Indian Stock Market regulator Securities and Exchange Board of India (SEBI) has said that with a new mechanism in place, investor grievance redressal had improved significantly, with the percentage of disposal touching about 150% during the first eight months of this fiscal.
Regulatory Action..!
It has also warned that non-redressal of complaints by corporates will be taken seriously & regulatory action would be initiated against errant firms.
Meanwhile, the regulator SEBI has launched a new multi-media campaign with a tagline ‘SEBI-Har investor ki taaqat!’ (SEBI — the strength of every investor).
Advertising company Ogilvy is the creative agency behind this campaign while Dentsu is the media agency. The campaign focuses on a new mechanism called SCORES (SEBI Complaints Redress System), that displays a statement:
“This complaint window does not have a lunch break, tea break or a closing time.”
Web Based Centralised System..!
SCORES, a Web-based centralised system, was launched by SEBI in June 2011. It enables investors to lodge and follow up complaints & track the status of redressal online on the Web site
www.scores.gov.in
The system also enables market intermediaries and listed companies to receive complaints online from investors, redress these & report the redressal online.
During April to November 2012, a total of 20,801 complaints were received and 30,979 complaints were disposed of. The pending actionable grievances, as on November 30, 2012 stood at 13,101, compared with 23,725 on March 31, excluding complaints on which regulatory action has been initiated.
According to SEBI data, disposal of complaints went up to 148.93% during the first 8 months of 2012-13, from 115.66% the entire financial year 2011-12
All the activities, starting from lodging a complaint till its closure by SEBI, is done online in an automated environment & the status of each complaint can be viewed online. An investor who is not familiar with SCORES, or / does not have access to SCORES, can lodge complaints in physical form.
However, such complaints are scanned & uploaded into SCORES for processing.
Under the new system, a listed company can not say it has not received a complaint as all grievances are sent electronically to companies, where designated persons can view them online.
SEBI is taking non-redressal of complaints seriously & has initiated regulatory action. In 2012, regulatory action has been initiated against more than 350 companies, compared with just 12 each in 2010 -11 & 2011 - 12.
Src: The Hindu
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