Before you spend time preparing your complaint, it is worth confirming that your situation actually falls within SEBI SCORES scope.
If you are new to the platform, you might first want to know what is SEBI SCORES and how it works.
At its core, SCORES is just the official online portal where retail investors can directly report issues they are facing with registered market players.
However, not every investment-related grievance qualifies.
SEBI SCORES accepts complaints against SEBI-registered entities for specific types of issues.
If the entity is unregistered, if the complaint is already in court, or if the issue falls outside the securities market, the portal will not accept it.
This page covers exactly who can file, what types of complaints are accepted, and where the boundaries are, so you know before you start whether SCORES is the right channel for your situation.
Who Can File a Complaint on SEBI SCORES Online?
Any individual investor who has a grievance against a SEBI-registered intermediary or a listed company can file on SEBI SCORES.
There is no income threshold, no minimum dispute amount, and no geographic restriction within India.
The complainant must be the investor who directly experienced the harm.
You cannot file on behalf of someone else unless you hold a valid power of attorney for that person.
Joint account holders can file jointly or individually for the same dispute.
NRI investors who hold Indian securities accounts and face grievances against SEBI-registered entities in India can also file on SCORES.
The portal is accessible from outside India.
Retail investors, high-net-worth investors, institutional investors, and corporate investors can all file a grievance, provided the grievance relates to a securities market transaction or service with a SEBI-registered entity.
What Types of Complaints Does SEBI Accept on SCORES?
SEBI SCORES accepts complaints in the following categories.
Each category corresponds to a type of SEBI-registered entity or a type of securities market activity.
1. Complaints Against Stock Brokers
Unauthorised trades executed without client instruction. Excess brokerage charged beyond the agreed rate in the account opening form.
Failure to transfer securities to the client’s demat account after settlement. Margin calls based on incorrect account valuations. Non-release of funds or securities after account closure.
Technical glitches that caused financial loss due to broker-side failures. Mis-selling of financial products by the broker’s representatives.
2. Complaints Against Research Analysts
Guaranteed or assured return promises made verbally or in writing during the sales process.
Live execution calls sent via WhatsApp or other messaging platforms, directing immediate trade action during market hours.
Fees collected above the SEBI annual cap of Rs. 1,51,000 per client family. Recovery pitches offered after losses appeared.
Services delivered materially differently from what was described in the subscription agreement.
3. Complaints Against Investment Advisers
Return guarantees or profit assurances made to induce subscription.
Fees charged in personal bank accounts instead of the firm’s official corporate account. Absence of a written advisory agreement before fees were collected.
Unsuitable product recommendations made without proper risk profiling.
Fees above the permitted annual ceiling. Conflict of interest not disclosed per SEBI IA Regulation requirements.
3. Complaints Against Depository Participants
Failure to dematerialise securities within the stipulated time.
Incorrect recording of transactions in the demat account. Failure to execute client instructions for account operations.
Non-transfer of securities in corporate actions like bonus issues or rights offerings.
4. Complaints Against Mutual Funds
Delayed redemption beyond the mandated settlement period. Incorrect NAV was applied to a transaction.
Mis-selling of fund schemes by distributors.
Failure to update KYC or account details after a formal request.
5. Complaints Against Portfolio Managers
Non-performance per the agreed investment mandate. Failure to provide periodic portfolio statements.
Undisclosed fees or charges beyond what was specified in the disclosure document.
Investment decisions outside the agreed strategy parameters.
6. Complaints Against Listed Companies
Non-receipt of the dividend declared by the company.
Non-receipt of shares allotted in a public offer or rights issue.
Non-receipt of interest or redemption proceeds on bonds or debentures. Failure to address shareholder grievances through the company’s own redressal mechanism.
SEBI Complaint Against an Unregistered Entity: What You Can Do
This is one of the most common eligibility questions.
The answer matters because a significant proportion of advisory fraud in India involves entities that are not registered with SEBI at all.
SEBI SCORES does not accept complaints against unregistered entities.
If the firm, individual, or Telegram channel that defrauded you does not hold a valid SEBI registration, you cannot use SCORES to file against them.
This does not mean you have no recourse. It means the channel is different.
