📊 NISM Series X-AChapter 20 of 20⚖ 6 marks weightage
Ch.20: Grievance Redress Mechanism
Practice questions for NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination
(mandated by SEBI under the Investment Advisers Regulations, 2013).
Chapter 20 carries 6 out of 150 marks
in the final examination. The exam has 90 MCQs + 9 case-based sets (5 sub-questions each, mixed 1-mark
and 2-mark weighting), 180-minute duration, 60% passing score, and 25% negative marking on the marks
of each wrong answer.
125
MCQ
0
Case Sets
125
Total Qs
6
Exam Marks
60%
Pass Score
−25%
Neg. Marking
What You Will Learn in This Chapter
Understand SEBI SCORES and available grievance redressal channels
Know the role of arbitration and Ombudsman in dispute resolution
Understand investor protection mechanisms available to clients
Which of the following bodies is an independent autonomous watchdog set up by the Reserve Bank of India to ensure fair treatment for customers in their dealings with banks?
ASecurities and Exchange Board of India (SEBI)
✓Banking Codes and Standards Board of India (BCSBI)
CIntegrated Ombudsman Scheme (IOS)
DNational Company Law Tribunal (NCLT)
💡 Reserve Bank of India has set up the Banking Codes and Standards Board of India (BCSBI) as an independent autonomous watchdog to ensure that customers get fair treatment in their dealings with Banks.
Q2MCQ · 1 markMediumOther Redressal Fora
If a complaint relates to the non-repayment of deposits or payment of interest by a Non-Banking Financial Company (NBFC), with which of the following bodies should the complaint be registered?
AThe Securities Appellate Tribunal (SAT)
BThe Ministry of Company Affairs
✓The National Company Law Tribunal (NCLT) or the Consumer forum
DThe Banking Ombudsman
💡 The text states, 'A complaint relating to the non-repayment of deposits or payment of interest by an NBFC should be registered with the National Company Law Tribunal (NCLT) or the Consumer forum.'
Within how many days can a person aggrieved by a decision or order of the Securities Appellate Tribunal (SAT) file an appeal to the Supreme Court?
A30 days
B45 days
✓60 days
D90 days
💡 The text states, 'Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme Court within 60 days from the date of communication of the decisions or order of the SAT to him.'
Q4MCQ · 1 markMediumInsurance Ombudsman
Which of the following is a valid ground for making a complaint to the Insurance Ombudsman?
AA dispute arising from a private agreement with an insurance intermediary.
BDissatisfaction with the trading price of an insurance company's shares.
✓Any dispute about premium paid or payable in terms of the policy.
DA complaint against an insurance company that has been wound up.
💡 The text lists 'Any dispute about premium paid or payable in terms of the policy' as one of the grounds under which a complaint can be made to the Insurance Ombudsman.
Q5MCQ · 1 markEasyBanking Ombudsman
An individual can approach the Banking Ombudsman if they have not received a satisfactory resolution from the concerned bank within what timeframe?
A15 days
✓One month
C3 months
D6 months
💡 The text states: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q6MCQ · 1 markEasyOther Redressal Fora
A complaint relating to the non-repayment of deposits or payment of interest by a Non-Banking Financial Company (NBFC) should be registered with which of the following?
AThe Securities Appellate Tribunal (SAT).
BThe Ministry of Corporate Affairs (MCA).
✓The National Company Law Tribunal (NCLT) or the Consumer forum.
DThe Reserve Bank of India (RBI) directly.
💡 The text explicitly states: 'A complaint relating to the non-repayment of deposits or payment of interest by an NBFC should be registered with the National Company Law Tribunal (NCLT) or the Consumer forum.'
Q7MCQ · 1 markEasySCORES
Which of the following complaints is NOT addressed by SCORES, the online investor redressal mechanism set up by SEBI?
AComplaints against a mutual fund for deficiency of service.
✓Allegations without supporting documents.
CComplaints against a broker for facilitating investing in securities.
DComplaints against a company for share issues in the secondary market.
💡 SCORES does not address complaints that are incomplete, not specific, or allegations without supporting documents. Options A, C, and D fall under the purview of SCORES as per the text.
A person aggrieved by an order of the IRDAI or the PFRDA may prefer an appeal to which body?
AThe Supreme Court.
BThe National Company Law Tribunal (NCLT).
✓The Securities Appellate Tribunal (SAT).
DThe Central Recordkeeping Agency (CRA).
💡 Section 15T of the SEBI Act states that any person aggrieved by an order (iii) Made by the IRDAI or the PFRDA may prefer an appeal to the SAT having jurisdiction in this matter.
