What Is Securities Market Approach for Resolution through Online Dispute Resolution  (SMART ODR) and Why Was It Created?

SMART ODR stands for Securities Market Approach for Resolution Through Online Dispute Resolution. It is SEBI’s structured dispute resolution platform at smartodr.in, built specifically for investors who have a grievance against a SEBI-registered intermediary and have not received a satisfactory resolution through the SCORES complaint process.

Before SMART ODR existed, an investor whose SCORES complaint was closed without real resolution had only one formal path forward: exchange arbitration, which involves a more structured legal proceeding with strict documentation requirements. SMART ODR sits between SCORES and arbitration. It gives investors access to structured conciliation by an independent third party before committing to the more formal arbitration route.

The platform is completely free for investors at the pre-conciliation and conciliation stages. Everything happens online. No physical presence is required at any stage. And it applies to disputes with all SEBI-registered intermediaries including stockbrokers, research analysts, investment advisers, depository participants, and mutual funds.

In its first year of operation, SMART ODR received over 7,500 complaints, reflecting strong and growing adoption across investor categories.

When Can You Use SMART ODR?

SMART ODR becomes available when your dispute with a SEBI-registered intermediary has not been resolved satisfactorily through the SCORES process. Either the intermediary did not respond within the 21-day window, or their response did not address your actual grievance and you marked it as unsatisfactory.

One important rule that investors frequently miss: if you file a dispute on SMART ODR while a complaint is still pending on SCORES, the SCORES complaint is automatically treated as disposed. And if you have filed on SMART ODR, you cannot subsequently file the same complaint on SCORES.

This means the decision of when to move from SCORES to SMART ODR is a one-way door. Make sure the SCORES process is genuinely exhausted before filing on SMART ODR.

The types of disputes SMART ODR handles most commonly include fee recovery disputes where a registered intermediary charged above the SEBI cap or collected fees informally, guaranteed return promise disputes where SEBI Regulation 16(b) was violated, unauthorised transaction disputes where trades were executed without your consent, and service delivery disputes where what was delivered differed materially from what was contracted.

How to File a Complaint on SMART ODR Portal: Step-by-Step

Step 1: Register on the portal

Go to smartodr.in. Click Register. Complete the registration form using your PAN number, registered mobile number, and email address. Your PAN is the primary identifier that links your SMART ODR account to your SCORES complaint history and your securities account records. Verify your mobile number and email through the OTPs sent during registration.

Step 2: Log in and access the Complaint Section

After registration is confirmed, log in to your account. On your dashboard, look for the Complaint Section or File a Dispute option. This is where the dispute filing form is located.

Step 3: Link your SCORES complaint

When filling the dispute form, you will be asked to provide your SEBI SCORES complaint reference number. This is the unique number you received when you first filed on SCORES. Enter it exactly as it appears in your SCORES account. This number links your existing SCORES complaint record to the new SMART ODR case and ensures the full complaint history transfers automatically.

Step 4: Select the correct intermediary category and enter dispute details

Select the intermediary type that matches the entity you are filing against. The categories available are:

Research Analyst: Select this for complaints against SEBI-registered research analyst firms. Enter the firm’s INH registration number. This applies to advisory firms providing stock tips, intraday calls, or research reports through subscription models.

Investment Adviser: Select this for complaints against SEBI-registered investment advisers. Enter the firm’s INA registration number. This applies to entities providing personalised investment advice based on your financial goals and risk profile.

Stockbroker: Select this for complaints involving unauthorised trades, excess brokerage, margin call disputes, failure to transfer securities, or platform technical glitches that caused financial loss. Enter the broker’s SEBI registration number.

Mutual Fund: Select this for complaints about delayed redemption, incorrect NAV application, or mis-selling of fund schemes. Enter the fund’s AMFI registration number.

Depository Participant: Select this for complaints about demat account operations including failure to dematerialise securities, incorrect transaction recording, or failure to execute account instructions.

In the dispute details field, describe what happened in factual, chronological order. Date of first contact. What was promised. Date of payment. Amount paid. What was delivered. What specifically went wrong. When you raised the issue internally. What response you received. What resolution you are seeking. Keep the language factual and specific.