For unregistered investment advisors, research analysts, or portfolio managers who collected money illegally, the National Cyber Crime Reporting Portal at cybercrime.gov.in is the correct starting point.
File under the Financial Fraud category and attach all payment evidence and communications.
For unregistered entities promoting Ponzi schemes, collective investment schemes, or illegal deposit schemes, SEBI has a separate complaint mechanism outside SCORES.
You can write directly to SEBI’s enforcement division or use the SEBI Toll-Free Helpline at 1800 22 7575.
For offshore platforms operating without RBI or SEBI authorisation and targeting Indian investors with forex, crypto, or binary options schemes, RBI’s Sachet portal at sachet.rbi.org.in is the appropriate channel alongside the cybercrime portal.
One important nuance: if an unregistered entity falsely claimed to be SEBI registered in its marketing to you, both the cybercrime complaint and a report to SEBI’s enforcement division are appropriate simultaneously.
The false claim of SEBI registration is itself a serious regulatory and criminal matter.
SEBI Complaint Against an Unlisted Company: What Qualifies
Unlisted companies create a specific eligibility question because they sit at the boundary of SEBI’s jurisdiction.
SEBI’s primary jurisdiction over companies relates to listed companies and companies that have issued securities to the public through SEBI-regulated processes.
For an unlisted private company, SEBI’s direct complaint authority is limited.
However, if an investment adviser or research analyst guided you into investing in unlisted company shares, the complaint is not against the unlisted company.
It is against the registered IA or RA who recommended the investment. That complaint falls squarely within SEBI SCORES’ scope.
The distinction is: if your IA registered under INA000003874 recommended you buy unlisted shares in Company X and those shares lost 98 percent of their value, your SCORES complaint is against the IA for unsuitable advice and inadequate risk disclosure, not against Company X.
If an unlisted company itself collected money from you under the promise of fixed returns or dividends without proper regulatory authorisation, complaints under the Banning of Unregulated Deposit Schemes Act go to the relevant state government authority, and the cybercrime portal handles the fraud aspect.
Selecting the Right Intermediary Category on SCORES: Why It Matters
When you file on SCORES, you must select the correct intermediary category.
This is the single most common mistake investors make, and it causes significant delays because the complaint gets routed to the wrong department.
The categories available on SCORES include Stock Broker, Research Analyst, Investment Adviser, Depository Participant, Mutual Fund, Portfolio Manager, Collective Investment Scheme, Registrar and Transfer Agent, and listed companies under the heading of Corporates.
For complaints against research analyst firms like Stockifi, Invesia Research, NA Supreme Research, and similar firms, select Research Analyst and enter the INH registration number.
For complaints against investment adviser firms like Equentis Wealth Advisory, select Investment Adviser and enter the INA registration number.
For complaints against stockbrokers: select Stock Broker and enter the broker’s SEBI registration number.
Selecting Stock Broker for an RA complaint or a research analyst for an IA complaint routes the complaint incorrectly and delays resolution by weeks.
Always verify the exact registration category on sebi.gov.in before filing.
For the step-by-step SCORES filing process, including how to find the correct registration number and what documents to attach, the complete guide is here: File SEBI SCORES complaint.
What Complaints Are Not Accepted on SEBI SCORES
Understanding what SCORES cannot accept is as important as knowing what it can.
Filing an ineligible complaint wastes time and delays access to the right channel.
SCORES does not accept complaints about general investment losses due to market movements.
If you invested in a stock recommended by a registered RA and the stock declined because of broader market conditions, that is market risk and not a SCORES complaint on its own.
However, if the RA made a guaranteed return promise in connection with that recommendation, the complaint’s basis is the guarantee, not the loss itself.
SCORES does not accept complaints against insurance companies, banks for banking transactions, or NBFCs for loan-related grievances.
These fall under IRDAI, RBI, or the relevant sector regulator.
SCORES does not accept complaints where the same matter is already pending before a court, tribunal, or arbitration proceeding. If you have filed a civil suit for the same dispute, SCORES will not accept a parallel complaint.
SCORES does not accept complaints filed more than three years after the date of the cause of action. The time limit is strict. Filing early is significantly better than waiting.
SCORES does not accept anonymous complaints. You must provide your name, contact details, and PAN to file.
