Where can I complain about a SEBI-registered Research Analyst?
Complain to the Research Analyst first, by email. SEBI's investor charter says the analyst must try to resolve it immediately, and not later than 21 days. If you are not satisfied, file on SEBI SCORES at scores.sebi.gov.in within one year. The analyst must reply there within 21 calendar days. You can then ask BSE, as the supervising body, and then SEBI to review it. If it is still unresolved, take the dispute to SMART ODR at smartodr.in for online conciliation or arbitration.
Published 3 November 2026 · Potoos Research Services
The order to follow
SEBI's Master Circular for Research Analysts (HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, 6 February 2026) sets the order in the terms every analyst must give clients:
- "Step 1: the client should first contact the RA using the details on its website".
- "Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI's SCORES platform at www.scores.sebi.gov.in".
- "Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in".
Before you start, gather what you have: your agreement, your payment receipts, and screenshots of the messages. SEBI's investor charter asks you to pay only through banking channels and keep signed receipts. Those papers make every step below faster.
Step 1: Complain to the Research Analyst
Every Research Analyst must publish its grievance contacts. The advertisement code in the master circular says the name, phone number and email of the compliance officer and the grievance officer must be shown prominently in reports and correspondence.
SEBI's investor charter for Research Analysts says the analyst "shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance."
Write your complaint by email, so you have a dated record. Say what happened, when, and what you want done.
This page is published by Potoos Research Services about itself. Our compliance officer is Vinoth Kumar S. Email vinothops@gmail.com. Phone +91 98417 41234. These are the details on our Complaint Redressal and Investor Charter pages. You can also see our Grievance Redressal page and our monthly complaint status.
Step 2: File on SEBI SCORES
SCORES is SEBI's online complaint system, at scores.sebi.gov.in. The rules for it are in SEBI's circular dated 20 September 2023, SEBI/HO/OIAE/IGRD/CIR/P/2023/156, in force from 4 December 2023. Here is what it says, in order.
- When you can file. After you have complained to the analyst and it rejected the complaint, did not reply, or replied in a way you are not satisfied with. File within one year of the problem happening. SEBI may reject a complaint filed later.
- 21 calendar days for the analyst. Your complaint goes automatically to the analyst. It must resolve the complaint and upload its reply, called an Action Taken Report, within 21 calendar days.
- First review, by BSE. Not satisfied? Ask for a review within 15 calendar days of the reply. For Research Analysts the first review is done by the Research Analyst Administration and Supervisory Body (RAASB). SEBI's master circular names BSE Limited as the currently recognised RAASB. The circular says the revised reply should reach you within 10 calendar days of the review you sought.
- Second review, by SEBI. Still not satisfied? Ask for a second review within 15 calendar days of the RAASB's reply. SEBI may then take up the complaint itself.
Two practical points from the SCORES website. The old site, scores.gov.in, closed on 28 March 2024, so use scores.sebi.gov.in. And SCORES says a grievance sent to any SEBI email address "will not be attended to / entertained". Use the portal. SEBI's toll-free helpline is 1800 22 7575 or 1800 266 7575.
SEBI's investor charter also lists an email to the RAASB's designated email ID as another route, and a letter by post to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (E), Mumbai 400 051.
Step 3: Take the dispute to SMART ODR
SMART ODR, at smartodr.in, is the securities market's online dispute resolution portal. It settles disputes by online conciliation, and then online arbitration if needed. SEBI's Master Circular for Online Dispute Resolution, SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2023/195, dated 31 July 2023 and updated as on 28 December 2023, lists Research Analysts among the entities investors may take to ODR.
- When you can use it. Normally after the analyst and SCORES. The circular also allows you to start ODR if your complaint to the analyst was not resolved, at any stage of the SCORES escalation. It cannot be used for a dispute already before a court, tribunal, consumer forum or arbitration.
- A first review. Before a conciliator is appointed, the market institution handling the case reviews it, aiming for an amicable settlement, within 21 calendar days.
