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 +====== SEBI SCORES and Smart ODR - investor complaint guide 2026 ======
 +
 +
 +{{ :social:auto:sebi-scores-smart-odr-investor-grievance-india.png?direct&1200 |SEBI SCORES and Smart ODR - investor complaint guide 2026 — RTI Wiki}}
 +
 +{{htmlmetatags>metatag-title=(SEBI SCORES & Smart ODR: Investor Complaint Guide)&metatag-description=(File free on SCORES at scores.sebi.gov.in: broker, MF, IPO, depository. 21-day reply, then binding Smart ODR. Refund and arbitration, 2026.)}}
 +{{htmlmetatags>metatag-keywords=(SEBI SCORES complaint, Smart ODR India, scores.sebi.gov.in, smartodr.in, SEBI investor grievance, stockbroker refund India, mutual fund mis-selling complaint, IPO allotment dispute, Investor Protection Fund NSE BSE, SAT Securities Appellate Tribunal, SEBI Circular 4 August 2023, RTI to SEBI)}}
 +
 +<WRAP center round info 100%>
 +**Quick Reply:** File at [[https://scores.sebi.gov.in/|scores.sebi.gov.in]] - the regulator's free investor grievance portal. Pick the right entity (broker, mutual fund, RTA, depository, listed company). The intermediary has **21 calendar days** to resolve. If you are not satisfied, click **"Review"** within 15 days - SEBI takes the file. Still no fix? Escalate online to **[[https://smartodr.in/|Smart ODR]]** for binding conciliation, mediation, and arbitration. Cost stays at zero for most retail disputes. Investor Protection Fund (NSE / BSE) covers broker defaults. Direct petition to **[[https://sat.gov.in/|SAT]]** for SEBI's own orders.
 +</WRAP>
 +
 +If you are short on time, jump to [[#how to file on scores - step by step|How to file on SCORES]] and the [[#sample scores complaint text|sample complaint text]] block.
 +
 +This page sits inside the [[/middle-class-traps|middle-class scam defence pillar]] because securities mis-selling - [[/is-telegram-stock-tips-legal-india|F&O tips on Telegram]], churned mutual fund portfolios, "IPO allotment guaranteed" calls - is now the second largest category of household financial loss in India after cyber fraud. The portals are there, they are free, and most retail investors never use them.
 +
 +===== Why this matters - the Rs 1.8 lakh that vanished and came back =====
 +
 +A 34-year old IT consultant in Bengaluru opened a discount-broker account in 2024, transferred Rs 4 lakh, and started trading index options on his phone. By March 2025 his account showed Rs 1.8 lakh in unauthorised trades placed from an unfamiliar IP. The broker's RM told him "you must have shared OTP". He had not. He filed on SCORES on day 4, attached his trade book and IP logs, and pasted SEBI Circular **SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/72** (the order-record retention rule). The broker's compliance head called back on day 18. Refund credited day 21. No ODR needed.
 +
 +Three things made that recovery work.
 +
 +  * He filed inside the **21-day window** that SEBI imposes on intermediaries.
 +  * He named the **exact regulation** the broker had breached.
 +  * He kept the **complaint open** instead of accepting a partial credit.
 +
 +If the broker had stalled past day 21 he would have clicked **Review**. If SEBI's first response had been an "issue closed" template, he would have moved the matter to [[https://smartodr.in/|Smart ODR]] and asked for **conciliation**. Arbitration sits at the end of that ladder, with an award that is enforceable like a civil-court decree under the Arbitration and Conciliation Act 1996.
 +
 +The point of this page is to give the same map to anyone reading it tonight.
 +
 +===== What SCORES and Smart ODR actually are =====
 +
 +==== SCORES - the regulator's front desk ====
 +
 +**SCORES** stands for **SEBI Complaints Redress System**. It is run by the Securities and Exchange Board of India under section 11 of the SEBI Act 1992 and is the **only mandatory grievance route** for every SEBI-registered intermediary. Brokers, mutual funds and their AMCs, depositories (NSDL, CDSL), depository participants, RTAs (Registrars and Transfer Agents like KFin, CAMS, Linkintime), portfolio managers, investment advisers, research analysts, and even listed companies for shareholder grievances - all sit on it.
 +
 +The current version, **SCORES 2.0**, went live in **April 2024** under SEBI Circular dated **4 August 2023**. The big changes were:
 +
 +  * One-time login through PAN / mobile / email - the same complaint stays auto-tracked.
