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NISM Certifications · NISM-Series-X-A: Investment Adviser (Level 1) · Grievance Redress Mechanism

An investor is dissatisfied with the resolution offered by an investment adviser's internal grievance team. Which step is consistent with the standard escalation path for securities market disputes?

The investor can lodge the complaint on SCORES and, if it stays unresolved, move to the SEBI online dispute resolution mechanism involving conciliation and arbitration. Tax officers, audits and listing departments are not forums for adviser disputes.

  1. ALodge the complaint on SCORES and, if still unresolved, use the online dispute resolution (ODR) mechanismCorrect
  2. BApproach the Income Tax Appraisal Officer
  3. CWait for the adviser's annual audit to be completed
  4. DFile a complaint only with the stock exchange's listing department

Explanation

After the intermediary's own grievance process, the investor can raise the complaint on SCORES and then use the SEBI ODR mechanism (conciliation and arbitration) for further resolution. The tax officer has no jurisdiction over such disputes. Waiting for an audit is not a remedy. A listing department deals with listed issuers, not adviser disputes.

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