Investor Grievance Redressal — SCORES & Online Dispute Resolution
A mutual fund investor with a complaint follows a set route: the fund house, then SEBI's SCORES portal, then online dispute resolution. This lesson explains each step, its time limit and what the route does not cover.
What counts as a grievance
A grievance is a failure of service: a wrong NAV applied, a delayed redemption or payout, a missing statement. The complaints route exists to put such failures right.
A fall in the value of units because the market fell is different. It is an investment risk disclosed in the scheme documents, not a service failure, so it is not a matter for the complaints route.
Step 1: the fund house
The first step is the fund house itself: its investor service centre, and then its investor relations officer. SCORES comes after the matter has been taken up with the entity.
Step 2: SCORES
SCORES stands for SEBI Complaints Redress System. It is SEBI's online portal on which an investor can file and track a complaint against a SEBI-registered entity, such as a fund house or a registrar.
Under SCORES 2.0, in force since 1 April 2024, the entity must submit its action-taken report within 21 calendar days; the earlier limit was 30. An investor who is not satisfied can ask for a review within 15 days.
Step 3: online dispute resolution
If the matter is still not settled, the investor can go on to online dispute resolution through the SMART ODR portal, which offers conciliation and arbitration.
What does not exist
There is no mutual fund ombudsman. There is also no investor protection fund for mutual fund schemes; the stock exchange funds of that name relate to broker defaults.
A distributor's conduct is dealt with under AMFI's code: breaches can lead to suspension or cancellation of the distributor's ARN.
Rules at a glance
A delayed redemption (illustrative)
Tara redeems units and the proceeds do not arrive within 3 working days. She takes it up with the fund house's investor service centre and then with its investor relations officer. The matter stays open, so she files a complaint on SCORES.
The fund house has 21 calendar days, which is three weeks counting weekends and holidays, to submit its action-taken report. If Tara is not satisfied she can ask for a review within 15 days, and after that take the dispute to SMART ODR. The delay itself earns her interest at 15% a year.
Key points
- The route is the fund house first, then SCORES, then online dispute resolution.
- At the fund house the complaint goes to the investor service centre and then to the investor relations officer.
- On SCORES the entity files an action-taken report within 21 calendar days (30 days before 1 April 2024).
- An investor who is not satisfied can ask for a review within 15 days, and can then go to SMART ODR for conciliation and arbitration.
- There is no mutual fund ombudsman and no investor protection fund for mutual fund schemes.
- SCORES deals with service complaints, not with losses caused by market movements.
Common misunderstandings
- SCORES is not the first stop: the complaint is taken up with the fund house first.
- The limit on SCORES is 21 calendar days, not 30: thirty was the limit before 1 April 2024.
- There is no mutual fund ombudsman: after SCORES the next step is online dispute resolution.
- A market loss is not a grievance: SCORES deals with service complaints such as a wrong NAV, a delayed redemption or a missing statement.
- No investor protection fund covers mutual fund schemes: the exchange funds of that name relate to broker defaults.
Questions people ask
What does SCORES stand for?
SEBI Complaints Redress System, SEBI's online portal for filing and tracking complaints.
Against whom can a complaint be filed on SCORES?
Against a SEBI-registered entity, such as a fund house or a registrar, after first taking the matter up with the entity itself.
What does online dispute resolution offer?
Conciliation and arbitration, through the SMART ODR portal.
What this lesson relies on
- SEBI SCORES 2.0 framework (in force 1 April 2024)
- SEBI framework for online dispute resolution in the securities market (SMART ODR portal)
- SEBI Master Circular for Mutual Funds (20 March 2026) — investor grievances and interest on delayed payments
- AMFI code of conduct for mutual fund distributors
This lesson was reviewed independently against these sources on 8 October 2026. Rules change: check the current regulation, scheme document or policy wording before relying on any figure. This is education, not advice.