Latest news with #SCORES
Time of India
17 hours ago
- Business
- Time of India
Sebi Complaint Resolution: Sebi Resolves Over 4,400 Investor Complaints on SCORES Portal in May, ET LegalWorld
Capital markets regulator Sebi resolved 4,493 investor complaints through its online grievance redressal platform SCORES in the month of May. The regulator received 4,793 fresh complaints in the month and a total of 4,563 complaints remained unresolved at the end of May, slightly higher than the 4,263 complaints that were pending as of April 30, the Securities and Exchange Board of India (Sebi) said in a public notice on Friday. The regulator also highlighted that the average resolution time taken by the entities to submit the Action Taken Reports (ATRs) in May was eight days, while the average time taken for complaints under First Level Review was five days. Advt SCORES, or Sebi Complaint Redressal System, is an online platform which facilitates investors in lodging and tracking complaints against listed companies and registered the SCORES 2.0 mechanism, complaints are automatically forwarded to the respective entities, which are required to respond within 21 days. If an investor is not satisfied, they have 15 days to seek a First Level Review.A similar review opportunity is available at the Second Level with the designated body and subsequently with Sebi, each within a 15-day are also treated as resolved if the investor chooses the Online Dispute Resolution (ODR) a separate public notice, Sebi said that Smartowner Capital Growth Trust is the only entity whose investor complaint has remained unresolved for more than three months on its SCORES platform as of May 31. Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETLegalWorld industry right on your smartphone! Download the ETLegalWorld App and get the Realtime updates and Save your favourite articles.
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Business Standard
a day ago
- Business
- Business Standard
Sebi resolves over 4,400 complaints through SCORES portal in May
Capital markets regulator Sebi resolved 4,493 investor complaints through its online grievance redressal platform SCORES in the month of May. The regulator received 4,793 fresh complaints in the month and a total of 4,563 complaints remained unresolved at the end of May, slightly higher than the 4,263 complaints that were pending as of April 30, the Securities and Exchange Board of India (Sebi) said in a public notice on Friday. The regulator also highlighted that the average resolution time taken by the entities to submit the Action Taken Reports (ATRs) in May was eight days, while the average time taken for complaints under First Level Review was five days. In a separate public notice, Sebi said that Smartowner Capital Growth Trust is the only entity whose investor complaint has remained unresolved for more than three months on its SCORES platform as of May 31.
Time of India
17-05-2025
- Business
- Time of India
Sebi resolves 4,239 investor complaints via SCORES portal in April
The Securities and Exchange Board of India (Sebi) resolved a total of 4,239 investor complaints through its online grievance redressal platform, SCORES, in the month of April, the market regulator said in a public notice on Friday. During the month, Sebi received 4,341 new complaints. As a result, the total number of unresolved complaints stood at 4,263 at the end of April, up slightly from 4,161 complaints pending as of March 31, PTI reported. The regulator also reported that the average time taken by listed companies and registered intermediaries to submit Action Taken Reports (ATR) during April was eight days. For complaints under First Level Review, the average resolution time was recorded at four days. SCORES, or the Sebi Complaint Redressal System, is an online platform that enables investors to file and track complaints against listed entities and Sebi-registered market intermediaries. As per the upgraded SCORES 2.0 framework, complaints are automatically directed to the concerned entities, which are mandated to respond with an ATR within 21 days. If the investor is dissatisfied with the response, they may seek a First Level Review within 15 days. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 여성 갱년기, '이것' 몰라서 20kg 살쪘다..(+이유) 현수맘 더 알아보기 Undo During this review period, complaints remain classified as pending, even if an ATR has already been submitted. In cases where the grievance remains unresolved following the First Level Review, investors have the option to escalate the matter to Sebi for a Second Level Review. The regulator also noted that complaints may be closed if the investor opts for resolution through the Online Dispute Resolution (ODR) mechanism. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
17-05-2025
- Business
- Business Standard
Sebi resolves 4,239 investor complaints via SCORES platform in April
Capital markets regulator Sebi disposed of 4,239 complaints through grievance redressal mechanism SCORES platform in April. The markets watchdog received 4,341 fresh complaints in the month and a total of 4,263 complaints remained unresolved at the end of April, slightly higher than the 4,161 complaints that were pending as of March 31, according to a public notice by the Securities and Exchange Board of India (Sebi). The regulator also highlighted that the average resolution time taken by the entities to submit the Action Taken Reports (ATR) in April was eight days, while the average time taken for complaints under First Level Review was four days, it added. SCORES, or Sebi Complaint Redressal System, is an online platform which facilitates investors in lodging and tracking complaints against listed companies and registered intermediaries. Under the upgraded SCORES 2.0 framework, complaints are automatically forwarded to the entities, which are given 21 days to submit an ATR to the investors. If dissatisfied, investors can opt for a first-level review within 15 days. During this period, complaints remain on the pending list, even if an ATR has been submitted. If the investor continues to be unsatisfied, they can escalate the issue to a second-level review by the regulator, with the same timeline for resolution applying, Sebi said. Further, the complaints can also be disposed of if an investor opts for the Online Dispute Resolution mechanism, it added.