 +  * **Auto-routing** of each complaint to the right entity within one working day.
 +  * **21 calendar days** for first resolution (down from 30 days earlier).
 +  * A two-level **Review** button - first review with the designated body (exchange or AMFI), second review with SEBI.
 +  * Mandatory linkage to **Smart ODR** for unresolved cases.
 +
 +==== Smart ODR - the binding follow-on ====
 +
 +**Smart ODR** stands for **Smart Online Dispute Resolution**. It went live on **17 August 2023** under SEBI Master Circular **SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131**. The platform sits at [[https://smartodr.in/|smartodr.in]] and is operated jointly by SEBI-approved Online Dispute Resolution Institutions empanelled with the stock exchanges and depositories.
 +
 +It has four steps - conciliation, mediation, arbitration, and a thin "review" layer between conciliation and mediation. The award at the end of arbitration is **binding** on both sides and **enforceable as a civil court decree**. For most retail disputes under **Rs 30 lakh** the fees are heavily subsidised by the exchanges' Investor Protection Funds.
 +
 +If you remember just two URLs from this page, remember these:
 +
 +  * [[https://scores.sebi.gov.in/|scores.sebi.gov.in]] - file first
 +  * [[https://smartodr.in/|smartodr.in]] - escalate if unsatisfied
 +
 +===== Disputes eligible for SCORES and Smart ODR =====
 +
 +The list is wide. Both platforms accept complaints against any SEBI-registered intermediary. Common categories:
 +
 +  * **Stockbroker / trading member.** Unauthorised trades, wrong order execution, brokerage overcharge, margin shortfall penalty disputes, account closure or transfer delay, demat charges, KYC freeze.
 +  * **Mutual fund / AMC.** Redemption delay, wrong NAV applied, dividend not credited, switch error, KYC mismatch, mis-selling through distributor.
 +  * **Depository participant (DP).** Demat account opening delay, BSDA fee error, off-market transfer issues, statement of holdings not received, freeze without notice.
 +  * **RTA - Registrar and Transfer Agent.** IPO allotment dispute, refund delay, dividend warrant non-receipt, name / address change for physical certificates, rematerialisation delay.
 +  * **Listed company.** Shareholder dividend, bonus, rights issue, transmission of shares on death, unclaimed dividend transferred to IEPF, AGM voting issues.
 +  * **Portfolio Manager / Investment Adviser / Research Analyst.** Mandate breach, hidden fee, performance misrepresentation, recommendation that violated SEBI (Investment Advisers) Regulations 2013.
 +  * **REITs, InvITs, AIFs, debenture trustees** - all on SCORES too.
 +
 +Disputes **outside** the SEBI net stay outside. Tax queries go to the CBDT. Bank-channel mis-selling goes to the [[/banking-ombudsman-rbios-2021-walkthrough|Banking Ombudsman]]. Pure insurance mis-selling goes to [[/irdai-bima-bharosa-insurance-mis-selling-india|IRDAI Bima Bharosa]]. A "trading app" that is not SEBI-registered (most binary trading and forex apps) is a **cyber fraud matter** - file on the **1930 helpline** and [[https://cybercrime.gov.in/|cybercrime.gov.in]].
 +
 +===== The 21-day rule that most people miss =====
 +
 +SCORES 2.0 puts a **21-calendar-day Service Level Agreement** on every intermediary. The clock starts when SCORES auto-forwards your complaint - usually the next working day after you file. Three things happen on the dashboard.
 +
 +  * **Day 0 to 21.** Intermediary must upload an **Action Taken Report (ATR)** and a resolution status.
 +  * **Day 21 to 36.** If the ATR is unsatisfactory or absent, you have **15 days** to click **"Review"**. The file moves to the designated body - the stock exchange (NSE, BSE, MCX) for broker matters, **AMFI** for mutual fund matters, the **depository** for DP matters.
 +  * **Day 36 onwards.** If still unresolved, click **"Second Review"**. The file lands on SEBI's own desk.
 +
 +Miss the 15-day review window and the complaint is **auto-closed**. You can refile, but the regulator counts a delay against you. Set a phone calendar reminder when you file, then again on day 21, day 28 and day 35.
 +
 +===== How to file on SCORES - step by step =====
 +
 +==== Step 1. Gather the basics before opening the site ====
 +
 +You will need:
 +
 +  * **PAN** of the complainant.
