India’s capital markets regulator, the Securities and Exchange Board of India (Sebi), resolved 4,239 investor grievances in April through its digital redressal system, SCORES. While this reflects a proactive approach to investor protection, the number of fresh complaints exceeded resolutions, with 4,341 new grievances registered during the month. Consequently, pending complaints rose slightly to 4,263 by April-end. The revamped SCORES 2.0 platform continues to play a pivotal role in streamlining complaint resolution through structured timelines and digital escalation mechanisms, reinforcing regulatory transparency and accountability in India’s financial markets.
A Snapshot of April’s Grievance Landscape
In April 2025, Sebi maintained an assertive stance on investor protection by addressing 4,239 complaints lodged via the SCORES (Sebi Complaint Redress System) platform. However, a marginal increase in the total number of unresolved issues was observed as 4,341 new complaints were filed during the month—slightly outpacing those resolved.
As a result, the number of pending grievances climbed to 4,263 at the end of April, up from 4,161 at the end of March. The data underscores a dynamic system where complaint inflow remains high, yet the regulatory framework strives to maintain timely resolution through improved workflow mechanisms.
Timelines and Resolution Efficiency
Sebi’s report further highlighted encouraging statistics on complaint handling efficiency. The average duration for listed entities and registered intermediaries to submit Action Taken Reports (ATRs) was eight days. In instances where complaints required First Level Review—typically initiated when an investor is dissatisfied with the initial ATR—the average resolution time dropped to just four days.
These metrics suggest a responsive and structured grievance management system under the watchdog’s oversight, where delays are minimized, and each stakeholder is bound to a strict timeline, increasing investor confidence.
The Role of SCORES 2.0 in Complaint Management
The upgraded SCORES 2.0 platform, launched to modernize Sebi’s grievance redressal architecture, automates complaint routing and sets defined response periods. Under this system, once a complaint is filed, it is directly assigned to the concerned entity, which must respond within 21 calendar days with a formal Action Taken Report.
If the investor finds the resolution unsatisfactory, a 15-day window is provided to request a First Level Review. Notably, even after the ATR is submitted, the complaint is still listed as “pending” until the investor either accepts the resolution or moves forward with further escalation.
Escalation Mechanisms and Online Dispute Resolution
Beyond First Level Review, the regulatory framework offers a Second Level Review for investors still dissatisfied with the outcome. This review is conducted directly by Sebi, ensuring a higher level of scrutiny. Both levels of review follow the same timelines, creating consistency and predictability in the complaint lifecycle.
In addition, Sebi has incorporated an Online Dispute Resolution (ODR) mechanism into its suite of tools. This allows complainants to voluntarily opt for alternative dispute resolution processes, which can lead to faster settlements without formal escalation. The integration of ODR reflects a progressive, tech-enabled approach to investor grievances, aligning with global best practices in securities regulation.
Commitment to Transparency and Investor Protection
Sebi’s continuous enhancements to its complaint redressal infrastructure signal a deep-rooted commitment to investor protection, transparency, and accountability. With over 4,200 complaints resolved in a single month and resolution timelines maintained within days, the system presents a compelling case for regulatory efficiency in a high-volume environment.
While the backlog rose marginally, the overall response mechanism suggests that Sebi is actively adapting to rising investor engagement and complaint volumes through digital transformation and institutional discipline.
Conclusion
As India’s capital markets grow in complexity and participation, regulatory vigilance and effective grievance handling become non-negotiable. Sebi’s performance in April illustrates not just the challenges of keeping pace with complaint inflow, but also the effectiveness of its upgraded infrastructure in ensuring prompt and fair resolution. With SCORES 2.0 and ODR mechanisms in place, Sebi is evolving into a more investor-centric regulator—agile, transparent, and prepared for the demands of a rapidly modernizing market landscape.
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