How to File a Complaint on SEBI SCORES and SMART ODR Portals

Investing in the Indian stock market should be smooth, but disputes do happen, whether with a stockbroker, a SEBI-registered research analyst, a depository participant or a listed company. Many retail investors feel powerless at that point and assume that resolving the issue will mean a long and expensive court case.

It usually doesn’t. To protect investors, the Securities and Exchange Board of India (SEBI) has set up a two-tier online grievance system: SEBI SCORES 2.0 and the SMART ODR portal. Every active investor on the NSE and BSE should know how to use them.

1. First step: approach the entity directly

Under the SCORES 2.0 framework, you are expected to give the entity a chance to resolve your issue before you lodge a complaint on SCORES.

• Step 1: Contact the entity. Raise your grievance with the broker, research analyst, depository participant or listed company through its designated grievance or compliance email ID, or its support portal. Every SEBI-registered entity must publish these contact details.
• Step 2: Give it a fair chance to respond. Keep a copy of your complaint and any reply you receive.
• Step 3: Escalate if it isn’t resolved. If the entity doesn’t respond, or you aren’t satisfied with its response, you can escalate the complaint to SEBI SCORES.

2. What is SEBI SCORES 2.0?

SCORES (SEBI Complaints Redress System) is SEBI’s online grievance platform. The upgraded SCORES 2.0, in effect since December 2023, routes complaints automatically and sets strict timelines.

• Auto-routing: Your complaint goes directly to the entity concerned, and also to the relevant designated body, such as the stock exchange or depository, for monitoring.
• 21-day deadline: The entity must resolve your complaint and submit an Action Taken Report (ATR) within 21 calendar days of receiving it.
• Two levels of review: If you aren’t satisfied with the entity’s response, you can ask for a first review by the designated body. If you are still not satisfied, you can ask for a second review by SEBI.

Key SCORES timelines: File within one year of the issue arising. The entity has 21 calendar days to respond. If you are unhappy with its response, request a first review within 15 days of receiving it. If you are unhappy with the designated body’s response, request a second review by SEBI within another 15 days.

3. Step-by-step: how to file a complaint on SCORES

1. Register: Visit scores.sebi.gov.in or download the SEBI SCORES mobile app. Register with your name, address, email, mobile number and PAN. Your KYC details are fetched from the KYC registration agency after OTP verification.
2. Choose the category: Select the type of entity, such as stockbroker, research analyst, depository participant, listed company or mutual fund.
3. Select the entity: Choose the specific entity, using its name or SEBI registration number.
4. Describe your grievance: Explain the exact issue clearly, with contract notes, trade IDs, dates and amounts where relevant.
5. Upload documents: Attach your earlier complaint to the entity, its reply if any, and other supporting documents. Files are uploaded as PDFs of up to 2 MB each. Complaints without supporting documents can be rejected.
6. Submit and track: You’ll receive a unique SCORES registration number. You can track the status on the portal or app, and you’ll be notified by SMS and email.

4. What is the SMART ODR portal?

SMART ODR (Securities Market Approach for Resolution Through Online Dispute Resolution) is SEBI’s online dispute resolution platform, available at smartodr.in. It resolves disputes between investors and market participants through online conciliation and, if needed, online arbitration, with no need to go to court.

You can use it if your grievance isn’t resolved after approaching the entity directly and/or through SCORES. You can’t use it for a matter that is still pending on SCORES or before a court, tribunal or consumer forum.

How SMART ODR works

1. Initiate: File an online application on smartodr.in with details of your dispute. The stock exchange or depository concerned first tries to resolve it amicably.
2. Conciliation: If that doesn’t work, an ODR institution appoints an independent conciliator from its panel. The conciliator holds online meetings with you and the entity to reach a settlement, normally within 21 calendar days (extendable by 10 days with both sides’ consent).
3. Arbitration: If conciliation fails, you can opt for online arbitration. An independent arbitrator hears the case online and passes an arbitral award, normally within 30 days of appointment (extendable by 30 days). The award is binding and enforceable like a civil court decree under the Arbitration and Conciliation Act, 1996.

5. SCORES vs SMART ODR: comparison

Feature	SEBI SCORES 2.0	SMART ODR portal
Purpose	Regulatory grievance redressal	Conciliation and binding arbitration
Handled by	The entity, designated bodies and SEBI	Independent conciliators and arbitrators from ODR institutions
Timeline	21 days for the entity’s response, plus review stages	About 21 days for conciliation; award within 30 days of appointing the arbitrator (both extendable)
Outcome	Entity’s action taken report, reviewed by the designated body and SEBI	Settlement agreement or an arbitral award enforceable like a court decree
Cost to investor	Free	Free to register and for conciliation; arbitration fees by claim size, refunded if you win

Frequently asked questions

What kind of complaints can’t be filed on SEBI SCORES?

SCORES deals with grievances relating to investments in the securities market. It does not handle:

• matters unrelated to the securities market;
• anonymous, incomplete or unsupported complaints;
• requests for guidance or explanations;
• complaints about companies under insolvency, winding up or liquidation, or struck off by the Registrar of Companies;
• matters that fall under other regulators such as RBI, IRDAI or PFRDA;
• matters already pending before a court, a quasi-judicial body or SMART ODR.

Tips about possible violations of securities laws go to SEBI’s separate market intelligence portal.

Can I file a SCORES complaint against an unregistered Telegram stock tip provider?

Generally no. SCORES is for complaints against SEBI-registered and regulated entities. If you deal with an unregistered finfluencer or tipster, there is no registered entity that SCORES can route your complaint to or hold accountable. Always check SEBI registration on the SEBI website before paying for any research or advisory service.

Is there a fee to file a complaint on SCORES or SMART ODR?

Filing a complaint on SCORES is free. On SMART ODR, registration is free and the conciliation fee is paid by the market participant, not the investor. If the dispute goes to arbitration, you deposit an arbitration fee based on the size of your claim, starting from about ₹5,400 plus taxes for claims up to ₹1 lakh. The fee is refunded if the award is in your favour, subject to its terms.

What happens if a stockbroker ignores a SCORES complaint?

If an entity doesn’t respond within the deadline, the complaint is automatically escalated for review. SEBI monitors how registered entities handle SCORES complaints, and persistent non-compliance can lead to regulatory action against the entity, including penalties.

Can I go to SMART ODR without filing a SCORES complaint?

Yes. Once you have raised your grievance with the entity and it hasn’t been resolved to your satisfaction, you can start dispute resolution on SMART ODR without going through SCORES first. You can’t run both at the same time: if the matter is pending on SCORES, it can’t be taken to SMART ODR.

This article is for general investor education and is not legal advice. Timelines and fees are based on SEBI’s circulars and may be revised; check the SCORES and SMART ODR portals for the latest rules.