SEBI activates web-based complaints redress system

The SEBI Complaints Redress System (SCORES), as the new system is called, would act as centralised database of all complaints and facilitate online movement of complaints to the concerned intermediaries

Mumbai: In a bid to better streamline the database, market regulator Securities and Exchange Board of India (SEBI) has operationalised a centralised web-based complaints redress system where all investor complaints would be processed, reports PTI.

"SEBI has commenced processing of investor complaints in a centralised web-based complaints redress system-SCORES," it said in a circular.

The SEBI Complaints Redress System (SCORES), as the new system is called, would act as centralised database of all complaints and facilitate online movement of complaints to the concerned intermediaries.

Besides, online upload of Action Taken Reports (ATRs) by the concerned entities, investors can also find out about the status of pending complaints made by them.

"Accordingly, henceforth all complaints shall be forwarded electronically through SCORES only," it said, adding that from now onwards submission of physical ATRs will not be accepted for complaints lodged in SCORES.

The market regulator would also send a daily alert on pending complaints to concerned compliance officers.


Speak Asia COO Tarak Bajpai, four others to remain in police custody till 12th August

Police raid office, said to belong to the MLM company, in suburban Mumbai; recover data of about 24 lakh people related to the company

The Esplanade Court in Mumbai has extended the police custody of Tarak Bajpai, chief operating officer of Speak Asia online Pte Ltd, and four others who were arrested last week on charges of fraud.

According to our sources, the police today raided an office in Walecha Chambers, Andheri, and found important data like names and other details, in the electronic form. It contains records of about 24 lakh people associated with Speak Asia, they said.

However, the multi-level marketing (MLM) company has been providing different figures on the number of panellist registered with it. During the court proceedings on the arrests, Speak Asia's counsel has said the company has 14 lakh panellists. This is lower than the figure of 19 lakh panellists that the company's chief executive Manoj Kumar Sharma had mentioned at a press conference on 16th May.

While the EOW is looking out for Mr Sharma and Haren Kaur, chairperson of Speak Asia, there are indications that the police may arrest some more persons associated with the multi-crore fraud.

Many agents of Speak Asia are said to be filing complaints against the company. According to information, a number of people from across the country are also coming forward to file complaints against Speak Asia at the offices of the Economic Offences Wing of the police.

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tyagi naidu

6 years ago

I want to know the final decision, we are going to get refundable or not



In Reply to tyagi naidu 6 years ago

NO, unless you register a Police complaint.

tyagi Naidu

In Reply to kris 6 years ago

Ohh, Is there any benefited if i lodged complaint.
Already lots of FIR has been stuck in my city police station of earlier two-three companies.. I heard no body get his/her refund value. So, Speak Asia also gone forever then i think no body get even a single penny... We should forget to creating chaos... We can recover our losses for other sources.
Thanks for your suggestion & cooperation.

Kishore N

6 years ago


Asst. Commissioner of Commercial Taxes likely to be arrested in Nano Excel Fraud case. Latest reports inidcates that he is the 11th accused in the case. He allegedly accepted a bribe of 1.5 crores from Nano Excel. This was revealed by Patrick Thomas who is now in the custody of Kerala Police. A lawyer and a Christian Priest are also under the scanner for their alleged role in the above case.

Yesterday Thrissur police arrested one Chandran Nair who was the leader of Nano Excel.



In Reply to Kishore N 6 years ago

Thank you kishore for the nano excel network marketing fraud case update.


In Reply to Sreedhar 6 years ago

One more arrested in Nano Excel case

Kishore N

6 years ago

Reserve bank of India

Fabricated Certificate of Registration - M/s Forex Achievements - Press release


6 years ago


Kerala - No more God's own country !!

The New Indian Express Article:

Kerala is now Frauds’ Own Country

Written by Shri. George Abraham


............Social scientists who have studied this phenomenon point to several factors such as the desire to get rich with little effort in a short while, the breakdown of the old family systems and the growth of nuclear families, the rise of individualism which respects none, the decline of the hold of religion and the lack of the right leadership in political, social and religious spheres, government encouragement of alcoholism and political patronage of anti-social elements. The fact that fake companies wind up immediately after there is a change in government in the state is a pointer to an unholy nexus........