 +  * **Mobile** and **email** (linked to the demat account or folio).
 +  * **Entity name** as it appears on the contract note / statement (case-sensitive helps).
 +  * **Client code / folio / DP-ID / DEMAT account number / complaint ID** the intermediary already gave you.
 +  * One **PDF** combining the contract note / account statement / chat transcript / call log timestamps. Maximum **5 MB**, ideally 1 MB.
 +
 +==== Step 2. Send a written complaint to the intermediary first ====
 +
 +SEBI requires a **prior written complaint** to the intermediary. Email is enough. Save the date stamp and the auto-reply ticket number. Wait **30 days** for their reply (mutual fund / AMC), or **15 days** for a broker / depository under exchange bye-laws. Only then does SCORES accept the file. SCORES will ask **"Have you approached the entity?"** with a Y / N radio button. Y is required.
 +
 +If the intermediary asks you to drop the complaint in exchange for a partial credit, get that in writing and only close the file **after** the money credits to your account.
 +
 +==== Step 3. Register on SCORES 2.0 ====
 +
 +Go to [[https://scores.sebi.gov.in/|scores.sebi.gov.in]]. Click **"Sign Up"**. Enter PAN, mobile, email. An OTP arrives on each. After verification you are inside the dashboard.
 +
 +==== Step 4. Click "Lodge a Complaint" ====
 +
 +Pick **Complaint Category** from the dropdown - "Stockbroker", "Mutual Fund", "Depository Participant", "RTA", etc. The form auto-loads the right sub-category set. Select the **entity name** from the SEBI master list (start typing - it auto-suggests). If the entity is not on the list, the entity is not SEBI-registered and SCORES is the wrong route.
 +
 +==== Step 5. Write the complaint narrative ====
 +
 +Use **500 to 1,500 words**. Stay factual. Open with the entity, your client code, the disputed amount, and the date. State the SEBI regulation you believe is breached. Close with the relief you want - "refund of Rs X" / "reversal of trade T" / "credit of dividend Y" / "compensation for loss caused by the breach".
 +
 +==== Step 6. Attach the evidence PDF ====
 +
 +One PDF, indexed. Pages 1 to 3: the disputed contract note or statement, highlighted. Pages 4 to 6: the email you sent the entity and their reply (or the auto-reply ticket). Pages 7 onwards: regulator citations - the SEBI circular or AMFI guideline you are invoking. Total under 5 MB.
 +
 +==== Step 7. Submit and note the SCORES Registration Number ====
 +
 +You get a **15-digit complaint number** of the form **YYYY-MM-DD-XXXXXX**. Save it. Every escalation, review, and arbitration claim runs off this number.
 +
 +==== Step 8. Track in your dashboard ====
 +
 +The dashboard shows the auto-forwarded date, the entity's ATR (when uploaded), and a "Are you satisfied?" choice on day 21. **Click "No" if you are not** - clicking "Yes" by mistake closes the file.
 +
 +===== Smart ODR escalation - when, how, fees =====
 +
 +==== When to move to Smart ODR ====
 +
 +You can move to Smart ODR in three situations.
 +
 +  - **Day 36 onwards** after SCORES SLA failure - the SCORES dashboard itself shows a **"Escalate to ODR"** button.
 +  - **Direct filing** without going through SCORES - allowed for any dispute that is purely contractual between the investor and a stock-exchange-trading-member or depository-participant. Skipping SCORES is allowed under SEBI Circular dated **31 July 2023** read with **Smart ODR Master Circular 17 August 2023**.
 +  - **Pre-litigation step** before going to civil court or SAT - many investors use ODR specifically because a Smart ODR arbitral award is enforceable under section 36 of the Arbitration and Conciliation Act 1996, often faster than a fresh civil suit.
 +
 +==== How to file on Smart ODR ====
 +
 +Go to [[https://smartodr.in/|smartodr.in]]. Click **"File a Complaint"**.
 +
 +  - Pick the **Market Infrastructure Institution** (NSE, BSE, MCX, NSDL, CDSL). The platform auto-routes from there.
 +  - Enter the SCORES Registration Number if you have one - it pulls your old file.
 +  - Pick the **dispute category** - trading dispute, mutual fund, IPO, depository, listed company.
 +  - Upload the complaint and evidence (same PDF rules as SCORES).
