(Image: Shutterstock) To enable investors to lodge their complaints and track the status of redressal of such grievances, capital markets regulator SEBI on July 4 asked stock exchanges and depositories to launch an online complaint redressal system of their own within six months. This is in line with the online platform, SCORES, launched by the capital markets regulator in June 2011 to help investors lodge their complaints, pertaining to the securities market, against listed companies and SEBI-registered intermediaries. SCORES stands for SEBI Complaints Redress System. “All recognized stock exchanges including commodity derivatives exchanges / depositories are advised to design and implement an online web-based complaint redressal system of their own, which will facilitate investors to file complaints and escalate complaints for redressal through Grievance Redressal Committee (GRC), arbitration, appellate arbitration etc. in accordance with their respective by-laws, rules and regulations,” SEBI said in a circular. The redressal mechanism will be implemented within six months, it added. The new system is intended to expedite redressal or disposal of investors' complaints as it would also obviate the need for physical movement of complaints. Further, the possibility of loss, damage or misdirection of the physical complaints would be avoided. It would also facilitate easy… Read full this story
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