Home Ministry of affairs Exceptions when you cannot complain about Sebi’s SCORES grievance mechanism

Exceptions when you cannot complain about Sebi’s SCORES grievance mechanism


The Securities and Exchange Board of India (Sebi) has requested all recognized exchanges, including commodity derivatives exchanges as well as custodians, to launch an online complaint handling system modeled after SCORES.

SCORES is an online platform Sebi launched in 2013 to help security market investors file complaints online against listed companies and Sebi-registered intermediaries.

Sebi has now asked all exchanges and depositories to implement the grievance mechanism no later than January 4, 2023.

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What are SCORES?

SCORES is an online platform designed to help investors file securities market-related claims online with the market regulator against listed companies and Sebi-registered intermediaries. All complaints received by Sebi against these entities are handled by SCORES.

SCORES allows investors to file, track and track repair status while minimizing time and location constraints. The online repair system allows customers to submit complaints, communicate their claims and seek redress through the Claims Redress Committee (GRC).


However, complaints against certain companies cannot be handled on SCORES. These are the cases:

  • Similarly, no complaint can be lodged against a sick company or company when a liquidation moratorium has been imposed, or when insolvency proceedings are in progress, or when the said company is in liquidation.

  • Sub-judicial complaints, i.e. cases under review by a court, quasi-judicial processes, etc. also cannot be deposited on SCORES.

  • Complaints cannot be filed against companies that fall under the jurisdiction of other regulatory bodies, such as Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Funds Regulatory and Development Authority (PFRDA), Competition Commission of India (CCI), etc., or those under the jurisdiction of other ministries, such as the Ministry of Corporate Affairs (MCA).

  • This exclusion also includes companies where, in accordance with section 125 of the Companies Act 2013, unclaimed dividends, shares on which no dividend has been paid or claimed, matured debentures, proceeds of sale of fractional shares and redemption amount of preferred shares that have been unpaid or unclaimed for seven years or more are transferred to the Investor Education and Protection Fund (IEPF) of the Department of Corporate Affairs. In such cases, investors may directly claim the above from the IEPF Authority as this is outside of Sebi’s jurisdiction.

So, in a nutshell, the complaint questions that cannot be considered in SCORES are:

  • Incomplete or non-specific complaints

  • Allegations without supporting documents

  • Suggestions or request for advice/explanations

  • Dissatisfied with company stock prices

  • Non-listing of the shares of the private offer

  • Disputes arising from over-the-counter transactions with companies/intermediaries

  • Case involving false/falsified documents

  • Complaints on matters outside the jurisdiction of Sebi

  • Complaints about any unregistered/unregulated activity