SCORES 2.0 is SEBI's enhanced complaint redressal system with a two-level review process. This article explains how the system works for PMS complaints.
What is SCORES 2.0?
Overview
SCORES (SEBI Complaints Redress System) is a centralised online complaint resolution system through which the complainant can take up his grievance against the portfolio manager and subsequently view its status.
SCORES 2.0 Enhancements
SCORES 2.0 introduces a two-level review process:
- First Level: Review by the relevant Self-Regulatory Organization or Recognized Industry Association
- Second Level: Review by SEBI
Purpose
The two-level review process aims to:
- Expedite complaint resolution
- Reduce burden on SEBI
- Leverage industry expertise
- Improve efficiency
The Two-Level Review Process
First Level: RAASB Review
The first level of review is conducted by the relevant Self-Regulatory Organization or Recognized Industry Association. For portfolio managers, this is typically the Association of Portfolio Managers in India (APMI).
Process:
- Complaint is forwarded to the portfolio manager
- Portfolio manager must respond within the specified timeline
- RAASB reviews the response
- RAASB determines if the complaint is resolved
Timeline: 21 calendar days from the date of receipt of complaint.
Second Level: SEBI Review
If the complaint is not resolved at the first level, it proceeds to the second level for review by SEBI.
Process:
- Complaint is escalated to SEBI
- SEBI reviews the complaint
- SEBI takes appropriate action
How to File a Complaint on SCORES
Step 1: Visit SCORES Website
Visit https://scores.gov.in/scores/Welcome.html
Step 2: Register
Register as a complainant on the SCORES platform.
Step 3: File Complaint
File your complaint providing:
- Your name and contact details
- Portfolio manager details
- Nature of grievance
- Supporting documents
Step 4: Track Status
Track the status of your complaint online.
Step 5: SCORES Mobile App
You can also file and track complaints through the SCORES mobile app.
What to Expect
After Filing
- Complaint is registered in SCORES
- Complaint is forwarded to the portfolio manager
- Portfolio manager must respond
- RAASB reviews the response
- If unresolved, escalated to SEBI
Timeline
- Portfolio manager response: 21 calendar days
- RAASB review: As per specified timeline
- SEBI review: As per specified timeline
Complaint Data Disclosure
Monthly Disclosure
All Portfolio Managers on a monthly basis shall disclose on their websites, the data pertaining to all complaints including SCORES complaints received by them in the specified format. The information shall be made available by 07th of the succeeding month.
Format
The complaint data includes:
- Pending at the end of last month
- Received during month
- Resolved during month
- Total pending
- Pending complaints > 3 months
- Average resolution time
Expert Legal Guidance
Anuj Desai & Associates provides expert legal advisory services on SCORES complaint handling for portfolio managers. Our securities law experts help clients understand the process, respond to complaints promptly, and ensure regulatory compliance. Contact us for guidance on SCORES and other regulatory matters.