How to File a Complaint with SEBI (SCORES 2.0)

You must file complaints via the SCORES 2.0 Portal (`scores.sebi.gov.in`).
Rule Zero: You cannot approach SEBI directly. You must first prove you complained to the specific Company or Broker and waited 21 days for a resolution. If they failed to resolve it, only then does SEBI intervene.

In April 2024, SEBI launched SCORES 2.0. Old logins do not work. The new system is linked to your KYC (PAN/Aadhaar) to prevent fake complaints.
The biggest confusion users face is the difference between a "Grievance" (Personal loss, e.g., "I didn't get my dividend") and a "Tip-off" (Market violation, e.g., "This company is insider trading"). This guide covers Grievances.

Checklist

• KYC Compliant Status: Your PAN must be linked to a valid mobile number/email in the KRA database.
  
• Proof of Prior Complaint: A screenshot of the email sent to the Broker/Company or a Ticket ID from their support desk, dated at least 21 days ago.
  
• PDF Evidence: Contract notes, bank statements, or ledger copies (under 2MB).
  
• The Hidden Requirement: The "Market Price" Exclusion. SEBI instantly rejects complaints about "Stock Price Falling" or "Bad Advice from Telegram Channels." You can only complain about service failures by registered entities, not investment losses.
  

Valid Circumstances for Filing

You can file a complaint against Listed Companies, Brokers, Mutual Funds, or Depository Participants (DPs) for:

• Non-Receipt of Benefits: Dividends, Interest, Bonus Shares, or Rights Entitlements not credited to your account.
  
• IPO Issues: Money deducted but shares not allotted, or refund not received after the mandate expiry.
  
• Unauthorized Trades: Broker bought/sold shares without your OTP/Consent.
  
• Fund Blocking: Broker refusing to process your payout request (withdrawal) within 24 hours.
  
• Dematerialization Delays: DP taking too long to convert physical certificates to Demat.
  

Step-by-Step Guide

• Step 1: Registration on SCORES 2.0
  
  Visit scores.sebi.gov.in. Click "Register."
  Enter your PAN. The system fetches your details from the KRA (KYC Registration Agency). You will receive an OTP on your KYC-registered mobile, not necessarily your current phone.
  
• Step 2: Lodge the Complaint
  
  Select the Entity Type (e.g., "Listed Company" or "Stock Broker").
  Select the specific Nature of Complaint (e.g., "Non-receipt of Dividend").
  Critical: In the "Complaint Details" box, strictly stick to facts: "I requested payout on Date X, Broker ID Y rejected it on Date Z." Emotional rants delay processing.
  
• Step 3: The Auto-Routing Phase
  
  Once submitted, the complaint is not seen by a SEBI officer immediately. It is auto-routed to the entity (Broker/Company).
  The entity has 21 Calendar Days to file an "Action Taken Report" (ATR).
  
• Step 4: The Review (First & Second Appeal)
  
  If the entity rejects your claim, the complaint moves to a "Designated Body" (e.g., the Stock Exchange).
  If you are still unhappy, you can escalate it to a SEBI Officer (Second Review).
  

How It Works & Hidden Details

The SMART ODR Nexus:
If SCORES fails (i.e., SEBI says "The broker denies your claim, we cannot adjudicate facts"), you are not dead in the water.
SEBI has integrated the SMART ODR (Online Dispute Resolution) portal.
While SCORES is administrative (fixing process errors), ODR is quasi-judicial (appointing an arbitrator to judge who is lying). You can escalate a failed SCORES complaint directly to ODR via the portal link.

Things to Watch Out For

• Risk 1: Crypto & Forex. SEBI regulates Securities (Stocks/Bonds). It has zero jurisdiction over Crypto scams or unauthorized Forex apps. Complaints about "Bitcoin fraud" will be closed with "Not under SEBI purview."
  
• Risk 2: The 3-Year Limit. You must file the complaint within 3 years of the cause of action. SEBI will not entertain a dispute about a trade that happened in 2019.
  

Frequently Asked Questions

• Q: Is there a fee?
  A: No. SCORES is free. However, if you escalate to ODR (Arbitration), there might be small fees depending on the claim amount, though usually waived for retail investors.
  
• Q: Can I complain against a Bank?
  A: Only if the issue is related to Demat/ASBA. For savings account issues, go to the RBI Ombudsman.
  

Update: Additional Details & Recent Changes

• Limitation Period Reduced to 1 Year:
  Under SCORES 2.0, you must file the complaint within one year from the date of the "cause of action" (e.g., the date dividends were due). The previous 3-year window has been tightened. If you wait longer than 12 months, the system may auto-reject the grievance as time-barred.
• The "Auto-Routing" Mechanism (No Pre-Wait):
  You do not strictly need to wait 21 days before approaching SCORES. In SCORES 2.0, once you lodge a complaint, the system automatically routes it to the entity (Broker/Company) first. The entity is then given a strict 21-day deadline (reduced from 30) to file an Action Taken Report (ATR). If they fail to respond, it auto-escalates to the Designated Body.
• The SCORES vs. ODR Fork:
  Be careful when clicking "Refer to ODR." If you choose to escalate a dispute to the SMART ODR platform (Arbitration), your SCORES complaint is treated as "Disposed of" immediately. You cannot run parallel proceedings. Use ODR only if the dispute involves a contested financial claim (e.g., "Broker owes me ₹50k") rather than a process failure (e.g., "Broker didn't send email").
• Designated Body Review Timeline:
  If the entity rejects your claim, the "First Level Review" by the Designated Body (Stock Exchange/Depository) is time-bound. They have 10 days to resolve the escalation. If you are still unsatisfied, only then does it move to a SEBI Officer (Second Level Review).