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In India, investors with an eligible securities-market grievance should first contact the company or intermediary concerned. If it remains unresolved, they can use SEBI’s SCORES platform to seek grievance redressal facilitation. SCORES is not a general refund scheme or a guarantee of compensation. The PACL bank-detail correction notice discussed here applied only to specified PACL claims and its stated correction window ended on August 6, 2026.
What is SCORES?
SCORES is SEBI’s online grievance redressal facilitation platform for complaints about securities-market issues involving entities regulated by SEBI. Its eligible targets include listed companies, SEBI-registered intermediaries and Market Infrastructure Institutions (MIIs). SEBI describes the platform as a place to lodge grievances against those regulated entities; that description does not mean SEBI will award compensation or order a particular result in every case.
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SCORES is for an individual grievance, not every concern connected to an investment. The current SEBI FAQ sets out exclusions, including matters unrelated to securities-market investment, anonymous or incomplete complaints, and allegations without supporting material. It also identifies certain insolvency, struck-off and otherwise excluded company matters. Issues that amount to market intelligence should be sent through SEBI’s separate market-intelligence route rather than framed as a personal grievance.
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Which issues can be filed, and when?
The complaint must concern an eligible securities-market issue and an entity within SCORES’ scope. SEBI’s FAQ says a complaint may be lodged within one year of the cause of action. A filing outside that period may be rejected. The cause-of-action date depends on the facts; do not assume that an example applicable to one type of complaint, such as a dividend issue, determines the deadline for every dispute.
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Prepare a specific account of what happened and include relevant supporting documents. A vague or unsupported allegation may not meet the platform’s requirements. If you are unsure whether a matter qualifies or how its filing period applies, check the current SCORES FAQ before submitting.
How should an investor raise a complaint?
- Contact the concerned entity first. Use the company’s investor-grievance channel or the intermediary’s designated grievance or compliance officials. Keep a copy of your complaint and any acknowledgement or response.
- Escalate unresolved grievances through SCORES. Register or log in to the platform and submit the complaint against the concerned entity. Describe the issue clearly and attach relevant supporting records.
- Follow the complaint’s action history. Use the SCORES dashboard and registration number to check status and review actions taken. SEBI says notifications may also be sent by email and SMS when an entity, Designated Body or SEBI submits an Action Taken Report (ATR) or seeks clarification.
- Respond to clarification requests and decide whether to seek review. Monitor the dashboard and your contact channels, and act within the applicable review period if you are dissatisfied with an ATR.
What are the SCORES response and review timelines?
The FAQ describes a staged process. The periods below are calendar days, not working days. Review periods run from the relevant report or action, so check its date in your complaint history.
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| Stage | What happens | Period in SEBI’s FAQ |
|---|---|---|
| Entity response | The concerned entity submits an ATR. | Generally within 21 calendar days. |
| First review request | If dissatisfied with the entity’s ATR, the complainant may seek the applicable first review. | Within 15 calendar days of the ATR. |
| First-level review | Where applicable, the Designated Body handles the first-level review and submits an ATR. | Within 10 calendar days. |
| Second review request | If dissatisfied with the first-level ATR, the complainant may request a second review by SEBI. | Within 15 calendar days after that ATR. |
The FAQ says missed ATR timelines trigger automatic escalation. It also warns that a complaint may be disposed under the stated conditions if the complainant does not seek review in time. “Disposed” describes the status of the SCORES complaint; it does not by itself mean that a refund has been paid or a private dispute has been adjudicated.
What if the investor is not satisfied with the disposal?
SEBI identifies SMART ODR, consumer courts and other appropriate civil remedies as possible routes when a grievance remains unresolved. The routes differ in purpose and process:
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| Route | What it is for | Important qualification |
|---|---|---|
| SCORES | Facilitates handling and review of eligible grievances against in-scope securities-market entities. | Start with the concerned entity; filing and review periods apply. |
| SMART ODR | Online dispute resolution for listed categories of regulated securities-market entities. | The investor must first raise the complaint with the intermediary. The process may involve pre-conciliation, conciliation and, if needed, arbitration. |
| Consumer court or other civil remedy | A possible route for an appropriate claim outside, or after, the grievance-facilitation process. | Suitability and procedure depend on the claim and applicable rules. |
SMART ODR is not a promise of a cost-free or guaranteed outcome. SEBI’s explainer says fees depend on the claim value and the ODR institution. If conciliation fails, the process may proceed to arbitration; SEBI’s explainer says the arbitrator’s decision is binding on both parties.
There is also an important interaction between routes: under the SCORES FAQ, if a complainant opts for ODR or another appropriate civil remedy while the SCORES complaint is pending, the SCORES complaint is treated as disposed. Do not assume both proceedings will continue in parallel.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is there a general SEBI refund process for investors?
No general refund right or application route for ordinary SCORES complaints is established by the guidance covered here. A grievance complaint and a refund claim are different matters: using SCORES does not itself establish eligibility for repayment, the amount due or the merits of a private claim.
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Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →What was the PACL bank-verification notice?
A SEBI notice dated May 7, 2026, concerned PACL Ltd. refund applications. It said the Justice (Retd.) R. M. Lodha Committee had been refunding PACL investors, but some applications could not be processed because of deficiencies. For applicants whose claims were deficient because of bank-verification failure, it offered a facility to check claim status or the deficiency and correct bank details through the specified portal.
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The notice stated that this facility ran from May 7 through August 6, 2026. That window had ended by October 7, 2026, the date of this article. Anyone with a PACL claim should check the official PACL portal and newer SEBI or Committee notices for current instructions. The notice does not establish an individual applicant’s eligibility, payment amount or current application status, and it should not be treated as a refund route for other investors.
What do SEBI’s March 2026 figures show?
SEBI’s report for March 2026 recorded 5,175 complaints received and 5,476 disposed during the month, with 5,736 pending as of March 31, 2026. The report notes that pending cases include matters where an ATR was submitted within time but the investor still had an opportunity to escalate. It also reported monthly average times of 4 days for entity ATRs and 10 days for first-level review ATRs. These are aggregate averages for that month, not deadlines or guarantees for an individual complaint.
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