How to File RTI with SEBI for Investor Grievance, SCORES Complaint Status and Regulatory Orders

The Securities and Exchange Board of India (SEBI) is the statutory regulator of India's securities markets, established under the SEBI Act, 1992. It regulates stock brokers, mutual funds, depository participants, portfolio managers, investment advisers, listed companies, and other market intermediaries. SEBI is a public authority under Section 2(h) of the RTI Act, 2005.

For investors who have suffered losses from broker misconduct, mutual fund irregularities, or intermediary violations, understanding what SEBI can and cannot provide through RTI saves time and ensures your application produces actionable results.

What SEBI Can and Cannot Provide Through RTI

SEBI CAN provide through RTI:

• The status of your SCORES complaint — whether acknowledged, forwarded, resolved, or closed, and on what basis
• Enforcement orders, penalties, and directions passed against a SEBI-registered intermediary (broker, AMC, DP, company) — these are already public documents and SEBI should confirm their contents
• SEBI Circulars, Master Circulars, and Regulations applicable to a specific type of investor dispute — the authoritative text of what the intermediary was required to do
• Registration status of a SEBI-registered intermediary — valid, suspended, cancelled, or conditionally registered
• Aggregate complaint data — number of complaints received and resolved against a specific intermediary in a given period
• SEBI's prescribed timelines for investor redressal — e.g., the timeline for mutual fund redemption, the obligation to transfer shares, the period for resolving SCORES complaints

SEBI CANNOT disclose through RTI (commonly withheld):

• Ongoing investigation details — withheld under Section 8(1)(h) of the RTI Act (disclosure would impede prosecution or investigation)
• Inspection reports of specific intermediaries — typically withheld under Section 8(1)(d) (commercial confidence) and 8(1)(e) (information held in a fiduciary capacity)
• Specific documents filed by a company with SEBI in a non-public capacity
• Third-party financial information that is commercially sensitive

The SCORES Portal and RTI

SEBI operates the SCORES (SEBI Complaints Redress System) portal at scores.sebi.gov.in for investor complaints. When you file a complaint on SCORES:

1. The complaint is forwarded to the concerned intermediary
2. The intermediary is required to resolve the complaint and file a response on SCORES
3. SEBI monitors the resolution; if unresolved, SEBI can take action under its regulations

If your SCORES complaint is stuck — not resolved, not responded to, or closed without explanation — RTI is the most direct tool to establish the official record of what happened with your complaint and whether SEBI has taken (or failed to take) action.

Why RTI to SEBI Is Valuable Even If It Cannot Recover Your Money

1. Establish the regulatory baseline: Before approaching SAT (Securities Appellate Tribunal) or a civil court, confirm the exact SEBI Regulation that the intermediary violated — the prescribed timeline, the format of consent required, the disclosure obligation.
2. Check the broker's or AMC's enforcement history: A pattern of violations strengthens your case before the Exchange arbitration mechanism or SAT.
3. Document SEBI's response (or non-response): If SEBI closed your SCORES complaint without adequate investigation, the RTI response documenting this creates a record for an appeal to SAT under Section 15T of the SEBI Act.
4. Verify intermediary registration: Before investing further or taking legal action, confirm whether the entity is validly registered with SEBI or operating without a valid licence.

Where to File

SEBI's main office is in Mumbai. File on rtionline.gov.in:

1. Select Ministry of Finance → Securities and Exchange Board of India (SEBI)
2. Draft your questions — include your SCORES registration number, the intermediary's SEBI registration number, and the nature of the violation
3. Pay ₹10 online. BPL cardholders are exempt
4. Submit and note your registration number

SEBI also has offices in Delhi, Chennai, Kolkata, Ahmedabad, and Bangalore — but RTI can be centrally filed through rtionline.gov.in selecting SEBI headquarters.

What Specific Information Can You Ask For?

SCORES complaint status:

1. Current status of SCORES complaint no. XXX — stage of processing, intermediary's response, and basis of closure (if closed)
2. Whether SEBI found the complaint actionable and, if not, the specific reason

Intermediary enforcement history: 3. Any enforcement action, show-cause notice, or order issued against Intermediary Name (SEBI Reg. No. XXX) in the last three years — nature, date, and order reference 4. Total investor complaints received against Intermediary Name on SCORES in the last two years and the number resolved vs. pending

Regulatory framework: 5. Copy of or reference to the SEBI Circular / Master Circular specifying the intermediary's obligation for the disputed conduct and the prescribed timeline for compliance 6. The provision of the SEBI (Stock Brokers and Sub-Brokers) Regulations / SEBI (Mutual Funds) Regulations / SEBI (Depositories and Participants) Regulations applicable to the specific violation alleged

Registration status: 7. Current registration status of Intermediary Name with SEBI — whether the certificate is valid, suspended, or cancelled, and any conditions attached

Appeals

First Appeal (Section 19(1)): File with the FAA at SEBI within 30 days of the date of decision or expiry of the 30-day response period, whichever is applicable.

Second Appeal (Section 19(3)): File with the Central Information Commission (CIC) within 90 days. SEBI is a Central Government statutory body — second appeal is CIC, not any State Information Commission.