Mint
23-04-2025
- Business
- Mint
Experts flag gaps in Sebi's speedy dispute resolution plan
MUMBAI : Legal and market experts warn against the unintended consequences of the market regulator's proposal to tweak the framework for Online Resolution of Disputes (ODR) in the Indian securities market. In a 21 April consultation paper, the Securities and Exchange Board of India (Sebi) proposed overhauling how securities market disputes are resolved, promising faster timelines, stricter accountability, and direct arbitration. Sebi has proposed to extend the ODR portal, which previously applied to market infrastructure institutions (MIIs) such as stock exchanges and clearing corporations, to depositories. If the proposal goes through, the regulator has asked the MIIS to jointly develop a standard operating procedure (Sop) for the operational aspects, like filing procedure, payment mechanism, etc., for the common ODR portal within two months of the circular coming into effect. In a major change, the regulator has proposed to offer a direct arbitration mechanism for resolving disputes in certain cases with claims of ₹ 10 crore or more and those with legal or technical defects. The new mechanism seeks to bypass lodging a grievance with the concerned market participant and escalate it to Sebi's SCORES platform if unresolved. Nishant Shah, managing partner and chief executive of Jonosfero International LLP, backed the time-bound approach, saying: 'Financial markets crave certainty. This establishes the conceptual necessity of tight timelines." With deadlines tightening across the system, 'there is no reason to believe these proposals will be impractical," he added. Sebi's suggestion to make it mandatory for market participants to deposit 100% of the amount if they wish to challenge the arbitral award in court has divided opinion. 'It discourages frivolous contests," Shah said. 'Genuine appellants may even welcome the show of confidence in their appeal by the placement of the deposit." Others worry it could price out retail investors. 'This requirement could prove especially burdensome in cases where the investor is the claimant seeking recovery... and the market participant is compelled to bear the upfront cost of defending an appeal," said Akshaya Bhansali, partner at law firm Mindspright Legal. She flagged another issue: The complexity of determining disputed values in cases involving depositories 'raises practical concerns around implementing a rigid deposit threshold". To be sure, disputes with depositories often don't involve clear or straightforward monetary claims, as they could arise from an erroneous transfer of securities, failure to credit bonus shares, etc. She stressed the need for due process, adding: 'Adequate safeguards must be in place to ensure that the dispute resolution process remains fair, balanced, and thorough... The objective should be to strike an appropriate balance between timeliness and the delivery of equitable outcomes." Ravi Prakash, associate partner at law firm Corporate Professionals, recommended a flexible approach to mitigate access concerns. 'A graded deposit or bank-guarantee option for awards below ₹ 1 crore would better balance deterrence with access to justice," he said. The paper also attempts to draw a line between contractual and regulatory disputes, clarifying that the ODR framework will not cover the latter. However, experts point out a lack of a formal test or review body to adjudicate grey zones, as the distinction between the two kinds of disputes is nuanced. 'This distinction is critical to ensure that the dispute resolution mechanism is not misapplied... and neither time nor resources are wasted," Bhansali said, urging for preliminary assessments and standardised criteria to avoid jurisdictional confusion. She referenced the 2020 crude oil futures incident, in which Sebi faced backlash after regulatory disputes were mistakenly directed to arbitration. Triggered by an unprecedented negative pricing event on the Multi Commodity Exchange of India Ltd (MCX), the incident resulted in steep losses for brokers and investors. It highlighted the consequences of ambiguous dispute routes. Sebi's proposed tweaks include a market-wide round-robin system to assign investor complaints to institutions empanelled by MIIs for an unbiased allocation of disputes across the system. To avoid conflict of interest, the regulator has proposed that disputes involving depositories will not be assigned to their own empanelled institutions under the round-robin system. Instead, such cases may be redirected to a rival institution's panel. Prakash suggested that instead, 'empowering an independent body, rather than MIIs, to pick panels would provide stronger comfort." 'There remains a residual apprehension... that institutional deference may influence the neutrality of arbitral or conciliation proceedings," Bhansali said. The paper also includes a 21-working-day conciliation deadline, with an optional 10-day extension. If unresolved, parties move to online arbitration. Prakash found the deadlines workable for simple matters but urged adaptability. 'Complex, multi-party or tech-heavy matters will still need flexibility," he said, recommending a phased roll-out. Despite the concerns, many see the paper as a positive step, particularly in resolving system-failure disputes. Prakash pointed to provisions like digital filings, video hearings, and a 30 (+30)-day award deadline as 'materially shortening" such cases. Jyoti Prakash Gadia, managing director at investment banking firm Resurgent India, said the shift would lead to 'speedier resolution of disputes with greater clarity and accountability for each participant". He emphasised that the new requirements, such as timelines, deposits, and empanelment norms, are not impediments but 'necessary steps to strengthen market discipline and legal conformity". The paper is open for public feedback until 12 May.