- Conciliation next. A neutral conciliator is appointed within 5 days of the reference. The conciliator tries to reach a settlement within 21 calendar days, which both sides can extend by up to 10 more days.
- Arbitration if needed. If conciliation fails, you may go to online arbitration, subject to the fees for it. The arbitrator passes an award within 30 calendar days of appointment. For claims of Rs 1,00,000 or below this is a document-only process. Above that, the circular allows a further 30 days when the matter needs it.
How to check this yourself
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Open SCORES
Type scores.sebi.gov.in in your browser. Tap "Sign in / Sign up" at the top of the page.
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Register once
SCORES lets you fetch your details from a KYC Registration Agency or fill in a registration form. SEBI's circular says it asks for your name, PAN, contact details and email. You then get a user ID and password by email.
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Lodge the complaint
Choose the category of complaint, the nature of the complaint and the name of the SEBI-registered entity, in this case the Research Analyst. Keep your agreement and receipts ready.
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Track it and ask for a review
Use "Track Status" on SCORES. When the reply arrives, you have 15 days to seek the first review and another 15 days for the second.
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Escalate to SMART ODR if needed
Open smartodr.in, enrol as an investor, file the dispute against the Research Analyst and upload your papers.
Sources
Checked on 3 November 2026. Each one is SEBI's own document.
- SEBI, Master Circular for Research Analysts, HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, 6 February 2026: https://www.sebi.gov.in/legal/master-circulars/feb-2026/master-circular-for-research-analysts_99571.html (PDF: https://www.sebi.gov.in/sebi_data/attachdocs/feb-2026/1770375507051.pdf). Section 6 (SCORES and ODR), section 11 (advertisement code), Annexure B (MITC grievance steps), Annexure D (investor charter).
- SEBI, Redressal of investor grievances through the SEBI Complaint Redressal (SCORES) Platform and linking it to Online Dispute Resolution platform, SEBI/HO/OIAE/IGRD/CIR/P/2023/156, 20 September 2023: https://www.sebi.gov.in/legal/circulars/sep-2023/redressal-of-investor-grievances-through-the-sebi-complaint-redressal-scores-platform-and-linking-it-to-online-dispute-resolution-platform_77159.html (PDF: https://www.sebi.gov.in/sebi_data/attachdocs/sep-2023/1695456916964.pdf).
- SEBI, Master Circular for Online Dispute Resolution, SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2023/195, 31 July 2023, updated as on 28 December 2023: https://www.sebi.gov.in/legal/master-circulars/dec-2023/master-circular-for-online-resolution-of-disputes-in-the-indian-securities-market_80236.html (PDF: https://www.sebi.gov.in/sebi_data/attachdocs/dec-2023/1703763993735.pdf).
- SEBI SCORES home page, "How SCORES Works": https://scores.sebi.gov.in/.
- SMART ODR portal: https://smartodr.in/.
Common questions
How long does a Research Analyst have to resolve my complaint?
SEBI's investor charter says the analyst shall strive to redress it immediately, but not later than 21 days of receiving it. If you file on SCORES, the analyst must resolve it and upload its reply within 21 calendar days.
Is there a time limit for filing on SCORES?
Yes. SEBI's SCORES circular of 20 September 2023 says you may file within one year of the problem happening. SEBI may reject a complaint filed later.
Who reviews a SCORES complaint against a Research Analyst?
First the Research Analyst Administration and Supervisory Body (RAASB), which is currently BSE Limited. Then SEBI, if you ask for a second review. You have 15 calendar days to ask for each review.
Can I just email SEBI my complaint?
No. The SCORES website says a grievance sent to any SEBI email address will not be attended to. File it on scores.sebi.gov.in, or send a letter to SEBI's Office of Investor Assistance and Education in Mumbai.
Do I have to finish SCORES before using SMART ODR?
No. SEBI's ODR master circular lets you start on smartodr.in once your complaint to the analyst was not resolved, at any stage of the SCORES escalation. The dispute must not already be before a court, tribunal, consumer forum or arbitration.
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