 +  - Pay the **filing fee**. For disputes up to **Rs 1 lakh** the fee is **Rs 100**. For Rs 1 lakh to Rs 10 lakh it is **Rs 500**. For Rs 10 lakh to Rs 30 lakh, **Rs 1,000**. Beyond Rs 30 lakh a sliding scale applies. The fee is refunded to the winning side as part of the award.
 +
 +==== The four-tier resolution ladder ====
 +
 +  - **Step A. Conciliation - up to 21 days.** A neutral conciliator from an empanelled ODR Institution calls both sides, hears the dispute, suggests a settlement. Settlement is voluntary. No award.
 +  - **Step B. Mediation - up to 21 days more.** Same conciliator (sometimes a different one) helps the parties draft a written settlement. Settlement, once signed, is enforceable as a contract.
 +  - **Step C. Arbitration - up to 60 days more.** A sole arbitrator (or three-member panel for disputes above Rs 30 lakh) hears the case on documents and one or two video calls, then issues a **reasoned award**. The award is **binding on the broker / AMC / DP**. It is **enforceable by either side** as a civil court decree under section 36 of the Arbitration and Conciliation Act 1996.
 +  - **Step D. Appeal.** Either side can challenge the award only under the narrow grounds of section 34 of the Arbitration and Conciliation Act 1996 - fraud, lack of jurisdiction, violation of natural justice. Section 34 has a **90-day** outer limit. There is **no appeal on merits**. This is why an ODR award sticks once it is signed.
 +
 +The fees stay subsidised because the **Investor Protection Funds** of the exchanges and depositories carry most of the conciliator and arbitrator costs.
 +
 +===== Documents you need =====
 +
 +  * **PAN, Aadhaar, address proof** of the complainant.
 +  * **Demat statement** or **mutual fund statement of account** covering the disputed period (download from CDSL / NSDL Easi-Easiest, KFinKart, MFCentral).
 +  * **Contract notes** for every disputed trade. Brokers must send these by **T+1**. Pull them from the email trail or the broker portal.
 +  * **Bank statement** showing the credit you sent the broker and the credit you should have received back.
 +  * **Email and chat transcripts** with the entity, in chronological PDF.
 +  * The **policy bond / scheme information document / KIM** for mutual fund disputes - showing what was promised vs delivered.
 +  * For an **IPO allotment** dispute - the ASBA acknowledgement (UMR) and the bank's mandate statement.
 +  * For a **transmission / death claim** - death certificate, succession certificate or probate, indemnity bond if required.
 +  * The **prior complaint email** to the intermediary and their reply / auto-acknowledgement.
 +
 +Save everything in **one zipped folder** before you start. SCORES and Smart ODR each ask for a consolidated PDF.
 +
 +===== Investor Protection Fund - when the broker defaults =====
 +
 +This is the route most investors never hear about. If your broker is **declared a defaulter or expelled** by the exchange - which happened to Karvy Stock Broking in 2020 and to several smaller members in 2023 to 2025 - you can claim from the exchange's **Investor Protection Fund (IPF)**.
 +
 +  * **NSE IPF Trust** under SEBI (Stock Exchanges and Clearing Corporations) Regulations 2018.
 +  * **BSE IPF Trust** under the same regulations.
 +  * **MCX IPF** for commodity broker defaults.
 +
 +The maximum payout per investor per defaulter is **Rs 25 lakh** for NSE (revised 2023) and **Rs 25 lakh** for BSE. To claim:
 +
 +  - Wait for the **public notice** of declaration of default - it is posted on the exchange website and in two national newspapers.
 +  - File a **claim form** within the timeline mentioned in that notice - usually **150 days**.
 +  - Attach the contract notes, ledger statement, demat statement, bank statement for the disputed window.
 +  - The exchange's **Defaulters' Committee** scrutinises and sanctions payouts. You can appeal a rejection to the Member and Core Settlement Guarantee Fund Committee.
 +
 +If your broker is **operational but slow to refund**, IPF does not apply. Stay on SCORES and Smart ODR.
 +
 +===== SAT - the appeal route for SEBI's own orders =====
 +
 +The **Securities Appellate Tribunal** at [[https://sat.gov.in/|sat.gov.in]] is the statutory appeal forum against any order of SEBI itself, the IRDAI, and the PFRDA. You go to SAT when:
 +
 +  * SEBI rejects your SCORES complaint at the second review and you believe the rejection itself is wrong.
 +  * SEBI passes an adjudication order penalising **you** (a director / promoter / large investor / KMP).
