FAILURE TO REGISTER WITH SEBI FOR ONLINE COMPLAINT REDRESSAL SYSTEM –SCORES- SEBI IMPOSOES FINE ON TWO LISTED COMPANIES

FAILURE TO REGISTER WITH SEBI FOR ONLINE COMPLAINT REDRESSAL SYSTEM –SCORES- SEBI IMPOSOES FINE ON TWO LISTED COMPANIES

 

SEBI vide its two earlier circulars one in August 2012 and another in April 2013 had directed all the listed companies to get SCORES authentication within the prescribed time period.

SEBI has inflicted an aggregate fine of Rs 4 lacs on two companies- namely – Calibre Trade Finance and Assam Entrade – for failing to register with SEBI with its online complaint system namely SCORES.

SCORES offers a centralised database system of all complaints of listed companies. SCORES helps the SEBI to forward the complaints received by the Investors and shareholders of listed companies and facilitate the listed companies to upload their Action Taken Reports (ATRs) via SCORES.

On investigation, the two companies were found to have failed to obtain SCORES approval within the stipulated time despite of many reminders.

By failing to obtain SCORES authentication, these companies has neglected the investors the available mechanism through which they can try to redressal of the complaints, if any.

WHAT IS SCORE? (A COMPLAINT REDRESSAL SYSTEME OFFERED BY SEBI)

SCORES is a web based centralized grievance redress system of SEBI (http://scores.gov.in). SCORES enables investors to lodge and follow up their complaints and track the status of redressal of such complaints online from the above website from anywhere. This enables the market intermediaries and listed companies to receive the complaints online from investors, redress such complaints and report redressal online. All the activities starting from lodging of a complaint till its closure by SEBI would be online in an automated environment and the complainant can view the status of his complaint online. An investor, who is not familiar with SCORES or does not have access to SCORES, can lodge complaints in physical form at any of the offices of SEBI. Such complaints would be scanned and also uploaded in SCORES for processing.

What types of complaints can be lodged in SCORE portal?

Entities against which complaints are handled by SEBI include:

• Listed companies / registrar & transfer agents
• Brokers / stock exchanges
• Depository participants / depository
• Mutual funds
• Portfolio Managers
• Other entities (KYC Collective investment scheme, Merchant banker, Credit rating, Foreign institutional investor, etc.).

Process to raise complaint in SCORE webpage

Step by step process to raise complaint in SCORE webpage

1.     Visit scores.gov.in/Registration.aspx to register as new user. Here, user needs to give important personal information like name, e-mail, address, PAN no. etc. On successful registration, SCORE will send user id and password to registered e-mail id.

2.     Go to login page http://scores.gov.in/Default.aspx in left side of webpage enter USERNAME and PASSWORD provided by SCORE, then click “SIGN IN”.

3.     After successful login, in top left side user will get “COMPLAINT REGISTRATION”, “SEND REMINDER” & “VIEW COMPLAINT STATUS” option. Click on COMPLAINT REGISTRATION option to raise new complaint.

4.     Then Complaint Registration Form will open, where user needs to fill up personal details like name, address, mobile no. etc.

5.     In bottom part of Complaint Registration Form user should select category of complaints like Mutual fund, Depository participant listed companies, Broker etc.

6.     Once user selects the category, web page will ask for other details like type of complaint, name of mutual fund Company, descriptions of complaints etc. User can also upload supporting document up to 1MB. Then click submit.

7.     Then you will get complain registration number. (SMS and e-mail confirmation)

8.     User needs to wait for 30 days for the response.

How can an investor can track the status

Through registration number user can track the status and send reminders. Users can also call SEBI investor helpline (toll free number) 1800 266 7575 or 1800 22 7575