All recognised exchanges and depositories are set to develop their own online, web-based

complaint redressal systems soon, similar to SCORES, which SEBI created.

All recognised stock exchanges, including commodity derivatives exchanges and

depositories, are advised to design and implement an online web-based complaints redressal
system of their own, which will facilitate investors to file complaints and escalate complaints
for redress through Grievance Redressal Committee. According to the Scores, their system
will enable investors to lodge and follow up their complaints and track the status of redressal
of such complaints from anywhere. Within six months of the date this circular was issued, the
aforementioned dispute resolution procedure must be put into place.

The system's goal is to speed up the resolution and disposal of investor complaints by
eliminating the necessity for physical transfer of those concerns. Additionally, it would be
possible to prevent the loss, destruction, or diversion of the physical complaints.
Additionally, it would make it simple to track and retrieve complaints at any time.

The SEBI Complaints Redress System, or SCORES, was created to make it easier for
investors to file complaints about the securities market against listed businesses and SEBI
authorised intermediaries.

It is advised that all recognised stock exchanges, including commodity derivatives exchanges
and depositories, make their online web-based complaints redressal system widely known
(including in the media).

Key Points:

1. An online web-based grievance redressal system created to make it easier for

investors to file grievances against listed firms and registered intermediaries and have
such grievances escalated to the GRC for resolution. Additionally, investors may
follow up on their complaints from any location. The system's key components are
listed in the Annexure and must be accessible 24 hours a day, seven days a week
through the web.

2. All recognised stock exchanges, including commodities derivatives exchanges and

depositories, must adopt GRC by creating and implementing SCORES within six
months of the date this circular is issued.

3. SCORES seeks to hasten the resolution and dismissal of complaints.

 4. The online web-based complaints redressal mechanism of every recognised stock
exchange, including commodities derivatives exchanges and depositories, must be
made public.

5. HYBRID MODE: This procedure of conducting GRC and arbitration/appellate

arbitration process was initiated during the COVID epidemic and it has been agreed
that it must be continued.

6. Amendment to SEBI circular dated 23-02-2017:

Clause 1 (J) (iii): Speeding up grievance redressal mechanism: Earlier a client who claimed
or counter claimed up to Rs. 10 lakh and filed arbitration reference was exempted from filing
the deposit. Now, the amount has been raised up to Rs. 20 lakh.