6 years ago

Before raising or talking about any issue please do some research...

I accept Speak Asia had entered Indian market with a scheme which no one can believe and some can ever digest...because I'm the one among who opposed it blindly when one of my friends suggested me about Speak Asia..

But I understood what Speak Asia is really about and how it wanna expand its business....diversify its operations to benefit its panelists the so called the family members of Speak Asia...

Trust me friends till there is no evidence that Speak Asia has cheated or defaulted except few complaints filed for a reason that they didn't receive money back(and every one knows cash requests are delayed because the company is in the process of establishing its operation in India legally so that it protects the customers interest in future) ...and blindly every one believes the articles published by media (news papers....n websites like this)..

If you don't know anything please try to listen...understand but never try to argue that you are right....even if you are right...

And try to publish full news rather than biased and incomplete news....



In Reply to Seshu 6 years ago

Here is some research....
1. If nobody believes and digest Speak Asia scheme, then why bring it in the first place. You dont eat stones because you cant digest it, right?
2. You can expand the business anywhere you want but not in India anymore. People have become wise now and will not fall for your get easy income fraud.
3. A company does not believe in the legal and administration system of a country and violets all norms and rules. Does this not fall under cheating? If you think everythink published by media is not true and people shold not believe in it, then what about the ads published by SAOL? Are these ads also false?
4. What is your definition of Full news? If someone unearths your wrongdoing, then that is biased news and if someone just praises you then its good? come on...grow up. All media cant be biased against unless there is something seriously wrong with your money swindling machine, SAOL.


6 years ago

I am sorry. now I realize that speak Asia is a fraud company.


6 years ago

Police chief urges to be vigilant against money chain frauds


6 years ago

Thrissur Rural Police chief cautions people:

Thrissur Rural Police Chief Mr. Dinesh Kumar Behra cautioned people against Money chain frauds. BIZAARE, TYCOON, NANO EXCEL, UNIPAY2U, JAPAN LIFE INDIA, BIGWAY are some of the fraud companies. He advised people that if anybody comes to know about any money chain companies, he may immediately inform the Police.

(Mathrubhumi news paper report)


6 years ago




In Reply to HARISHBJ 6 years ago

Speak Asia is a money chain company. Speak Asia must immediately wind up their business, pay back the amount received from investors and leave the country.


In Reply to Kris 6 years ago

Mr. Krish...whats wrong with you...I accept there are MLM companies which cheated people...but there is a difference between MLM and speakasia...try to understand it...

I hope you are aware of online deals like SNAPDEAL, MYDALA, VOUGEMAGNET etc...n hope you are aware that if u refer a friend to join the site they'll pay some 500 rs for referring a friend...that doesn't mean they wanna cheat or they wanna runaway...

its to increase its customer base and further increase the sales...

The same thing happened with Speak Asia...
With out customer base no company can rely on the surveys reports...
First Speak Asia tried to expand their customer base...and no one is ready to join n waste their time giving feed back about a product leaving their busy Speak Asia is paying a part that is received from the clients to its panelists..

when the customer base is increasing it started planning to diversify its operations bringing in online shopping and few other features...
Still it tried to support the customers..the common masses to increase their earnings and increase their standard of living...

But the most unfortunate thing is there is more opposition from people like you....rather thank understanding and helping in rectifying faults in their business model....
Try to encourage the change in the systems rather than opposing...

A Raja

In Reply to seshu 6 years ago

Could tell me which Indian or MNC has that kind of market research budget ?

Going by the proposed payout - SA was at least should have been paying 20L * 500Rs per week. I.e. 100Cr (~ $25mn) per week. Which company would pay $25mn per week for survey to SA ?


In Reply to seshu 6 years ago

Seshu....When the hell you would grow mentally? Online deal sites neither offer any money for referrence nor they restrict you from leaving or de-registrating it. They do not need to provide "Historical EXIT option" as its already present by default. And moreover, all these companies are registered, have offices in India and necessary permissions from the autorities to conduct this businee unlike SPeak Asia, which have nothing to show.


