SEBI SCORES investor grievance: filing guide

The SEBI SCORES portal (scores.sebi.gov.in) is the official channel for filing investor complaints against entities regulated by the Securities and Exchange Board of India . This article explains who can file, what documents are required, how the complaint moves through the system under the SCORES 2.0 framework launched in 2023, and what options remain if SCORES does not produce a satisfactory resolution.

When to use SCORES

SCORES is appropriate when all of the following conditions apply:

1. The grievance is against a SEBI-regulated entity (stockbroker, depository participant, mutual fund, listed company, investment adviser, registrar and transfer agent, portfolio manager, or collective investment scheme).
2. The investor has already attempted to resolve the matter directly with the entity and has not received a satisfactory response within a reasonable period (typically thirty days).
3. The grievance relates to a securities market transaction or account matter – for example, a dividend not received, shares not transferred on sale, an unauthorised trade, a redemption not processed, or a KYC dispute.

Complaints about banking products (fixed deposits, savings accounts, loans), insurance policies, or provident fund accounts are not within SEBI’s jurisdiction and should be directed to the relevant regulator: the Reserve Bank of India for banking, IRDAI for insurance, or EPFO for provident funds.

Documents to gather before filing

Before opening a complaint on SCORES, collect the following:

Uploading supporting documents significantly improves the speed and quality of the entity’s response. SCORES allows attachment of files up to 2 MB per file; if documents exceed this, they may be uploaded in multiple attachments.

Step-by-step filing process

Step 1: Register on SCORES

Navigate to scores.sebi.gov.in. Click “Register Here” in the complaint filing section. Enter your PAN, name as per PAN, date of birth, mobile number, and email address. An OTP verification step validates the mobile number. Existing users from the original SCORES platform who have not migrated to SCORES 2.0 should use the “Activate Account” option using their previous SCORES credentials.

Step 2: Log in and select “Lodge a Complaint”

After registration, log in with your registered mobile number / email and password. On the dashboard, select “Lodge a Complaint.”

Step 3: Select entity type and entity name

The portal presents a categorised list of entity types. Select the appropriate category (for example, “Stock Broker / Trading Member” or “Listed Company – Shares and Dividends”). Then search for the specific entity by name or registration number.

If the entity is not found in the dropdown – which may occur for de-registered entities or for complaints against an entity’s introducer or sub-broker – select the category of the parent regulated entity (the main broker, in the case of a sub-broker complaint).

Step 4: Describe the grievance

Select the complaint sub-type (for example, under “Listed Company – Shares and Dividends,” sub-types include “Non-receipt of dividend,” “Non-receipt of annual report,” “Transfer of shares,” and “Others”). Provide a concise description of the grievance in the text box, covering:

• what the entity did or failed to do;
• when the event occurred;
• what the financial impact is (if any); and
• what remedy the investor is seeking.

SCORES imposes a character limit on the description field. Where the facts are complex, a brief summary in the text box and full details in an attached document is the recommended approach.

Step 5: Upload supporting documents

Attach all relevant documents as described above. PDF and common image formats are accepted.

Step 6: Submit and note the complaint registration number

On submission, SCORES generates a unique Complaint Registration Number (CRN) and sends it to the registered email and mobile number. Note this number; it is used for all subsequent tracking and escalation.

After filing: tracking the complaint

Log in to SCORES at any time and select “View Complaint Status” to check progress. The status will reflect one of the following stages:

If the entity responds with a proposal that fully resolves the grievance, the investor clicks “Satisfied” in the SCORES portal. If the response is inadequate or absent within fifteen working days, the investor may click “Escalate” to trigger Level 1 review.

Escalation pathway under SCORES 2.0

Level 1: Designated body review

Upon escalation, the complaint is routed to the Designated Body relevant to the entity type. The principal designated bodies are:

• BSE / NSE: for complaints against stockbrokers and trading members;
• AMFI (Association of Mutual Funds in India): for mutual fund complaints;
• CDSL / NSDL: for depository participant complaints;
• SEBI regional offices: for complaints against listed companies and other directly-SEBI-supervised entities.

The designated body has ten working days to review the matter, engage with both parties, and attempt resolution. Its resolution is recorded on the SCORES platform.

Level 2: SEBI OIAE review

If the complainant remains dissatisfied after Level 1, a second escalation routes the complaint to SEBI’s Office of Investor Assistance and Education (OIAE). SEBI’s review is the final stage within the SCORES administrative process. SEBI may:

• direct the entity to take specific action;
• refer the matter to the relevant supervision or enforcement department if the entity’s conduct indicates regulatory non-compliance; or
• advise the investor that the grievance is beyond SEBI’s administrative remedy jurisdiction and suggest judicial or arbitration avenues.

