The Securities and Exchange Board of India (Sebi) resolved more than 5,000 investor complaints through its online grievance redressal platform ‘SCORES’ in June, while the number of pending complaints declined marginally during the month, according to data released by the capital markets regulator.
As a result, the number of pending complaints came down to 5,524 as of June 30 from 5,537 at the end of May.
According to the market regulator, only 17 complaints involving listed entities and intermediaries remained pending for more than three months at the end of June.
These included complaints related to entities such as Aditya Birla Money Ltd, Finolex Industries and HBL Power Systems, it added.
Moreover, the regulator said entities took an average of four days to submit Action Taken Reports (ATRs) on investor complaints during June, while the average resolution time for first-level review complaints was eight days.
Sebi also clarified that the pending complaints data also includes cases where entities or designated bodies have submitted ATRs within the prescribed timeline, but the complaints continue to remain pending as investors are entitled to seek a review if they are dissatisfied with the response.
Under the SCORES 2.0 framework, investor complaints are automatically forwarded to the concerned entity, which is required to submit an ATR within 21 days.
If an investor is not satisfied with the response, a first-level review can be sought within 15 days. The complaint is then examined by a designated body, which submits its ATR.
Although investors can also seek a second-level review within another 15 days, following which Sebi directly examines the matter and submits its ATR. Complaints are also treated as disposed of if investors opt for the Online Dispute Resolution (ODR) mechanism.