An appeal to the Securities Appellate Tribunal (SAT) against an order of SEBI, IRDAI, or PFRDA must be filed within what period from the date of receipt of the order?
A30 days
✓45 days
C60 days
D90 days
💡 The text states: 'Every appeal should be filed within a period of 45 days from the date on which a copy of the order made by SEBI or the Adjudicating Officer or IRDAI or the PFRDA is received by him'.
Q10MCQ · 1 markHardNPS Grievance Definition
Which of the following is NOT considered a valid 'grievance or complaint' under the National Pension System (NPS) as per the provisions of the PFRDA Act?
AA communication expressing dissatisfaction about a deficiency of service by an intermediary.
BA communication seeking remedial action for an act of omission by an entity.
✓A communication offering suggestions for system improvement.
DA communication expressing dissatisfaction regarding the conduct of a person governed by the Act.
💡 The text explicitly states that 'Grievances or complaint' do not include 'communications in the nature of offering suggestions'. Options A, B, and D fit the definition of a grievance.
Any person aggrieved by a decision or order of the Securities Appellate Tribunal (SAT) may file an appeal to which authority, and within what timeframe from the date of communication of the decision/order?
✓The Supreme Court, within 60 days.
BThe High Court, within 45 days.
CThe Ministry of Company Affairs, within 30 days.
DThe Central Government, within 90 days.
💡 The text states: 'Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme Court within 60 days from the date of communication of the decisions or order of the SAT to him.'
Q12MCQ · 1 markMediumSEBI Exclusions
SEBI does not deal with which of the following types of complaints?
AComplaints against companies that have made share issues in the primary market.
✓Complaints that are sub-judice.
CComplaints against providers of portfolio management schemes.
DComplaints against financial advisors regulated by SEBI.
💡 The text states: 'Further, SEBI does not deal with the following complaints: ... Complaints that are sub-judice (relating to cases which are under consideration by court of law, quasi-judicial proceedings etc.)'
Q13MCQ · 1 markMediumInsurance Ombudsman
Which of the following is a valid ground for making a complaint to the Insurance Ombudsman?
ASeeking general guidance about insurance policies.
BDissatisfaction with the investment returns of a ULIP.
✓Any dispute about premium paid or payable in terms of the policy.
DComplaints that are sub-judice.
💡 The text lists 'Any dispute about premium paid or payable in terms of the policy' as a valid ground for complaint to the Insurance Ombudsman. Seeking general guidance, dissatisfaction with investment returns (unless related to policy terms being violated), and sub-judice complaints are generally excluded.
Q14MCQ · 1 markEasyBanking Grievance System
Which independent autonomous watchdog was set up by the Reserve Bank of India to ensure that customers get fair treatment in their dealings with Banks?
ASecurities and Exchange Board of India (SEBI)
BInsurance Regulatory and Development Authority of India (IRDAI)
✓Banking Codes and Standards Board of India (BCSBI)
DNational Company Law Tribunal (NCLT)
💡 The Reserve Bank of India has set up the Banking Codes and Standards Board of India (BCSBI) as an independent autonomous watchdog.
A person aggrieved by an order made by the PFRDA wishes to file an appeal with the Securities Appellate Tribunal (SAT). Within what timeframe must this appeal be filed from the date of receiving a copy of the order?
AWithin 30 days.
✓Within 45 days.
CWithin 60 days.
DWithin 90 days.
💡 Section 15T of the SEBI Act specifies that an appeal to the SAT must be filed within a period of 45 days from the date on which a copy of the order made by SEBI, an Adjudicating Officer, IRDAI, or PFRDA is received by the aggrieved person.
Under the Integrated Ombudsman Scheme, if an individual has directly addressed a grievance to their bank, but has not received a satisfactory resolution, what is the minimum waiting period before they can approach the Banking Ombudsman?
A7 days
B15 days
✓One month
DThree months
💡 The text explicitly states: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q17MCQ · 1 markMediumSCORES Scope
SCORES, the online investor redressal mechanism by SEBI, can be used to register complaints against which of the following entities?
AOnly listed companies in the secondary market.
BOnly mutual funds and venture capital funds.
✓Companies, mutual funds, portfolio management schemes, and intermediaries like brokers and financial advisors.
DOnly unlisted companies and private offer shares.
💡 The text mentions SCORES includes complaints against 'companies who have made share issues... in the primary or secondary markets, or against investment companies such as mutual funds, providers of portfolio management schemes, venture capital funds and others.' It also includes 'intermediaries who facilitate investing... such as brokers, merchant bankers, depositories and depository participants, registrars to the issue and transfer agents, distributors and financial advisors.'
