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SEBI Action FAQs: Investor Rights, Refunds and Complaint Options in India

Start with the concerned company or intermediary, then use SCORES for eligible securities-market grievances. Know the filing and review deadlines, next dispute routes, and why the expired PACL correction notice is not a general refund process.
From TheFinanceBase Team4 min to read
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For an unresolved Indian securities-market grievance, first contact the company or intermediary concerned; if the issue remains unresolved, you may file an eligible complaint through SEBI’s SCORES platform. SCORES facilitates grievance handling but does not guarantee repayment or decide every private dispute. A separate SEBI notice offered a limited bank-detail correction window for certain PACL refund claims, but that window ended on August 6, 2026.

What is SCORES?

SCORES is SEBI’s online grievance-redressal facilitation platform for eligible securities-market complaints. SEBI describes it as a platform for grievances against regulated entities such as listed companies, registered intermediaries and Market Infrastructure Institutions (SEBI SCORES).

It is a facilitation process, not a promise that SEBI will award compensation or compel a particular outcome. Complaints generally need to concern an investment in the securities market and an entity within SCORES’ remit. Anonymous or incomplete complaints, unsupported allegations, matters outside securities-market investment, certain insolvency or struck-off company matters, and market-intelligence reports may fall outside the process. Check SEBI’s current FAQ for the full exclusions and use its separate market-intelligence route for information about suspected market activity rather than an individual grievance (SCORES FAQ and portal).

Which issues can be filed on SCORES, and when?

SCORES covers eligible grievances involving listed companies, SEBI-registered intermediaries and Market Infrastructure Institutions. Before filing, identify the entity responsible and gather a clear description of the problem and relevant records. The current FAQ says a complaint may be lodged within one year of the cause of action; a late complaint may be rejected. The date that starts this period can depend on the facts, so do not assume that one example in the FAQ applies to every type of dispute (SCORES FAQ).

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How do I file a complaint?

  1. Contact the entity first. Use the company’s or intermediary’s investor-grievance channel or designated grievance/compliance officials. Keep copies of your complaint and its response. SEBI’s guidance places this step before SCORES (SEBI investor guidance).
  2. Escalate unresolved eligible complaints to SCORES. Register or log in to the SCORES portal and submit the grievance against the concerned entity. Give a specific account of what happened and attach supporting documents. Submit within one year of the cause of action, subject to the FAQ’s rules.
  3. Watch for action reports and clarification requests. Check the portal and the email address and mobile number associated with your account. Respond to requests for clarification within the time stated in the notice.

How long does SCORES take, and how do I track a complaint?

Under the current SCORES 2.0 FAQ, an entity generally has 21 calendar days to submit its Action Taken Report (ATR). If you are dissatisfied with that report, you have 15 calendar days to seek a first review. Where applicable, the Designated Body has 10 calendar days to submit its first-level review ATR. You then have 15 calendar days after that report to request a second review by SEBI. The FAQ describes automatic escalation if an ATR deadline is missed; review windows still matter, because a complaint may otherwise be disposed under the stated conditions (SCORES FAQ).

Use the SCORES dashboard and complaint registration number to view status and action history. SEBI says notifications may also arrive by email and SMS when an entity, Designated Body or SEBI submits an ATR or requests clarification. These are process deadlines, not a guarantee of when a particular grievance will be resolved.

SEBI’s March 2026 figures provide context, not an individual-case forecast: it received 5,175 complaints and disposed of 5,476 that month; 5,736 were pending as of March 31, 2026. The report gives average ATR times of four days for entities and 10 days for first-level reviews during March 2026. These are monthly averages, and the pending total included matters where an ATR had been submitted on time but the investor could still escalate (SEBI March 2026 report).

What can I do if I am not satisfied with SCORES?

SEBI identifies SMART ODR, consumer courts and other appropriate civil remedies as possible further routes. The right option depends on the claim, the parties and the remedy sought; SCORES disposal does not itself mean that a private dispute has been adjudicated (SCORES FAQ).

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Route What it does Important conditions
SCORES Facilitates handling of eligible grievances against specified securities-market entities through ATRs and reviews. Approach the entity first; observe the one-year filing period and review windows.
SMART ODR Provides an online dispute-resolution process that can progress from pre-conciliation to conciliation and, if needed, arbitration. The investor must first raise the complaint with the intermediary. Availability depends on the entity and dispute category; fees depend on claim value and the ODR institution. An arbitrator’s decision is binding on both parties.
Consumer court or other civil remedy May provide a separate forum for an appropriate claim. Suitability and procedure depend on the case; assess the applicable route and deadlines.

There is an important interaction between these tracks: the SCORES FAQ says that if you opt for ODR or another appropriate civil remedy while your SCORES complaint is pending, the SCORES complaint is treated as disposed. Do not assume both processes will continue in parallel. SMART ODR’s process and eligibility details are set out by SEBI (SMART ODR).

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What is the current status of my PACL refund application?

A PACL refund is a separate matter from an ordinary SCORES grievance. In a notice dated May 7, 2026, SEBI 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 flagged for bank-verification failure, the notice offered a facility to check claim status or deficiency and correct bank details from May 7 through August 6, 2026. That stated window had ended by October 7, 2026 (SEBI May 2026 notice).

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For your own claim, check the official PACL portal and the latest SEBI or Committee notices. The dated notice does not establish an individual applicant’s eligibility, payment amount or present claim status, and it does not create a general refund route for ordinary SCORES complaints. Check for a newer official notice before acting on any correction window.

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