 +  * SEBI declines to grant a registration, certificate, or recognition you applied for.
 +
 +The appeal must be filed within **45 days** of receipt of the SEBI order, under section 15T of the SEBI Act 1992. SAT sits at Mumbai with circuit benches. You can appear in person or through counsel. From SAT, the only further appeal is to the **Supreme Court** on a question of law under section 15Z.
 +
 +For a pure investor-vs-intermediary refund matter, SAT is **not** the route. Stay with SCORES then Smart ODR.
 +
 +===== Sample SCORES complaint text =====
 +
 +Paste this in the narrative box on SCORES after you change the bracketed parts. Keep under 1,500 words.
 +
 +<code>
 +To,
 +The Investor Grievance Cell,
 +Securities and Exchange Board of India,
 +through SCORES portal.
 +
 +Subject: Complaint against [ENTITY NAME], SEBI Reg. No. [INZ/INH/INF/IN-XXX], regarding [UNAUTHORISED TRADE / REDEMPTION DELAY / IPO ALLOTMENT DISPUTE].
 +
 +1. Complainant: [Full name], PAN [XXXXX0000X], client code / folio [XXXXXX], demat / DP-ID [XXXX-XXXXXX], registered mobile and email on file with the entity.
 +
 +2. Disputed transaction details.
 +   a. Date / time: [DD-MM-YYYY, HH:MM IST].
 +   b. Scrip / Scheme: [TICKER / SCHEME NAME].
 +   c. Quantity / Units: [Number].
 +   d. Disputed amount: Rs [Amount].
 +   e. Order / folio reference: [Order ID / Folio No.].
 +
 +3. Facts. On [date] I [received / placed / did NOT place] the above transaction. The entity [executed / failed to execute / reversed / debited] the same on [date]. I noticed the discrepancy on [date] and informed the entity by email dated [date] (auto-reply ticket [Ticket No.]). The entity replied on [date] stating [summary] which I do not accept because [one or two lines].
 +
 +4. Provisions breached.
 +   - Regulation [X] of [SEBI (Stockbrokers) Regulations 1992 / SEBI (Mutual Funds) Regulations 1996 / SEBI (Depositories and Participants) Regulations 2018].
 +   - SEBI Circular [Number and Date] read with the Master Circular for [Brokers / MFs / Depositories] dated [date].
 +   - Clause [X] of the Rights and Obligations document signed at account opening.
 +
 +5. Relief sought.
 +   - Refund / reversal of Rs [Amount] with interest at the SEBI-prescribed rate.
 +   - Cancellation of the unauthorised trade and reversal of the consequential debits.
 +   - Compensation for loss of opportunity / interest from [date] to date of credit.
 +   - Any other relief the Hon'ble Regulator deems fit.
 +
 +6. Prior complaint. Complaint email dated [date], entity ticket no. [XXX]. 21 days have elapsed without satisfactory resolution.
 +
 +7. Declaration. The facts above are true to the best of my knowledge. I have not approached any court for the same cause of action. I am willing to escalate to Smart ODR if the matter is not resolved within the SCORES SLA.
 +
 +[Name]
 +[Date]
 +[Place]
 +</code>
 +
 +Three lines never to drop - the **SEBI Reg. No.** of the entity, the **exact regulation breached**, and the **prior complaint date**. They turn a "general grievance" into a regulatory complaint.
 +
 +===== Real recovery scenarios =====
 +
 +==== Case 1. F&O loss dispute - unauthorised options trade reversed ====
 +
 +<WRAP center round box 90%>
 +**Facts.** Discount broker, Bengaluru investor, Rs 1.8 lakh in unauthorised Nifty option trades on a single afternoon. Investor had not traded options for the preceding 6 months. Email to the broker on day 4. Filed SCORES complaint on day 6 citing **Clause A.4 of the SEBI Master Circular for Stockbrokers** on order confirmation and IP logging. Broker's ATR on day 18 acknowledged "unauthorised access" and credited the full Rs 1.8 lakh plus Rs 4,200 interest. Total time 21 days. Smart ODR not needed.