Q18MCQ · 1 markHardNPS Grievance Escalation
A subscriber to the National Pension System (NPS) has a grievance against an intermediary. After how many days from the initial complaint to the intermediary can the subscriber escalate the grievance to the NPS Trust, if not resolved? And subsequently, after how many days from the complaint to the NPS Trust can an appeal be preferred to the Ombudsman, if still unresolved by the NPS Trust?
✓30 days to NPS Trust; 30 days to Ombudsman.
B15 days to NPS Trust; 30 days to Ombudsman.
C30 days to NPS Trust; 60 days to Ombudsman.
D60 days to NPS Trust; 30 days to Ombudsman.
💡 The text outlines the process: '(1) Any subscriber whose grievance has not been resolved within thirty days from the date of receipt of the grievance by any intermediary... shall register a grievance with the NPS Trust... The NPS Trust shall... respond to the subscriber within thirty days from the date of receipt of the grievance... (2) The subscriber whose grievance has not been resolved by the intermediary within thirty days from the date of submission of the grievance to the NPS Trust, or who is not satisfied with the resolution provided by the NPS Trust shall prefer an appeal to the Ombudsman...' This indicates a 30-day period for resolution at the intermediary level before escalating to the NPS Trust, and another 30-day period at the NPS Trust level before appealing to the Ombudsman.
A person aggrieved by an order made by the IRDAI may prefer an appeal to which of the following bodies?
AThe Supreme Court
BThe National Company Law Tribunal (NCLT)
✓The Securities Appellate Tribunal (SAT)
DThe Integrated Grievance Management System (IGMS)
💡 Section 15T of the SEBI Act states that 'any person aggrieved by an order... (iii) Made by the IRDAI or the PFRDA may prefer an appeal to the SAT having jurisdiction in this matter.'
What is the time limit for an aggrieved person to file an appeal to the Securities Appellate Tribunal (SAT) against an order made by the SEBI Board, an adjudicating officer, IRDAI, or PFRDA?
A30 days
✓45 days
C60 days
D90 days
💡 According to Section 15T of the SEBI Act, 'Every appeal should be filed within a period of 45 days from the date on which a copy of the order made by SEBI or the Adjudicating Officer or IRDAI or the PFRDA is received by him'. The 60-day period applies to appeals from SAT to the Supreme Court.
Q21MCQ · 1 markHardNPS Grievance Escalation
If a subscriber to the National Pension System (NPS) has their grievance unresolved by an intermediary within thirty days, they can escalate it to the NPS Trust. If the NPS Trust then also fails to resolve the grievance within thirty days, what is the next step for the subscriber?
AFile an appeal directly with the Supreme Court.
BRegister a new grievance with the Central Recordkeeping Agency (CRA).
✓Prefer an appeal to the Ombudsman against the concerned intermediary or entity.
DApproach the Ministry of Company Affairs.
💡 The text states: 'The subscriber whose grievance has not been resolved by the intermediary within thirty days from the date of submission of the grievance to the NPS Trust, or who is not satisfied with the resolution provided by the NPS Trust shall prefer an appeal to the Ombudsman against the concerned intermediary or entity.'
Q22MCQ · 1 markEasyNational Pension System (NPS) Grievance Redressal
Where should a subscriber to the National Pension System (NPS) initially raise a grievance?
APension Fund Regulatory and Development Authority (PFRDA)
BSecurities Appellate Tribunal (SAT)
✓Central Recordkeeping Agency (CRA)
DNPS Trust
💡 The text states: 'A subscriber to the National Pension System (NPS) can raise a grievance with the Central Recordkeeping Agency (CRA) on their website.'
Q23MCQ · 1 markHardNPS Grievance Escalation
A subscriber to the National Pension System (NPS) has filed a grievance with the Central Recordkeeping Agency (CRA). If the grievance has not been resolved by the CRA by the end of thirty days, to whom should the subscriber escalate the grievance next?
AThe PFRDA Ombudsman.
✓The NPS Trust.
CThe Securities Appellate Tribunal (SAT).
DThe Ministry of Company Affairs.
💡 If the complainant is not satisfied with the redressal of his grievances or if it has not been resolved by CRA by the end of thirty days of the filing of the complaint, s/he may escalate the grievance to the NPS Trust.
Q24MCQ · 1 markMediumNPS Grievance Escalation
If an NPS subscriber's grievance has not been resolved by the Central Recordkeeping Agency (CRA) within 30 days, or if they are not satisfied with the resolution, to whom should they escalate the grievance next?
