek assistance in filing complaints on SCORES from SEBIs toll free helpline number 1800 266 7575 or 1800 22 7575. 4. Investors who wish to lodge a complaint on SCORES (complainant) are required to register themselves on www.scores.gov.in by clicking on Register here under the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s which are unlisted/delisted and companies on Dissemination Board of Stock Exchanges (except complaints on valuation of securities). ii. Complaints relating to cases pending in a court or subject matter of quasi-judicial proceedings, etc. iii. Complaints falling under the purview of other regulatory bodies such as Reserve Bank of India, (RBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority of India (PFRDAI), Competition Commission of India (CCI), or complaints falling under the purview of other ministries. iv. Complaints against a company under resolution under the relevant provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). v. Complaints against the companies where the name of company is struck off from Register of Companies (RoC) or a vanishing company as published by MCA. vi. Liquidated Companies or companies under liquidation. A. SCORES Authentication for intermediaries and MIIs 10. The procedure for generation of SCORES user id and password is fully automated for all new SEBI registered intermediaries and MIIs who got registered/ recognised with / by SEBI after August 02, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilure of the listed company to furnish information to SEBI and non redressal of investor complaints by the listed company. 18. The listed companies/ intermediaries/ MIIs, as the case may be, will be allowed to change/ update their primary e-mail address in SCORES where all notifications related to SCORES complaints are sent, on their own. C. Handling of complaints by stock exchanges against certain listed companies. 19. From September 01, 2020 onwards, stock exchanges are the first recourse for certain categories of complaints against listed companies as provided in Annexure-1. The procedure and actions mentioned below shall only be applicable for those categories of complaints. 20. Upon receipt of the complaint through SCORES, the Designated Stock Exchange (DSE) shall take up the complaint with the company. The company is required to redress the complaint and submit an ATR to DSE within 30 days from the date of receipt of such complaint. 21. In case the ATR is not submitted by the company within 30 days or the DSE is of the opinion that the complaint is not adequately redressed and the complaint remains pending beyond 30 days, a reminder shall be issued by the DSE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 32. Upon exhaustion of all options as mentioned hereinabove, and if the number of pending complaints exceed 20 or the value involved in such complaints is more than Rs.10 lakhs, stock exchanges shall forward all the complaints against such listed companies to SEBI for further action, if any. 33. Stock exchanges may deviate from the above procedure and actions (Para 24-32), if found necessary, only after recording reasons in writing. 34. Stock exchanges shall intimate SEBI through SCORES about all actions taken against the listed company for non-resolution of the complaints and non-payment of fines. 35. The time-line for handling complaints along with timelines on the actions to be taken by stock exchanges for non-resolution of investor grievances is provided in Annexure-2 . 36. The fine shall be computed and levied on a monthly basis during the non-compliance period. 37. Amount of fine shall continue to accrue till the date of filing of ATR to the effect of redressal of grievance by the company or till the company is compulsorily delisted, whichever is earlier. E. Action after redressal of investor grievance by such listed companies: 38. Company will be tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be uploaded on SCORES and preserved by the listed company / intermediary/ MII, for future reference. 47. Action taken by the listed companies, intermediaries and MIIs will not be considered as complete if the relevant details/ supporting documents are not uploaded on SCORES and consequently, the complaints will be treated as pending. 48. 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 intermediary or MII with respect to a complaint will not mean that the complaint is not pending. 49. Failure by any listed company, intermediary or MII to obtain the SCORES user ID and password would not only be deemed as non-redressal of investor grievances but also be deemed to be wilful avoidance of the same by such entity. Failure by listed companies, intermediaries and MIIs to file ATR on SCORES within the stipulated timelines shall not only be treated as failure to furnish information to SEBI but shall also be deemed to constitute non-redressal of investor grievance. 50. All companies whose securities are listed on recognized Stock Exchanges, intermediaries registered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rket. 55. This Circular is available on SEBI website at www.sebi.gov.in. Yours faithfully, Vandana Rajesh Kumar Deputy General Manager Investor Grievance Redressal Division Office of Investor Assistance and Education Tel No. 022 26449646 Email id - [email protected] Annexure-1 (to SEBI/HO/OIAE/IGRD/P/CIR/2022/0150 dated November 07, 2022) Nature of complaints for which the circular is applicable 1. Non updation of address /Signature or Corrections etc 2. Non-receipt of Bonus 3. Non receipt of Dividend 4. Non receipt duplicate debt securities certificate 5. Non-receipt of duplicate share certificate 6. Non receipt of fractional entitlement 7. Non receipt of interest for delay in dividend 8. Non receipt of interest for delay in payment of interest on debt security 9. Non receipt of interest for delay in redemption proceeds of debt security 10. Non receipt of interest for delay in refunds 11. Non receipt of interest on securities 12. Non receipt of redemption amount of debt securities 13. Non receipt of refund in Public/ Rights issue 14. Non receipt of Rights Issue form 15. Non re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... / insolvency proceedings. b. Companies under liquidation and official liquidator has been appointed Request complainant to approach NCLT or the official liquidator Annexure-2 (to SEBI/HO/OIAE/IGRD/P/CIR/2022/0150 dated November 07, 2022) Timelines for handling of complaints and actions in case of non-compliances Sr No. Activity No of calendar days 1. Complaint handling: a. Complaint received in SCORES by the listed company T b. Response to be obtained from Listed Company Within T+30 c. If no response received, alert to Listed company in the form of reminder for non-redressal of complaint T+31 d. Response to be obtained from Listed Company Within T+60 2. Action in case of non-compliances: a. Notice to Listed company intimat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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