 +</WRAP>
 +
 +==== Case 2. Mutual fund distributor mis-selling - SIP into closed-ended fund ====
 +
 +<WRAP center round box 90%>
 +**Facts.** Retired teacher, Pune, Rs 10,000 monthly SIP enrolled by a bank RM into a **3-year closed-ended hybrid fund** disguised as an open-ended diversified equity scheme. Investor wanted to redeem after 14 months. AMC refused. SCORES complaint cited **AMFI distributor code** breach and **mis-disclosure of liquidity terms**. ATR on day 24 - the AMC offered redemption at then-NAV. Investor moved to **Smart ODR** because the AMC refused to refund the **exit load** they had charged. Conciliator brokered settlement on day 18 of ODR - exit load refunded, plus Rs 2,500 inconvenience cost. Total time 65 days. Net recovery Rs 47,000.
 +</WRAP>
 +
 +==== Case 3. IPO allotment dispute - ASBA refund delay ====
 +
 +<WRAP center round box 90%>
 +**Facts.** Retail bidder for a 2024 mainboard IPO, Rs 1.5 lakh blocked through ASBA. Allotment day - zero allotment. Refund (un-blocking) should hit T+3. Bank still showed lien on day 8. SCORES complaint filed against the **RTA**, copy to the bank's banking ombudsman, citing **SEBI Circular on ASBA blocking and unblocking timelines**. RTA's ATR on day 7 - lien released the same day, plus Rs 540 interest at the SEBI-prescribed rate per delay day. Total time 15 days.
 +</WRAP>
 +
 +The pattern is the same in each case - speed, named regulation, escalation discipline. Investors who wait six months before filing lose evidence and lose the SCORES timeline benefit.
 +
 +===== Use RTI to fill the evidence gap =====
 +
 +SEBI is a public authority under the [[/rti-act-explained-simply|RTI Act 2005]]. Stock exchanges are not "public authorities" by default but they are **information custodians** for many compliance records. Three RTI moves work well alongside a SCORES complaint.
 +
 +  - **RTI to SEBI**, addressed to the **CPIO, SEBI Bhavan, BKC Mumbai**, asking for: (a) the number of complaints filed against the same entity in the last 12 months, (b) any inspection report or adjudication order against the entity in the last 24 months, (c) whether any show-cause notice is pending against the entity.
 +  - **RTI to the SCORES grievance cell** asking for the aggregate pendency and resolution data for the entity's category. Useful if you suspect the entity is mass-mis-selling.
 +  - **RTI to the Ministry of Corporate Affairs** for the board composition and KMP details if the entity is also a listed company.
 +
 +You can pre-fill the RTI in 60 seconds using the free [[https://righttoinformation.wiki/tools/ai-rti-draft-app.html|AI RTI Drafter]] - it inserts the §6, §7(1), §19(1) clauses and the BKC postal address automatically.
 +
 +For broader recovery patterns also see the [[/citizen-rti-playbook|citizen RTI playbook]] and the [[/case-database-pillar|case database pillar]] of CIC and court rulings on banking and securities.
 +
 +===== Common mistakes to avoid =====
 +
 +  * **Skipping the prior complaint to the intermediary.** SCORES rejects on intake. Always email first, wait the regulator-prescribed days, then file.
 +  * **Filing against an unregistered "trading app".** That is cyber fraud. Call 1930 and file at cybercrime.gov.in. SCORES will reject. See the [[/middle-class-traps|middle-class traps pillar]] for the cyber-fraud parallel routes.
 +  * **Closing the file by clicking "Satisfied" by mistake.** This is irreversible. Read each dashboard screen twice.
 +  * **Filing in regional language on a single line.** Use English or Hindi, plain prose, 500 to 1,500 words. Auto-translation tools mangle technical terms.
 +  * **Sending the PDF over 5 MB.** SCORES rejects. Compress images to 150 DPI before bundling.
 +  * **Forgetting the 15-day Review window.** Once the entity uploads ATR, you have 15 days to flag dissatisfaction. Calendar it.
 +  * **Going straight to consumer commission.** A consumer commission will route a securities matter back to SEBI / SAT for forum competence. Use SCORES first.
 +
 +===== What to do in the next 30 minutes =====
 +
 +  * Open [[https://scores.sebi.gov.in/|scores.sebi.gov.in]] in a new tab.
 +  * Pull your contract note / fund statement / ASBA acknowledgement and save as a single PDF, under 5 MB.
 +  * Email the intermediary's grievance cell - subject line "Investor grievance - [Client code] - [date]". Save the auto-acknowledgement.
 +  * Set three calendar alerts - day 21 (SCORES SLA), day 28 (review window opens if no fix), day 35 (review window closes).
