How to File an Investor Complaint with SEBI in India

If you have a grievance against a stockbroker, listed company, mutual fund, depository participant, or any other SEBI-registered intermediary, the Securities and Exchange Board of India (SEBI) provides a dedicated online platform called SCORES (SEBI Complaint Redress System) for filing and tracking investor complaints. The upgraded SCORES 2.0 portal, launched in April 2024, introduced auto-routing of complaints, reduced resolution timelines to 21 calendar days, and added a two-level review mechanism for unsatisfied investors.

This guide walks you through the complete process of filing an investor complaint on the SCORES 2.0 portal, the types of grievances covered, tracking and escalation procedures, and your rights as an investor. If your complaint involves a banking or financial institution rather than a securities market entity, you may want to explore the RBI Banking Ombudsman complaint process instead.

What Is SCORES 2.0?

SCORES stands for SEBI Complaint Redress System, accessible at scores.sebi.gov.in. The SCORES 2.0 version, introduced on April 1, 2024, makes the grievance redressal process more efficient through several improvements: automatic routing of complaints to the concerned entity, automatic escalation if timelines are breached, monitoring by designated bodies such as stock exchanges and depositories, and reduced timelines for resolution. The platform handles complaints against all SEBI-regulated entities, including listed companies, stockbrokers, mutual funds, portfolio managers, depositories, depository participants, registrar and share transfer agents, merchant bankers, credit rating agencies, collective investment schemes, and other registered intermediaries.

Types of Complaints You Can File

Investors can file complaints on SCORES for a wide range of issues. Against listed companies, common grievances include non-receipt of dividend, non-receipt of share certificates after transfer, non-receipt of annual report, and delay in share transfer or dematerialization. Against stockbrokers, complaints may relate to unauthorized trades, delay in pay-out of funds or securities, non-receipt of contract notes, and excess brokerage charges. Against mutual funds, issues include non-receipt of redemption proceeds, incorrect NAV applied to transactions, and non-processing of switch requests. Against depository participants, common complaints involve failure to update nominee details, delay in account opening, and incorrect debit of holdings.

For issues related to insurance claim rejections, the appropriate forum is the IRDAI Ombudsman, not SEBI.

Step-by-Step Process to File a Complaint on SCORES 2.0

Step 1: Register on the SCORES Portal

Visit the SCORES website at scores.sebi.gov.in and click on "Register" to create a new account. You will need to provide your name, PAN (Permanent Account Number), email address, and mobile number. After submitting the registration form, verify your email and mobile through the OTP sent to you. Once registration is complete, you will receive login credentials to access the portal.

Step 2: Log In and Select 'Lodge a Complaint'

Log in using your credentials and navigate to the "Lodge a Complaint" section. Select the category of the entity against which you are filing the complaint (listed company, stockbroker, mutual fund, depository participant, etc.). Choose the specific entity by name from the dropdown list.

Step 3: Fill in the Complaint Details

Provide a detailed description of your grievance, including the nature of the complaint, relevant dates, transaction details, and the relief sought. Upload supporting documents in PDF format (maximum 2 MB per file). Relevant documents include contract notes, account statements, correspondence with the entity, bank statements showing non-receipt of funds, and demat account holding statements.

Step 4: Submit and Receive Reference Number

After reviewing all details, submit the complaint. The system will generate a unique complaint reference number. Save this number carefully, as it is required for tracking the status of your complaint and for any future correspondence.

Complaint Resolution Timeline and Process

Under the SCORES 2.0 framework, the complaint is automatically forwarded to the concerned entity after registration. The entity is required to submit an Action Taken Report (ATR) within 21 calendar days. In June 2026, entities took an average of four days to submit ATRs, and SEBI resolved 5,037 investor complaints through the platform that month. If you are unsatisfied with the entity's response, you can seek a First Level Review within 15 days from the date of receiving the ATR. The designated body (such as the stock exchange for broker complaints) examines the matter and submits its own ATR. If you remain unsatisfied after the First Level Review, you can request a Second Level Review within 15 days, which SEBI itself examines.

The real-time tracking feature on the SCORES portal allows you to monitor the status of your complaint at every stage. You can also send reminders to the entity through the portal if the response is delayed.

Important Points to Remember

SCORES does not handle complaints related to market manipulation or insider trading; these are enforcement matters handled by SEBI's investigation division. SCORES is only for investor grievances against SEBI-registered entities and is not a forum for disputes between two investors. Complaints must be specific and supported by documents; generic or vague complaints may not be accepted. If your complaint involves unauthorized transactions or fraud in your bank account, you should report the unauthorized bank transaction under RBI rules simultaneously.

Alternative and Additional Remedies

If SCORES does not resolve your complaint satisfactorily, you have several additional options. You can approach the concerned stock exchange's Investor Grievance Redressal Committee (IGRC) for arbitration in broker-related disputes. For listed company disputes, you can file a case before the National Company Law Tribunal (NCLT). Consumer complaints can also be filed before the Consumer Disputes Redressal Commission. In cases involving financial fraud, you may also file a criminal complaint under the Bharatiya Nyaya Sanhita (BNS). For errors in your credit report caused by incorrect securities transactions, you can dispute your CIBIL report separately.

Key Takeaways

SEBI's SCORES 2.0 portal is a free, accessible, and efficient platform for resolving investor grievances. Register on scores.sebi.gov.in with your PAN and contact details. File complaints against listed companies, brokers, mutual funds, depository participants, and other SEBI-registered entities. The entity must respond within 21 calendar days, and two levels of review are available if you are unsatisfied. Keep all transaction documents, correspondence, and account statements ready before filing. If your grievance involves a deceased person's financial assets, such as unclaimed shares or mutual fund units, SCORES can assist with transmission-related complaints as well.