Zerodha on SCORES

SCORES (SEBI Complaints Redress System) is SEBI’s centralised online portal through which investors can file, track, and escalate complaints against any SEBI-registered intermediary, including stock brokers, depository participants, mutual fund houses, and listed companies. Zerodha Broking Limited, as a SEBI-registered broker (registration number INZ000031633; see Zerodha SEBI registration) and as a CDSL depository participant (code IN-DP-431-2019; see Zerodha CDSL DP code), is registered on SCORES as an intermediary and is required to respond to all complaints lodged against it through the portal within the timelines prescribed by SEBI.

Background: SCORES platform

SEBI launched the original SCORES portal in 2011 to replace a fragmented paper-based complaints handling system. The portal provided a single point of registration for investor complaints across all SEBI-regulated entities and enabled SEBI to monitor the status of each complaint in near real time. In 2023, SEBI significantly upgraded the platform to “SCORES 2.0,” introducing enhanced automation, mandatory acknowledgement timelines, escalation triggers, and integration with the SEBI SMART ODR platform.

SCORES is accessible at scores.gov.in and on the SEBI SCORES mobile application (available on Android and iOS).

Who can use SCORES against Zerodha?

Any investor who:

• Has a trading or demat account with Zerodha, and
• Has a complaint against Zerodha relating to its regulated activities as a stock broker or depository participant, and
• Has already tried to resolve the complaint with Zerodha directly (or has not received a response from Zerodha within 30 days)

is eligible to file a complaint on SCORES against Zerodha. SEBI may reject complaints that relate to matters outside its jurisdiction (for example, purely contractual disputes that do not involve a regulatory obligation) or that have already been resolved by a court, arbitration, or other legal forum.

Types of complaints accepted against Zerodha

SCORES accepts complaints relating to Zerodha’s activities in its regulated capacities. Common categories include:

• Fund-related: payout not received; excess charges not refunded; funds not returned on account closure.
• Trade execution: orders executed at wrong prices; orders not executed despite sufficient margin; contract notes not issued or issued incorrectly.
• Demat and securities: delay in credit of purchased securities; incorrect debit of securities on a sale; pledge not released; off-market transfer without client instruction.
• KYC and account management: account frozen without notice; delay in processing KYC changes; failure to process nominee update.
• Margin disputes: excess margin collected; peak margin violation penalty incorrectly applied; margin call without adequate notice.
• Mutual fund distribution (Coin platform): incorrect NAV applied; redemption proceeds not credited; SIP not set up or not cancelled as instructed.

Step-by-step: filing a complaint on SCORES against Zerodha

Step 1: Try Zerodha’s internal resolution first

SEBI expects investors to attempt resolution through the broker’s internal mechanism before approaching SCORES. Zerodha’s internal grievance channel is described in detail in the article on Zerodha grievance redressal mechanism. If Zerodha does not resolve the complaint within 30 days, or the client is not satisfied with the resolution, the client may proceed to SCORES.

Step 2: Register on SCORES

Visit scores.gov.in and register using PAN, email address, and mobile number. PAN-based registration links the complaint to the investor’s identity, enabling SEBI to cross-reference with the intermediary’s records.

Step 3: Submit the complaint

After logging in, select “File a Complaint” and choose Zerodha Broking Limited as the intermediary. The complaint form requires:

• A description of the issue (in 5,000 characters or fewer).
• The amount in dispute (if applicable).
• The date of the transaction or incident.
• Supporting documents (PDF attachments: contract notes, bank statements, screenshots, email correspondence with Zerodha).

Submit the complaint. SCORES assigns a unique complaint registration number.

Step 4: SEBI forwards to Zerodha

SEBI reviews the complaint for basic completeness and, if it falls within SEBI’s jurisdiction, forwards it to Zerodha with a direction to provide an “Action Taken Report” (ATR) within 21 days (under SCORES 2.0 revised timelines).

