Sebi already has such a system in place — Sebi Complaints Redress System (SCORES) —which is more than a decade old. The regulator asked bourses and depositories to follow the same model. The new system is aimed at expediting redressal or disposal of investors’ complaints as it would also obviate the need for physical movement of complaints, it added. The system should be web enabled, provide online access round the clock and should have a provision to link Sebi’s SCORES process.
Sebi also doubled the threshold limit for fees paid by investors who prefer an arbitration proceeding in case of a claim or a counterclaim in their dealings with a market intermediary. If such claims are up to Rs 20 lakh, no fees would be paid. Earlier this limit was Rs 10 lakh.
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