Step 5: Upload supporting documents

Upload your evidence in the accepted formats. PDF files for multi-page documents such as account statements, contract notes, and email correspondence. JPG or PNG files for screenshots of WhatsApp messages, SMS records, or social media communications. Ensure each file is within the size limit. Compress large PDFs before uploading. Name each file clearly before uploading so the conciliator can identify documents without opening each one.

The minimum documents to upload at this stage are your SCORES complaint reference confirmation, the intermediary’s SCORES response or evidence of non-response, your payment receipts, your subscription agreement or account opening form, and the specific communication showing the violation such as a WhatsApp guarantee message or a contract note for an unauthorised trade.

Step 6: Submit and track

Click Submit. Save your SMART ODR case reference number from the confirmation screen. This is different from your SCORES reference number and is your primary tracking identifier on SMART ODR from this point forward. Check your dashboard regularly for updates. The intermediary will receive a formal Notice to the Opposite Party and has a defined response window after which the conciliation process begins.

What Happens After You File SMART ODR Rispute Resolution

After submission, an independent conciliator is assigned to your case from SEBI’s empanelled list. This conciliator is not a SEBI employee. They are an independent professional who facilitates structured dialogue between you and the intermediary.

The process has two stages. Pre-conciliation is an online structured negotiation where both parties submit their positions and attempt to reach an agreement. Many disputes settle here without needing a formal conciliator session. Formal conciliation follows if pre-conciliation does not produce agreement. The assigned conciliator takes an active role, facilitating sessions and proposing settlement terms.

If conciliation at both stages fails, the matter moves to formal arbitration where an arbitrator reviews all evidence and issues a binding award. For claims below Rs. 10 lakh, there is no investor filing fee for arbitration.

For the complete guide on what happens at each stage of conciliation including timelines, what the intermediary is required to do, and how to track your case status, the detailed process guide covers everything. 

Not sure you’re even at this stage yet? Here’s the complete guide to filing a complaint on SMART ODR if you haven’t submitted your dispute.

Investors Who Recovered Money Through SMART ODR

The following two case studies highlight how our team successfully guided investors through the SMART ODR and arbitration process to secure legally binding resolutions

Case 1: Rs. 59,000 Recovered from Dealwisepro

An investor paid Rs. 84,000 in fees to Dealwisepro after the firm made loss-recovery and high-profit assurances. After trading losses appeared, the firm continued to pressure the investor to add capital rather than addressing the service failure. The investor’s WhatsApp messages documented the recovery promises. The payment receipts showed the fee amounts. The trading statement showed the losses that existed at the time the promises were made.

After the matter was taken through SEBI SCORES, SMART

 ODR, and escalation, the investor received a binding refund awa

rd of Rs. 59,000. The proceedings also placed on record concern

s about guaranteed return promises and the firm’s failure to disclose its fee structure before collecting payments.

 

Case 2: Rs. 4,65,000 Recovered from

NiftyPro Trading Research

Chand Ansari paid Rs. 55,000 to NiftyPro Trading Research operated by Sameer Pandey, after being offered a profit-sharing arrangement. What was described as profit-sharing was later claimed by the firm to be a service fee after the trades went against him. His total loss was Rs. 4,65,000.

Our team advised Chand to file for arbitration. The hearing took place on March 24, 2025. The key evidence was an audio recording where the profit-sharing terms were discussed, SEBI’s existing penalty order against Sameer Pandey for Rs. 2 lakh dated December 24, 2024 documenting the same violations, and Chand’s consistent factual account. On April 29, 2025, Arbitrator Amar Sinha issued the award directing NiftyPro to refund Rs. 4,65,000 with 15 percent annual interest if payment was not made within one month.

Both cases illustrate the same principle. The evidence collected before filing, organised clearly, and presented consistently through the process is what determines the outcome. Cases where documentation is complete from the start move faster and produce better results.

Is SMART ODR Free?

Yes. The pre-conciliation and conciliation stages on SMART ODR are completely free for investors. There is no registration fee for the portal. There is no fee for filing a dispute. There is no charge for participating in pre-conciliation or conciliation sessions.

For formal arbitration, a fee structure applies. For claims below Rs. 10 lakh, the investor pays no filing fee. For claims between Rs. 10 lakh and Rs. 25 lakh, a nominal investor fee applies. For larger claims, fees increase on a slab basis.

The practical outcome is that the large majority of retail investor disputes can go through the entire process from SMART ODR conciliation through to a binding arbitration award without the investor paying any platform fee.

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