BUSINESS

3,736 complaints were resolved by Sebi’s SCORES platform in August

Through Sebi’s SCORES platform, a total of 3,736 complaints against businesses and market intermediaries were resolved in August.

According to the most recent information from the regulator, as of August there were up to 21 complaints outstanding on the platform for more than three months, and they related to 15 different companies, including Hinduja Global Solutions Ltd, SBI Mutual Fund, Sharekhan Ltd, JM Financial Ltd, and Edelweiss Global Wealth Management Ltd.

According to information provided by the markets regulator Sebi on Monday, 3,836 new complaints were received at the beginning of August, while 4,616 old complaints were still open.

A complainant may seek a review within 15 days following the resolution of their complaint, according to the markets watchdog, which reported receiving as many as 207 requests for reviews of complaints in August.

Additionally, Sebi said that 21 complaints have been open for longer than three months as of August 2023.

These grievances concerned the following topics: investment advisor, buyback of securities, prelisting/offer document (shares), corporate governance/listing conditions, venture capital funds, mutual funds, and refund/dividend/rights/redemption/interest.

According to the statistics, a complaint took an average of 39 days to be resolved.

The market regulator Sebi listed 15 businesses in a separate public notice that as of August 2023, complaints against them had been outstanding for more than three months on SCORES.

Hinduja Global Solutions Ltd, SBI Mutual Fund, Sharekhan Ltd, JM Financial Ltd, Edelweiss Global Wealth Management Ltd, A and M Jumbo Bags Ltd, Alka India Ltd, Asian Granito India Ltd, Onmobile Global Ltd, and Dharmesh Parmar were some of the companies mentioned.

Among the organizations against whose complaints have been outstanding for more than three months are Kaushal Mehta, Trade Nexa Research Investment Advisor, Modern Insulators Ltd, Cinema Capital Venture Fund, and Urban Infrastructure Venture Capital Fund.

A method for handling complaints called SCORES was introduced in June 2011. The portal is created to assist investors in filing online complaints with Sebi about the securities market against organizations, intermediaries, and institutions that support the market.

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