For the detailed guide on every situation where SCORES will reject a complaint, including the time limit, the sub judice bar, and the chronic complainant classification, the rejection guide covers each reason with specific guidance on what to do instead: why SEBI SCORES complaints gets rejected.
Can I File a SEBI SCORES Complaint Without a Lawyer?
Yes. SCORES is designed for direct investor filing without legal representation. The portal guides you through each step with a structured form.
You select the intermediary type, enter the registration number, describe the complaint, and gather the SEBI SCORES complaint documents required to upload.
No legal qualification is required. No legal representation is needed at the SCORES stage or during SMART ODR pre-conciliation and conciliation.
For the formal arbitration stage, legal support is optional but practically helpful.
If you want expert help organising your complaint correctly and ensuring the right intermediary category and registration number are used, our team handles the filing on your behalf, starting with a free initial consultation.
Conclusion
Any investor with a genuine grievance against a SEBI-registered entity can file on SEBI SCORES.
The portal covers complaints against stockbrokers, research analysts, investment advisers, depository participants, mutual funds, portfolio managers, and listed companies across a wide range of defined complaint types.
Complaints against unregistered entities, matters already in court, complaints older than three years, and grievances outside the securities market fall outside SCORES’ scope.
For unregistered entities, the cybercrime portal and RBI’s Sachet portal are the appropriate channels.
Selecting the correct intermediary category when filing is the most important practical step. An RA complaint filed under the Investment Adviser category, or an IA complaint filed under Research Analyst, gets delayed significantly.
Verify the registration category on sebi.gov.in before you start.
Frequently Asked Questions
1. Who can file a complaint on SEBI SCORES?
Any individual investor, NRI investor, or corporate investor with a grievance against a SEBI-registered entity can file on SEBI SCORES. There is no minimum dispute amount and no geographic restriction for Indian investors.
The complainant must be the person who directly experienced the harm or hold a valid power of attorney for someone who did.
2. What types of complaints does SEBI accept on SCORES?
SEBI SCORES accepts complaints against stockbrokers, research analysts, investment advisers, depository participants, mutual funds, portfolio managers, and listed companies.
Specific complaint types include unauthorised trades, guaranteed return promises, excess fees, non-receipt of securities or dividends, unsuitable advice, and service delivery failures.
Complaints against unregistered entities, matters in court, and non-securities disputes are outside the scope.
3. Can I file a SEBI SCORES complaint against an unregistered entity?
No. SEBI SCORES only accepts complaints against SEBI-registered entities. For unregistered investment advisors or fraudulent advisory operators, file at cybercrime.gov.in under the Financial Fraud category.
For entities falsely claiming SEBI registration, both the cybercrime portal and a direct report to SEBI’s enforcement division are appropriate simultaneously.
4. Can I file a complaint against an unlisted company on SEBI SCORES?
Generally, no, unless the unlisted company is involved in a regulated securities activity.
If a SEBI-registered investment adviser or research analyst guided you into unlisted shares without proper risk disclosure, the complaint goes against the registered adviser on SCORES, not against the unlisted company itself.
5. What is the correct SEBI SCORES complaint category for research analyst complaints?
Select Research Analyst as the intermediary type and enter the firm’s INH registration number.
Do not select Investment Adviser for RA complaints or Stock Broker for IA complaints.
Using the wrong category routes the complaint incorrectly and delays resolution. Verify the exact registration category on sebi.gov.in before filing.
6. Can I file a SEBI complaint without a lawyer?
Yes. SCORES filing does not require legal representation.
The portal is designed for direct investor use. SMART ODR pre-conciliation and conciliation also do not require a lawyer.
Proceedings handled through the SMART ODR portal, such as pre-conciliation and conciliation, also do not require a lawyer.
Legal support is optional at the formal arbitration stage and can improve outcomes, but it is not mandatory at any stage of the SCORES or early SMART ODR process.
7. Is there a time limit for filing on SEBI SCORES?
Yes. Complaints about events that occurred more than three years before the filing date are generally not accepted on SEBI SCORES.
Filing as early as possible after the incident is significantly better than waiting, both because of the time limit and because evidence is easiest to preserve close to the time of the event.
