SEBI's SCORES, MI Portal Under Scrutiny for Inefficiencies in Handling Investor Grievances

The Securities and Exchange Board of India’s (SEBI) investor complaint platforms, SCORES and the MI Portal, are under scrutiny for inefficiencies. Investors allege complaints are often redirected between the systems or closed without proper examination. 

Issues with SCORES and MI Portal 

SCORES is designed for lodging complaints related to the securities market against listed companies and SEBI-registered intermediaries.  

The MI Portal is intended for providing information on alleged securities law violations. However, market participants have raised concerns about complaints being bounced between these platforms, leaving grievances unresolved. 

In a recent case involving Varun Beverages and Tanzania Bottling Company (TBC) SA, the Securities Appellate Tribunal (SAT) highlighted systemic gaps in the functioning of these platforms. TBC's complaint was not considered in the "right perspective," leading SAT to direct SEBI to re-examine the matter. 

Complaints and Systemic Gaps 

Legal experts point out that non-disclosure breaches by listed companies can adversely affect investors and market integrity until timely regulatory intervention occurs. During the current financial year (2025-26), nearly 43,000 complaints were filed on SCORES, with about 37,500 disposed of. 

Automatic closures on minor procedural lapses penalise complainants and reward non-responsive entities. Serious allegations often get redirected between SCORES and the MI Portal, creating an accountability vacuum. 

Transparency and Accountability Concerns 

Transparency issues have been flagged, with the complaint lifecycle remaining largely non-auditable from the complainant’s perspective.  

The MI Portal lacks a tracking mechanism, and timelines are undefined. Routine disposal of complaints through computer-generated closures remains a challenge, forcing investors to approach SAT. 

Read More: SEBI’s New Rules for Mutual Funds to Be Effective from April 1, 2026: Major Shift in Expense Ratio! 

Conclusion 

SEBI's complaint portals, SCORES and the MI Portal, face scrutiny for redirecting cases and lacking transparency. The need for systemic improvements is evident to ensure effective grievance redressal and maintain market integrity. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

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