If your stockbroker has not resolved your complaint or has given you an unsatisfactory response, you can register a formal grievance on SEBI SCORES, the official investor complaint portal run by the Securities and Exchange Board of India.

This article covers the full process from raising the issue with your broker first, to filing on SCORES 2.0, to escalating further if the complaint remains unresolved.

What are SEBI SCORES?

SEBI SCORES stands for SEBI Complaints Redress System. It is an online portal where investors can file complaints against SEBI-registered entities, including stock brokers, depository participants, listed companies, mutual fund houses, and portfolio managers.

In April 2024, SEBI launched SCORES 2.0, an upgraded version of the platform. The key changes include a reduced resolution timeline of 21 calendar days, auto-routing of complaints to the correct entity, auto-escalation when timelines are not met, a two-tier review system, and integration with the KYC Registration Agency database for faster registration.

When Should You Use SEBI SCORES?

You must first raise the complaint directly with your broker before filing on SCORES. SEBI’s process requires this step.

Escalate to SCORES when:

Your broker did not respond within 21 calendar days of your written complaint
The broker responded, but the issue was not actually resolved
Funds or securities were not credited after a settled trade
You were charged fees not agreed upon at account opening
Trades were placed in your account without your instruction
Your demat account was accessed or changed without your authorisation

File your complaint within one year of the date the problem occurred. Complaints submitted after this period are not accepted.

The Full Grievance Escalation Path

Step	Where to Go	When to Use
1	Your Broker’s Grievance Team	Always start here. Email the broker’s official grievance ID
2	Stock Exchange Investor Cell (NSE or BSE)	If the broker does not respond within 21 calendar days
3	SEBI SCORES Portal	If the exchange resolution is unsatisfactory or delayed
4	SMARTODR (Online Dispute Resolution)	If SCORES does not produce a satisfactory outcome
5	Arbitration via IGRC	For a legally binding resolution of disputes

For depository-related complaints, you can also approach NSDL or CDSL in parallel with the stock exchange step.

How to File a Complaint on SEBI SCORES 2.0

Step 1: Send a Written Complaint to Your Broker First

Every SEBI-registered broker must display a dedicated grievance email ID on their website. Write a clear email that includes your client code, the date the problem occurred, what you expect the broker to do, and any supporting documents such as contract notes, bank statements, or screenshots. Keep a copy of this email as proof.

Step 2: Go to scores.sebi.gov.in

If the broker does not respond within 21 calendar days or the response does not resolve your issue, visit scores.sebi.gov.in on your browser or download the SEBI SCORES app from the Google Play Store or Apple App Store.

Step 3: Register on the Portal

New users must register before filing. Enter your PAN number and date of birth. The system automatically fetches your name and KYC details from the KRA database. Then add your mobile number, verify with OTP, and complete registration.

Step 4: Lodge Your Complaint

After logging in, click Lodge a Complaint and fill in the following:

Entity type, such as a Stock Broker or Depository Participant
Name of the specific broker or DP you are complaining against
Nature of complaint selected from the dropdown
A clear description with dates, amounts, and transaction references
Supporting documents in PDF format

Under SCORES 2.0, your complaint is automatically routed to the correct registered entity without manual SEBI intervention.

Step 5: Save Your Complaint Registration Number

After submitting, the system generates a unique Complaint Registration Number. Save this immediately. You will use it to track the complaint and respond to any follow-up queries.

Step 6: Track Your Complaint Status

Log in to your account to check the current status. SCORES sends automatic reminders to the broker to respond within 21 calendar days. You can also check the status without logging in by using the complaint number on the SCORES homepage.

Step 7: Use the Two-Level Review System

This is where SCORES 2.0 is meaningfully different from the old system.

Once the broker submits their response, called the Action Taken Report or ATR, it is automatically routed back to you.

If you are not satisfied with the ATR, you can request a First Level Review within 15 days of receiving it. This review is handled by a Designated Body.

If you are still not satisfied after the First Level Review, you can request a Second Level Review within 15 days of that response. The Second Level Review is handled by SEBI directly.

