NISM-Series-VII: Securities Operations and Risk Management · Investor Grievances and Arbitration

SEBI SCORES and Online Dispute Resolution (SMART ODR) Explained

Updated 11 October 2026 · Fact-checked

SEBI SCORES is SEBI's online system where investors lodge complaints against listed companies and registered intermediaries. Under SCORES 2.0 the entity must resolve a complaint within 21 days, with escalation to a designated body and then SEBI. SMART ODR is the online conciliation and arbitration platform used when SCORES does not settle the dispute.

Understand SEBI SCORES and Online Dispute Resolution

SCORES stands for SEBI Complaints Redress System. It is a web-based platform run by SEBI. An investor files a complaint against a listed company or a SEBI-registered intermediary, such as a stockbroker, depository participant or mutual fund. The complaint goes to that entity online. The entity uploads its reply, called an Action Taken Report. The investor can track the status on the same platform.

The idea is simple. One central place, one complaint trail, and SEBI can see which entities are slow. Before using SCORES, the investor should first take the grievance to the entity itself. SCORES is the next step if that fails.

SCORES 2.0 is the upgraded version. Its main features are: complaints are routed automatically to the right entity, the process is time-bound, and there is a multi-level review. The entity has 21 days to redress the complaint. If the investor is not satisfied, the complaint is reviewed by a designated body, which is usually the relevant market infrastructure institution such as an exchange or depository. If the matter is still open, it goes to a further review by SEBI.

SMART ODR is SEBI's online dispute resolution platform. SMART stands for Securities Market Approach for Resolution Through ODR. It handles disputes between investors and market entities through online conciliation and, if that fails, online arbitration. It exists so that an investor does not need to travel or attend physical hearings.

Think of it as a ladder. Step 1: complain to the entity. Step 2: SCORES. Step 3: SMART ODR, where conciliation comes first and arbitration follows. Exam questions mostly test the order of this ladder and the 21-day rule.

Key formulas to remember

Escalation ladder: Entity → SCORES → SMART ODR (conciliation → arbitration); Investor approaches the entity first, then files on SCORES, then moves to ODR if still unresolved.
SCORES 2.0 redressal time: Entity must resolve within 21 days of receiving the complaint; If unresolved or unsatisfactory, the complaint is reviewed by the designated body and then by SEBI.
SCORES 2.0 review levels: Entity → designated body review → SEBI review; Three levels. The first level is the entity itself, not SEBI.
Action Taken Report (ATR): ATR = entity's online reply on SCORES; The investor can view it and say whether it is satisfactory.
SMART ODR order of processes: Online conciliation first, then online arbitration; Arbitration is not the first step.

How to solve SEBI SCORES and Online Dispute Resolution questions

Use this method for any question on SCORES or ODR. Most questions test who acts first, the time limit, or which platform fits the stage of the dispute.

1Read the stage of the dispute in the question: has the investor already approached the entity, used SCORES, or neither?
2Place that stage on the ladder: entity, then SCORES, then SMART ODR.
3If the question asks for the next step, pick the very next rung. Do not skip to arbitration.
4If a time limit is asked, recall the 21 days for the entity under SCORES 2.0.
5If a review is asked, remember the order: designated body first, then SEBI.
6Match the term to its meaning: SCORES is for complaints, ODR is for conciliation and arbitration, ATR is the entity's reply.
7Eliminate options that say SEBI decides the dispute directly, or that arbitration comes before conciliation.

Quickest way: Ladder and 21-day shortcut

When to use it: Use this when you have under a minute for a multiple choice question on grievance platforms.

Say it in one line: Entity, SCORES, ODR.
Attach the number 21 days to the entity's reply.
Attach the word 'conciliation first' to ODR.
Pick the option that matches the stage in the question and drop the rest.

Common mistakes in SEBI SCORES and Online Dispute Resolution

Thinking SCORES is where disputes are arbitrated.
Both deal with investor problems, so they get blended together.
Fix: SCORES is for lodging and tracking complaints. Conciliation and arbitration happen on SMART ODR.
Putting arbitration before conciliation on the ODR platform.
Students remember arbitration from exchange mechanisms and assume it is the main step.
Fix: On SMART ODR, online conciliation comes first. Arbitration follows if conciliation fails.
Believing the investor can file on SCORES without first approaching the entity.
The platform looks like a direct complaint portal.
Fix: Remember the ladder. The investor first takes the grievance to the entity, then uses SCORES.
Mixing up the redressal period for the entity with other review periods.
Several timelines exist across SEBI circulars and exchange mechanisms.
Fix: Link 21 days only to the entity's resolution under SCORES 2.0. Do not guess other numbers.
Saying SEBI reviews the complaint first under SCORES 2.0.
SEBI runs the platform, so students assume it handles everything.
Fix: The order is entity, then designated body, then SEBI.

Worked examples

Example 1

An investor has complained directly to her stockbroker about an unauthorised trade. The broker has not resolved it. What is the next step in the SEBI-prescribed grievance route?

Show the solution

Identify the stage: the investor has already approached the entity (the broker).
Look at the ladder: Entity, then SCORES, then SMART ODR.
The next rung after the entity is SCORES.
Arbitration or ODR comes only after SCORES fails to resolve the matter.

Answer: She should lodge the complaint on SEBI SCORES against the broker.

Example 2

Under SCORES 2.0, a complaint against a depository participant is not resolved to the investor's satisfaction by the entity. Which is the correct sequence of what follows?

Show the solution

Start from the entity's reply, which is the first level, with 21 days to redress.
The next level is review by the designated body.
If still unresolved, the final level is review by SEBI.
If the dispute remains, the investor can use SMART ODR, where online conciliation comes first and then online arbitration.

Answer: Designated body review, then SEBI review, and if the dispute remains, SMART ODR with conciliation before arbitration.

Exam tips

Memorise the three-rung ladder: entity, SCORES, SMART ODR. Many questions are just this sequence in disguise.
Tie 21 days to the entity's redressal under SCORES 2.0. If an option shows a different period for that step, treat it with suspicion.
Watch for options that put arbitration before conciliation or put SEBI as the first level of review. Both are traps.
Know the expansions: SCORES is the SEBI Complaints Redress System and ODR is online dispute resolution. Expansion questions are quick marks.
Series VII has 25% negative marking, so skip an option you cannot place on the ladder rather than guess between two close ones.

Practice questions from Investor Grievances and Arbitration

SEBI SCORES and Online Dispute Resolution: frequently asked questions

How do I lodge a complaint on SEBI SCORES?

First raise the grievance with the entity concerned. If it is not resolved, register on the SCORES platform and file the complaint against that entity online. You can then track the entity's Action Taken Report and the status of the complaint.

What is the timeline for complaint resolution under SCORES 2.0?

The entity has 21 days to redress the complaint. If the investor is unsatisfied, the complaint is reviewed by a designated body and then by SEBI. Check your latest NISM workbook for any other period before the exam.

What is SMART ODR?

It is SEBI's online dispute resolution platform for securities market disputes. It offers online conciliation first and online arbitration if conciliation does not settle the matter. The whole process happens online.

Is SCORES the same as ODR?

No. SCORES is a complaint lodging and tracking system. ODR is a dispute resolution platform with conciliation and arbitration. An investor normally uses SCORES first and ODR afterwards.