Step 5: Zerodha’s ATR

Zerodha is required to submit an ATR through the SCORES portal within the stipulated period, describing the steps taken to address the complaint and the outcome. If the complaint involves a refund or credit, the ATR should include evidence of the transfer (bank reference number, demat transaction ID).

Step 6: Investor review

The investor receives a notification (email and SMS) when Zerodha uploads the ATR. The investor can log into SCORES and mark the complaint as “satisfied” (closing it) or “not satisfied” (escalating it for further review). If the investor marks it “not satisfied,” SEBI may review the ATR and Zerodha’s response in more detail.

Step 7: SEBI escalation

Under SCORES 2.0, complaints marked “not satisfied” by the investor after the ATR are automatically escalated to the “Designated Body” level, which triggers a review by SEBI’s OIAE (Office of Investor Assistance and Education) or the relevant SEBI department. If SEBI finds Zerodha’s ATR inadequate, it may issue a deficiency letter requiring further action, initiate an inspection, or (for serious violations) refer the matter to SEBI’s enforcement division.

SCORES 2.0: key enhancements

The 2023 upgrade to SCORES 2.0 introduced several changes relevant to Zerodha clients:

• Automated timelines: the portal automatically triggers reminder emails and SMS alerts to both the intermediary and the investor at each stage, reducing the risk of complaints being left unresolved due to administrative oversight.
• Integration with SMART ODR: complaints that remain unresolved on SCORES can be seamlessly transferred to the SEBI SMART ODR portal (see Zerodha SMART ODR) for online mediation or arbitration.
• Reduced timelines: the ATR submission period was reduced from 30 days (under the original SCORES framework) to 21 days (under SCORES 2.0), accelerating resolution for straightforward complaints.
• Mobile application: the SCORES 2.0 mobile app (available on Android and iOS) allows investors to file and track complaints from a smartphone, improving accessibility.
• Aggregate monitoring: SEBI uses the SCORES 2.0 data to generate automated alerts when a broker’s complaint volume or resolution rate falls outside expected parameters, enabling proactive supervision rather than reactive inspection.

SCORES complaint data as a supervisory tool

SEBI publicly discloses aggregate complaint data for large brokers at periodic intervals. This data allows investors to compare the complaint volume and resolution performance of different brokers. Zerodha, given its large client base, typically appears among the brokers with the highest absolute complaint volumes; however, on a per-client basis, its complaint ratio is generally consistent with brokers of comparable size and segment mix.

Zerodha is required to include its annual SCORES complaint data (total complaints received, resolved, and pending) in the investor charter disclosure on its website, as part of its annual disclosure obligations.

Limitations of SCORES

SCORES is not a court or arbitral tribunal. SEBI’s role through SCORES is primarily supervisory: it monitors whether intermediaries are addressing complaints and applies regulatory pressure through the ATR and escalation framework. SEBI does not, through SCORES, compel intermediaries to pay specific amounts to investors or resolve disputes in the investor’s favour in all cases.

For disputes where Zerodha disputes the investor’s claim and the parties cannot agree on a resolution through SCORES correspondence, the investor must proceed to exchange arbitration or SEBI SMART ODR for a binding determination. The SCORES process is a pre-litigation and pre-arbitration facilitation mechanism, not a substitute for formal adjudication.

See also

• Zerodha grievance redressal mechanism
• Zerodha SMART ODR
• Zerodha investor charter
• Zerodha SEBI registration (INZ000031633)
• SEBI SCORES investor grievance

References

1. SEBI Circular on SCORES (2011, original launch), SEBI/OIAE/IGRD/2011.
2. SEBI Circular on SCORES 2.0 (2023), updated complaint handling framework and timelines.
3. SEBI Master Circular for Stock Brokers, 2023, Chapter on Investor Grievances.
4. SEBI Annual Report 2022–23, Chapter on Investor Grievance Redressal.
5. SCORES Portal User Manual (scores.gov.in, accessed mid-2026).
6. Zerodha Investor Charter, complaint statistics section (zerodha.com, accessed mid-2026).