 +  * Bookmark [[https://smartodr.in/|smartodr.in]] for the escalation step.
 +  * If you suspect a wider pattern, open the [[https://righttoinformation.wiki/tools/ai-rti-draft-app.html|AI RTI Drafter]] and queue an RTI to SEBI on entity-wise complaint pendency.
 +
 +===== FAQ =====
 +
 +==== Is SCORES really free? ====
 +
 +Yes. Filing on SCORES is free for every investor. There is no government fee, no SEBI fee, no intermediary fee. Smart ODR has a nominal filing fee of Rs 100 to Rs 1,000 depending on the disputed amount, and even that is refunded to the winning side in the final award. The Investor Protection Funds of the exchanges and depositories underwrite the conciliator and arbitrator costs for retail disputes.
 +
 +==== What is the difference between SCORES and Smart ODR? ====
 +
 +SCORES is the **regulator's grievance desk** - a tracker that forces the intermediary to respond within 21 days. The outcome is a refund or a resolution but nothing **binding** beyond regulatory pressure. Smart ODR is a **dispute resolution platform** - conciliation, mediation, and finally arbitration. The arbitral award at the end of Smart ODR is **binding** on both sides and enforceable as a civil court decree under the Arbitration and Conciliation Act 1996.
 +
 +==== Can I file SCORES if my broker is an app like Zerodha, Groww, Upstox, Angel One? ====
 +
 +Yes. Every SEBI-registered broker - discount, full-service, online, app-only - is on SCORES. Pick **"Stockbroker"** as the category and search for the broker by its registered name (not the app brand). Zerodha is **Zerodha Broking Limited**, Groww is **Groww Invest Tech Private Limited (Nextbillion Technology Private Limited)**, Upstox is **RKSV Securities India Private Limited**, Angel One is **Angel One Limited**. Confirm the SEBI Reg. No. on the broker's contract note footer.
 +
 +==== Is Smart ODR mandatory before going to court? ====
 +
 +For investor-vs-SEBI-registered-intermediary disputes that arise out of the **contractual relationship** (broker agreement, mutual fund subscription, depository agreement) the **Master Circular dated 31 July 2023** makes SCORES and then Smart ODR the **mandatory first forum**. You can move to civil court or consumer commission after the ODR route, but the court will look at the ODR record. Pure cyber-fraud matters and tortious claims sit outside that mandate.
 +
 +==== How long does the full ladder take? ====
 +
 +In the best case 21 days - the broker resolves at SCORES Stage 1. In the median case 60 to 90 days through SCORES Review and ODR conciliation. In the upper case 5 to 6 months through full ODR arbitration. Compare with 18 to 36 months for a fresh consumer commission case and 3 to 5 years for a civil court suit.
 +
 +==== What happens if the broker goes bankrupt before paying? ====
 +
 +Two routes activate. (1) If the exchange declares the broker a **defaulter or expelled member**, you claim from the exchange's **Investor Protection Fund** - currently up to Rs 25 lakh per investor per defaulter for NSE and BSE. (2) Outside that, you become an unsecured creditor in the broker's insolvency under the IBC 2016. The IPF route is far faster. Watch the exchange's "Member Declaration" notices and file the IPF claim within 150 days.
 +
 +==== Can NRIs file on SCORES? ====
 +
 +Yes. The platform accepts overseas mobile numbers and email IDs. NRO / NRE demat accounts and Portfolio Investment Scheme accounts are all SCORES-eligible. For NRI-specific issues like repatriation delay you may also need to cite the **FEMA Master Direction on Investment by NRIs and OCIs** in addition to the SEBI regulations.
 +
 +==== Can I file anonymously? ====
 +
 +No. SCORES requires PAN, mobile, and email. SEBI uses these to verify you are the actual aggrieved investor. If you are reporting a suspected fraud (not your own grievance) use the **SEBI Informant Mechanism** under the SEBI (Prohibition of Insider Trading) Regulations 2015 instead. That route is anonymous-by-design.
 +
 +==== What if the intermediary stops responding mid-process? ====
 +
 +That is exactly when the **Review** and **Second Review** buttons are designed to fire. Click Review on day 22 if there is no ATR. Click Second Review 15 days later if the designated body has not closed the loop. SEBI then takes the file directly and can impose **monetary penalty up to Rs 1 crore per default** on the intermediary under section 15HB of the SEBI Act 1992.
