Sebi resolves 2,672 complaints through SCORES platform in Feb

Mar 11, 2023

Synopsis
These are Grovalue Financial Services, Analysewise Investment Advisors, Kaushal Mehta, Caledonian Jute and Industries, International Housing Finance Corporation and Brightcom Group Ltd.

A total of 2,672 complaints against companies and market intermediaries received through capital markets regulator Sebi's SCORES platform were disposed of in February, according to Sebi data. At the beginning of February, as many as 2,603 complaints were pending and 2,321 fresh complaints were received during the month, the data released by Sebi on Friday showed.

These complaints were related to refunds, allotment, redemption and interest, among others.

The regulator noted that there were seven complaints as of February 2023, which were pending for more than three months. These complaints were related to research analyst, investment adviser, corporate governance/ listing conditions, non-demat, remat and transfer/dividend/rights/redemption.

The average resolution time for a complaint is 30 days, it added.

In a separate public notice, Sebi mentioned six entities against whom complaints have been pending for more than three months on SCORES as of February 2023.

These are Grovalue Financial Services, Analysewise Investment Advisors, Kaushal Mehta, Caledonian Jute and Industries, International Housing Finance Corporation and Brightcom Group Ltd.

SCORES is a redressal grievance system that was launched by the Securities and Exchange Board of India (Sebi) in June 2011.

[The Economic Times]