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Compliance of SEBI regulations is very important after Registration as Research Analyst, Investment Advisor or any other intermediary. First and very important compliance is getting registration with SCORES. Every intermediary must try to get himself registered with SCORES immediately after getting registration as intermediary.
Now we will discuss here what is SCORES and how to get registered with SCORES. SEBI launched a system namely SCORES (SEBI COMPLAINTS REDRESS SYSTEM) where an investor can lodge online complaint against a listed company or a registered intermediary. In case of any complaint against listed company or registered intermediary, the company can update the status of actions taken to resolve the complaint. SEBI observes and keep eye on complaints received on SCORES and their resolutions. SEBI had issued several orders against intermediaries who had not done compliance of Regulations as not taking SCORES registration. Most of the intermediaries try to provide best services to their best , but there is always a chance of dissatisfaction or complaint of client against them. Client can lodge complaint against any intermediary even without SCORES also. In case of complaint except SCORES , intermediary can not update his resolution provided to client.
It is mandatory for listed companies and SEBI registered intermediaries (except stock brokers, sub-brokers and Depository Participants ) to get registered with SCORES. Process of getting registration with scores is as under:-
Within one month of getting registration as Research Analyst, Investment Advisor or any other intermediary an application has to made to SEBI for obtaining user ID and password for SCORES in Form A and Form B respectively. SEBI Registered Research Analyst and Investment Adviser Have To Make Application in FORM B. A scanned copy to be sent by email to firstname.lastname@example.org followed by hard copy to the concerned Department/Division of Securities and Exchange Board of India, Plot No. C4-A, 'G' Block, Bandra Kurla Complex, Mumbai - 400 051
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For investment Advisors and Research analyst , the Department is “Investment Management Department”. After completing above mentioned process SEBI will issue login ID and password of SCORES. Intermediaries must keep checking SCORES portal with their respective login ID and password regularly. In case of receiving any complaint in Scores Registered Research Analyst, Registered investment advisor or any other intermediary must try its best to resolve the complaint within the time frame of 30 days. The intermediary have to update the Action Taken Report along with supporting documents if any online on SCORES portal. The proof of dispatch of the reply from intermediary to complainant should also be uploaded to Scores. It is necessary to mention here that filing of reply by intermediary with respect to complaint does not mean that the complaint has resolved or closed. Complaint will be treated as closed only when SEBI closed the complaint in Scores. As we explained earlier that any intermediary must try to resolve the compliant with 30 days, if any intermediary fails in doing so SEBI may take strict action against him as and what it deems fit. SEBI may impose penalty in case of not getting registration with SCORES and in case of non-resolution of complaint within 30 days.