If timelines are not met at any stage, SCORES 2.0 auto-escalates the complaint to the next level without any action needed from you.

Step 8: Provide Feedback

After your complaint is closed, you have 15 days to provide feedback on the quality of redressal. This helps SEBI monitor broker conduct over time.

A Real Example

Priya invested in mid-cap stocks through a registered broker. After selling shares worth Rs. 80,000, the funds were not credited to her bank account after 7 working days. She emailed the broker’s grievance ID but received no reply after 25 days.

She registered on scores.sebi.gov.in using her PAN, selected Stock Broker as the entity type, described the problem with the settlement date and transaction ID, and uploaded her contract note and bank statement.

Within 21 calendar days, the broker filed their ATR through the portal, credited the full amount, and cited a reconciliation error. Priya marked the resolution as satisfactory, and the complaint was closed.

Had the broker’s ATR been unsatisfactory, Priya could have requested a First Level Review within 15 days, an option that did not exist before SCORES 2.0.

Key Features of SEBI SCORES 2.0

Resolution timeline of 21 calendar days from the date of receipt of the complaint
Auto-routing of complaints to the correct registered entity
Auto-escalation when prescribed timelines are not followed
Two-level review system with 15 days at each stage
KYC integration for faster investor registration
Automatic reminders sent to entities
Mobile app available on Android and iOS
Feedback mechanism post-closure

Advantages of Filing Through SEBI SCORES

Documented accountability: Every complaint is logged on SEBI’s platform. The broker’s response is visible to SEBI and tracked against their compliance record.
No cost involved: Filing is free for all investors with a PAN card.
Auto-escalation built in: Under SCORES 2.0, if a broker misses the 21-day deadline, the system escalates the complaint automatically. You do not need to follow up manually.
Multiple entity coverage: You can file against stock brokers, depository participants, listed companies, mutual fund houses, and portfolio managers — all through one portal.
Review options: The two-level review means you are not forced to accept a resolution you disagree with.

Limitations to Be Aware Of

SCORES covers only SEBI-regulated entities. Banking complaints go to the RBI Banking Ombudsman. Insurance complaints go to IRDAI.
The one-year filing deadline is fixed. File as soon as the issue is clear.
SCORES facilitates resolution between you and the broker. It does not directly compensate investors or reverse trades placed at your own discretion.
Normal market losses are outside SCORES’ scope. It handles procedural, operational, and conduct-related grievances only

Common Mistakes That Delay Resolution

Not contacting the broker first. SEBI requires you to try the broker before filing. Skipping this step can complicate your complaint.
Filing after one year. The deadline is strict. Do not wait, hoping the issue resolves on its own.
Filing without documents. A complaint without transaction proof, email records, or bank statements takes longer and may not result in the outcome you want.
Writing a vague complaint description. State the date, transaction ID, amount, and what specific action you expect. Avoid general statements.
Missing SEBI follow-up queries. If SEBI asks for additional information and you do not respond, the complaint can be closed without resolution. Check your registered email regularly after filing.

What Is SMARTODR and When Do You Need It?

SMARTODR is SEBI’s Securities Market Online Dispute Resolution platform. If your complaint on SCORES does not produce a satisfactory outcome, SMARTODR is the next step.

It offers two options: conciliation, where a neutral party helps both sides reach an agreement, and arbitration, where a binding decision is made if conciliation does not work.

You can access it at smartodr.in. This platform is particularly useful for disputes involving larger amounts where investors need a legally binding outcome rather than an internal broker response.

Conclusion

If your broker has not resolved your complaint within 21 calendar days, SEBI SCORES is the correct next step. File within one year, attach your supporting documents, and track the complaint through your registered account. SCORES 2.0 has made the process faster through auto-routing and auto-escalation, and the two-level review system gives you recourse even if the first response is unsatisfactory. If SCORES does not deliver, SMARTODR is available for conciliation and arbitration.

If you are investing through Alice Blue and face any issues with your account, start by contacting the Alice Blue grievance team. If the issue is not resolved within 21 calendar days, SEBI SCORES is your next step.