You now have a mobile app that helps you register your complaints against any mutual fund or an investment advisor or even a company, as per a report in the Financial Express. The Securities and Exchanges Board of India (SEBI) has introduced this app and it is called SCORES. There has already been an online facility by the same name that enabled the investors to register their complaints against all these entities. These include mutual fund houses, listed companies or any other registered financial intermediaries. But the new development is a mobile app, giving the investors a tool right in their hands to lodge their grievances.
The SEBI SCORES app can be downloaded on both Android and iOS devices and used. You will have to register your profile in the app to make it functional. Some of your details like PAN number and telephone number have to be provided to complete the registration on the app.
Once you download and register, it would become easy for you to understand how the app has to be used for making the complaints if you have one. Investors often approach SEBI with their grievances of different kinds, where certain promises have not been kept by an investment advisor or a mutual fund house has delayed sending the money in the case of redemption etc. All these can now be taken up through the SCORES app and SEBI has instituted a mechanism where your complaint will be swiftly taken to the entity concerned for a speedy resolution. For every grievance that you lodge through the app, you will receive an acknowledgement via SMS on the telephone number registered. A separate email will also go out if you have entered your mail Id. There is a facility to track your complaints as well.
The app has additional resources for the investors. There is a FAQ section that tries to explain the different ways of using the app.