After SCORES: SMART ODR

Investors for whom SCORES does not produce a satisfactory outcome may approach the SMART ODR (Online Dispute Resolution) platform (smartodr.in), which SEBI launched in July 2023. SMART ODR offers:

• Conciliation: a neutral conciliator assists both parties to reach a mutually agreeable settlement; non-binding unless the parties sign the settlement;
• Arbitration: a binding adjudicatory process conducted by a SEBI-empanelled ODR institution; the award is enforceable as a decree of court.

The SMART ODR platform is accessible to investors directly (without needing to complete SCORES first), but SEBI’s guidelines encourage the SCORES pathway as the first step. Arbitration costs on SMART ODR are capped at levels intended to be proportionate to the disputed amount.

Common complaints and sector-specific notes

Stockbroker complaints

The most common broker-related complaints on SCORES involve:

• unauthorised trades (trades executed without the client’s instruction);
• non-receipt of funds or securities after account closure;
• disputes about margin calls and forced liquidation of positions;
• incorrect contract notes; and
• failure to transfer securities following closure of a broker’s membership.

Where a broker’s exchange membership has been terminated, SEBI and the relevant exchange have established specific procedures for settling investor claims against the defaulting broker through the Investor Protection Fund (IPF), subject to eligibility and claim limits set by the exchange.

Mutual fund complaints

Common mutual fund complaints involve:

• delayed redemption proceeds;
• incorrect NAV application (particularly for same-day vs. next-day cut-off disputes);
• incorrect dividend declarations or non-receipt; and
• KYC-related rejection of transactions.

The AMFI acts as the Level 1 designated body and typically has faster resolution times for mutual fund complaints than for broker complaints, owing to the mutual fund industry’s stronger centralised compliance infrastructure.

Listed company complaints

Complaints against listed companies – the largest category by volume – most commonly involve:

• non-receipt of dividend;
• incorrect demat credit after bonus or split;
• shares not transferred after a physical share certificate was submitted;
• non-receipt of annual report (relevant mainly for registered shareholders); and
• rejection of nomination or transmission applications.

For transmission cases (shares being transferred to the legal heir of a deceased shareholder), the RTA and the listed company are co-respondents, and both must respond through SCORES.

Important timelines

Practical tips for effective complaints

Writing the complaint description

The complaint description field on SCORES accepts plain text. Effective descriptions share the following characteristics:

• Chronological narrative: present events in date order, stating what the investor did, what the entity did (or failed to do), and the financial consequence;
• Specific amounts: state the disputed amount in rupees and, where applicable, the number of units, shares, or lots involved;
• Regulation reference: where known, cite the applicable regulation (for example, “the mutual fund has not processed the redemption within ten working days as required under the SEBI Mutual Funds Regulations, 1996”);
• Prior correspondence reference: note the date and reference number of any earlier emails or letters sent to the entity, and attach them.

Generic descriptions such as “the company is not responding” or “I have not received my money” are less effective because they do not enable the entity’s compliance officer to immediately identify the underlying transaction.

Choosing the right entity category

SCORES requires the complainant to identify the entity type and the specific entity. Common selection errors to avoid:

• Do not file against the broker if the underlying issue is with the depository participant (DP) maintaining your demat account; many investors confuse their broker and DP, who may be the same institution or different ones;
• For a mutual fund complaint, file against the AMC, not the distributor or the RTA; the AMC is the regulated entity responsible for the fund’s operations;
• For a complaint about a physical share certificate of a listed company, file against the listed company (specifically, the Registrar and Transfer Agent (RTA) through the company entry in SCORES), not against the exchange.

Timing and escalation discipline

Complainants should wait for the entity’s response period to expire (fifteen working days under SCORES 2.0) before escalating. Premature escalation – clicking “Escalate” before the entity has had a fair opportunity to respond – creates administrative clutter and does not accelerate resolution. Conversely, complainants should escalate promptly once the response period expires without a satisfactory response; leaving a complaint in “Action Taken” status without marking satisfaction or escalation for extended periods may result in automatic closure under SCORES 2.0 rules.

Special situations

Complaints against de-registered or wound-up entities

If the regulated entity has had its certificate of registration cancelled or has been wound up, the complaint cannot be resolved through the entity’s SCORES response window. In such cases, SEBI’s OIAE will typically advise the investor to file a claim through:

• the relevant stock exchange’s Investor Protection Fund (IPF) (for defaulted trading members of the exchange), subject to applicable eligibility criteria and claim limits; or
• an insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 if the entity is in NCLT proceedings.