6 years ago

One Speak Asian fraud yesterday made some false comments that Tarak was released on bail.

When can we expect Haren's arrest?

Damodaran Committee: No difference in interest rates for borrowers in same class

The Committee has also said that all borrowers should be allowed to switch over from fixed to floating rates, or vice-versa, at least once during the tenure of the loan, and at an appropriate and reasonable fee

The Damodaran Committee on bank customer services has said that there should be no differentiation in the interest rates charged by banks to borrowers with the same risk rating and in the same category. Banks should also inform the borrower about the benefits of switching over to the base rate from the floating interest rate home loan, or vice-versa, the committee said in its report that was published by the Reserve Bank of India on Wednesday.

"In a floating interest rate scenario, when an entire class of borrowers has the same characteristic and risk level, the point of entry in time (old customers and new customers) should not create discrimination in interest rate offered to the customers. In such cases, the spread over the base rate should not vary when individual risk rating for loans is absent, as is usually the case in retail loans," the report said. The committee, set up by the RBI was headed by M Damodaran, former chairman of the Securities and Exchange Board of India.

Across the country, bank home loan customers who have floating interest rate loans have expressed unhappiness over the discrimination in interest rates offered to new customers. Existing customers of banks who are disadvantaged have been questioning the logical basis for giving such concessions to a few new customers and how the banking risk is lowered suddenly for such class of customers.

It recommends that "all home loans should permit a switchover between fixed to floating or vice-versa, at least once during the loan tenure, at an appropriate and reasonable fee."

"The risk rating system should be a critical input for setting pricing and non-pricing terms of loans and where the risk for any class of customers is the same, the interest rates for fixed rate loans should not vary at the same point of time, and for floating rate loans vary differently for different sets of customers at different points of time," the committee said.

The Damodaran Committee said it feels that regulation should plug such anomalies which create doubts about fairness regarding pricing, which should be transparent, non-discriminatory and also objective.

The Committee also said that there should be explicit regulatory prescriptions and a closer regulatory oversight of such actions by banks, which raise customer issues clogging the grievance redressal mechanisms.

On housing loan foreclosure charges, the committee suggested that banks should not impose exorbitant penal rates towards foreclosure of home loans and a policy should be devised to ensure that a customer is not denied the opportunity to enhance his economic welfare by making choices such as switching to other banks or financial entities to enjoy the benefits conferred by market competition.

The committee also says that all home loans must clearly state the most important terms and conditions and make this available in the local language and in a bigger font (preferably size 12). Banks should automatically provide the annual account statement, containing details of payments made towards principal and interest including the principal outstanding, to home loan customers without request from them.

The Damodaran Committee also suggested that "home loans backed by insurance products, in any eventuality, should be automatically settled by the insurance amount with minimum inconvenience to the nominees and heirs. The procedure should be explained upfront to the customers."

Another key recommendation is on title deeds. "The title deeds should be returned to the customers within a period of 15 days after the loan closure and the Boards of banks should put in place a suitable compensatory policy to compensate the customer  for delayed return of title deeds or where there is a loss of title deeds in the custody of the banks."

The report says regulation should ensure that customers clearly understand the pricing policies of banks, as the committee in its interactions all over the country saw that variances in these issues give rise to customer dissatisfaction.



Manish Shah

6 years ago

Even after changing to base rate the problem of differential rate for new and old borrower continued. I am having housing loan from IDBI bank since Jan 2008. At present, interest rate is 12.5%. While the new borrowers are paying less than 11%. In order to reduce the burden, I increased the EMI by 50% and made a large chunk of prepayment. Several times in the news it has been reported that IDBI BANK is planning to come up with an innovative scheme for existing borrowers to reduce interest rate burden. I requested several times the bank to make interest rate in line with the current interest rate to new borrowers, but failed. At one instance, I approached to a very senior executive of the bank to help me out on the same considering the payment track record (paid off 33% loan amount in 36 months) but failed. There is only one way to address this issue is:
1) The reference rate for deposits and loan should be market driven and same across all banks
However, RBI it self does not have any single reference rate it is hard to believe that the bank would move to single reference rate.

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