 +
 +==== Do I need a lawyer for Smart ODR arbitration? ====
 +
 +Not mandatory. Most retail Smart ODR arbitrations run on documents and one or two video calls. The arbitrator is a SEBI-empanelled professional. You can present in person. A lawyer helps if the disputed amount is above Rs 10 lakh or the matter turns on a technical point of mutual fund regulation, but is not required.
 +
 +==== Is the SCORES timeline counted in working days or calendar days? ====
 +
 +**Calendar days.** SEBI Circular dated 4 August 2023 specifies 21 calendar days. Weekends and holidays count. This is a tighter clock than most banking ombudsman timelines and much tighter than civil court schedules.
 +
 +==== Can I withdraw the SCORES complaint after filing? ====
 +
 +Yes. There is a **"Withdraw"** option in the dashboard. Use it only after the refund has actually credited to your bank account. Withdrawal closes the file permanently - if the intermediary backtracks, you have to refile from scratch and you lose the original timeline benefit.
 +
 +===== Sources and primary references =====
 +
 +  * SEBI Act 1992, sections 11 and 15T - regulator's mandate and SAT appeal. [[https://www.sebi.gov.in/legal/acts/jan-2017/the-securities-and-exchange-board-of-india-act-1992_34643.html|SEBI Act text]].
 +  * SEBI Circular dated **4 August 2023** introducing **SCORES 2.0**. [[https://www.sebi.gov.in/legal/circulars/aug-2023/redressal-of-investor-grievances-through-the-scores-platform-and-linking-it-to-online-dispute-resolution-platform_75144.html|Master Circular]].
 +  * SEBI Circular dated **31 July 2023** - "Online Resolution of Disputes in the Indian Securities Market". [[https://www.sebi.gov.in/legal/circulars/jul-2023/online-resolution-of-disputes-in-the-indian-securities-market_74794.html|Master Circular for Smart ODR]].
 +  * SCORES portal (live) - [[https://scores.sebi.gov.in/|scores.sebi.gov.in]].
 +  * Smart ODR portal (live) - [[https://smartodr.in/|smartodr.in]].
 +  * SEBI Investor Charter (Master Circular August 2023) - [[https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=39|SEBI investor charter index]].
 +  * Securities Contracts (Regulation) Act 1956 - the underlying statute for stock exchange bye-laws. [[https://www.sebi.gov.in/legal/acts/feb-2017/the-securities-contracts-regulation-act-1956_34620.html|SCRA text]].
 +  * Arbitration and Conciliation Act 1996, sections 34 and 36 - challenge and enforcement of an arbitral award. [[https://legislative.gov.in/sites/default/files/A1996-26.pdf|Act text]].
 +  * SAT - [[https://sat.gov.in/|sat.gov.in]] for cause-list, judgments, and filing rules.
 +  * NSE Investor Protection Fund Trust - [[https://www.nseindia.com/invest/investor-protection-fund|page]].
 +  * BSE Investor Protection Fund Trust - [[https://www.bseindia.com/static/investors/investor_protection_fund.aspx|page]].
 +
 +===== Related guides on RTI Wiki =====
 +
 +  * [[/middle-class-traps|Middle-class scam defence India - the pillar]]
 +  * [[/irdai-bima-bharosa-insurance-mis-selling-india|IRDAI Bima Bharosa - file an insurance mis-selling complaint]]
 +  * [[/banking-ombudsman-rbios-2021-walkthrough|Banking Ombudsman under the RB-IOS 2021 scheme]]
 +  * [[/dark-patterns-ccpa-2023-india|Dark patterns and the CCPA 2023 guidelines]]
 +  * [[/cibil-npa-wilful-defaulter-tag-removal|CIBIL NPA and wilful-defaulter tag removal]]
 +  * [[/citizen-rti-playbook|The citizen RTI playbook]]
 +  * [[/case-database-pillar|Case database pillar - CIC and court rulings]]
 +  * Tool - [[https://righttoinformation.wiki/tools/ai-rti-draft-app.html|AI RTI Drafter]] to prefill an RTI to SEBI or a stock exchange.
 +
 +----
 +
 +//Last reviewed by RTI Wiki editorial team, May 2026.//
 +
 +===== Related 2025-26 update =====
 +
 +  * [[https://righttoinformation.wiki/sebi-valid-upi-handle-check-genuine-broker-india|SEBI valid UPI handle and SEBI Check]]
 +
 +{{tag>itr rbi sebi refund scores smart odr investor}}
  
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