Complaints about dormant / inactive demat accounts

SEBI has issued guidelines on inoperative demat accounts – accounts with no transactions for a specified period. Disputes about account reactivation, changes of address, and identity verification for dormant accounts should be filed against the depository participant (DP) rather than the depository. If the DP has not maintained adequate records or has incorrectly classified the account, the complaint on SCORES should be accompanied by evidence of the original KYC documentation.

Transmission complaints

The transmission of shares on the death of the sole or first holder is one of the most litigated categories in the SCORES system. Common issues include:

• inconsistency between the name in the demat account and the name in the death certificate or succession certificate;
• refusal to accept a nomination form signed before the holder’s death;
• requirement for original documents when the investor’s legal heirs have only photocopies; and
• delays caused by the RTA requiring documentation not listed in SEBI’s standardised transmission SOP.

SEBI has issued a standardised list of documents acceptable for transmission (SEBI Circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8, dated 25 January 2022), and a complaint that the entity is requesting documents outside this list has a strong basis on SCORES.

Exchange arbitration as a parallel route

Investors with complaints against stockbrokers or trading members that involve a financial claim – such as a claim for compensation for an unauthorised trade or the return of funds due after account closure – may simultaneously use two mechanisms:

1. SCORES: for regulatory response, documentation of the grievance, and SEBI oversight of the entity’s response.
2. Exchange arbitration: for a binding financial award. Every recognised stock exchange in India is required under the SEBI (Stock Brokers) Regulations and its own by-laws to maintain a mandatory arbitration mechanism for client-broker disputes. An investor files an arbitration application at the exchange (BSE or NSE) where the disputed transaction occurred; the exchange appoints an arbitrator from its panel; and the arbitrator conducts the proceeding and issues an award within a prescribed time.

Exchange arbitration awards are arbitral awards under the Arbitration and Conciliation Act, 1996 and are enforceable as civil court decrees. The exchange’s Investor Protection Fund (IPF) provides a backstop: if the broker fails to honour the arbitration award, the investor may claim from the IPF up to applicable limits (currently Rs 25 lakh per investor per broker on NSE, subject to eligibility).

Investor Protection Fund claims

Where a broker has defaulted – having been declared a “defaulter” by the exchange – investors may file claims against the broker’s exchange Investor Protection Fund (IPF). The claim process is distinct from SCORES and is administered by the exchange. Key points:

• the investor must have a claim arising from a securities transaction on that exchange;
• the investor must have first exhausted the arbitration mechanism or filed a claim through the exchange’s default process;
• claims are subject to prescribed ceilings per investor per broker; and
• IPF claims are processed on a pro-rata basis among all eligible claimants if the broker’s estate is insufficient to cover all claims in full.

The IPF mechanism and SCORES are complementary: SCORES documents the grievance during the default or near-default period and may trigger SEBI’s supervisory attention to the broker, while the IPF provides the actual financial remedy to investors.

After the complaint: what SCORES cannot do

Investors should understand clearly what outcomes SCORES can and cannot produce:

SCORES can: prompt the entity to respond; create a documented record of the grievance and the entity’s response; trigger regulatory scrutiny of entities with high complaint rates; and provide an escalation pathway to SEBI’s OIAE.

SCORES cannot: order the entity to pay money; determine legal liability; assess damages; enforce compliance with its own directions (enforcement requires SEBI to initiate separate proceedings); or provide a ruling that is equivalent to a court judgment.

For binding financial remedies – for example, claiming the loss caused by an unauthorised trade or recovering unreleased redemption proceeds with interest – the investor must use:

• SMART ODR arbitration: binding award enforceable as a civil court decree, for disputes within the SMART ODR scope;
• Stock exchange investor disputes arbitration: for disputes between clients and trading members that arise from the client-broker relationship, each exchange maintains a mandatory investor arbitration mechanism; or
• Civil court: the conventional judicial route, subject to the applicable limitation periods under the Limitation Act, 1963.

References

1. SEBI Complaints Redress System (SCORES). scores.sebi.gov.in. Securities and Exchange Board of India.
2. SEBI Circular SEBI/HO/OIAE/IGRD/CIR/2023/156, dated 7 September 2023. SCORES 2.0 operational guidelines.
3. SEBI Circular SEBI/HO/OIAE/IGRD/CIR/2023/135, dated 4 August 2023. SMART ODR framework and empanelment.
4. SEBI. Investor Education: Guide to Grievance Redressal. investor.sebi.gov.in, accessed 2025.
5. SEBI Annual Report 2023-24. Investor Grievance Statistics. Securities and Exchange Board of India.