APFRDA
BSecurities Appellate Tribunal (SAT)
✓NPS Trust
DOmbudsman (NPS)
💡 The text states: 's/he may escalate the grievance to the NPS Trust in accordance with the provisions of PFRDA’s Redressal of Subscriber Grievance Regulations, 2015'. The Ombudsman is a further escalation from the NPS Trust.
A person aggrieved by an order of the IRDAI wishes to file an appeal with the Securities Appellate Tribunal (SAT). According to the SEBI Act, what is the maximum period within which this appeal must be filed from the date of receiving a copy of the order?
A30 days
✓45 days
C60 days
D90 days
💡 Section 15T of the SEBI Act states: 'Every appeal should be filed within a period of 45 days from the date on which a copy of the order made by SEBI or the Adjudicating Officer or IRDAI or the PFRDA is received by him'.
Q26MCQ · 1 markEasySCORES Exclusions
Which of the following types of complaints is explicitly stated as NOT being addressed by SCORES?
AComplaints against mutual funds.
✓Allegations without supporting documents.
CComplaints against brokers.
DComplaints about share issues in primary markets.
💡 The text lists under 'The following complaints are not addressed in SCORES:' — 'Allegations without supporting documents'. Options A, C, and D are generally covered by SCORES.
Q27MCQ · 1 markHardNPS Grievance Escalation
According to the PFRDA's Redressal of Subscriber Grievance Regulations, 2015, what is the correct escalation path and associated timeline for an NPS subscriber's grievance if it remains unresolved?
💡 The text outlines the escalation as follows: 'Any subscriber whose grievance has not been resolved within thirty days from the date of receipt of the grievance by any intermediary... shall register a grievance with the NPS Trust.' Subsequently, 'The NPS Trust shall... respond to the subscriber within thirty days from the date of receipt of the grievance.' Finally, if not resolved by NPS Trust within 30 days (after submission to NPS Trust), the subscriber 'shall prefer an appeal to the Ombudsman'. This means the sequence is Intermediary (30 days) → NPS Trust (30 days) → Ombudsman.
Q28MCQ · 1 markEasyInsurance Grievance Redressal
Which of the following is a valid ground for making a complaint to the Insurance Ombudsman?
ASeeking general guidance or explanation about an insurance policy.
✓Disputes about the legal construction of policies as far as it relates to claims.
CNot satisfied with the trading price of shares of an insurance company.
DComplaints that are incomplete or not specific in nature.
💡 The text lists 'Any dispute on the legal construction of the policies as far as it relates to claims' as a ground for complaint to the Insurance Ombudsman. Options A and D are generally excluded from grievance mechanisms, and option C is not a matter for the Insurance Ombudsman.
Q29MCQ · 1 markMediumBanking Ombudsman
Under the Integrated Ombudsman Scheme, if a customer is not satisfied with the resolution provided by their bank, when can they approach the Banking Ombudsman?
AImmediately after filing a complaint with the bank.
✓After one month, if they have not received a satisfactory resolution from the concerned bank after directly addressing it.
COnly after exhausting all three tiers of the bank's internal complaint resolution system (Branch Manager, Zonal Manager, GM-Customer Service).
DWithin 15 days of receiving an unsatisfactory response from the bank.
💡 As per the text, an individual can approach the Banking Ombudsman if their grievance has been directly addressed to the concerned bank, but they have not received a satisfactory resolution within one month.
Q30MCQ · 1 markMediumNPS Grievance Escalation
If a subscriber's grievance with the Central Recordkeeping Agency (CRA) for NPS has not been resolved within thirty days or if they are not satisfied with the resolution, to whom should they escalate the grievance next?
AThe PFRDA directly.
✓The NPS Trust.
CThe Banking Ombudsman.
DThe Grievance Redressal Officer (GRO) at NSDL e-Gov Head Office.
💡 The text states: 'Any subscriber whose grievance has not been resolved within thirty days from the date of receipt of the grievance by any intermediary, or who is not satisfied with the resolution provided by the intermediary under the National Pension System (other than NPS Trust) shall register a grievance with the NPS Trust, against the intermediary.'
Q31MCQ · 1 markHardNPS Grievance Escalation
A subscriber to the National Pension System (NPS) has filed a grievance with the Central Recordkeeping Agency (CRA) but is not satisfied with the resolution after 30 days. What is the next step in the grievance escalation process according to PFRDA regulations?
AFile an appeal directly with the Supreme Court.
✓Register a grievance with the NPS Trust.
CApproach the PFRDA Ombudsman directly.
DFile a complaint with the Ministry of Company Affairs.
💡 The text states: '(1) Any subscriber whose grievance has not been resolved within thirty days from the date of receipt of the grievance by any intermediary... shall register a grievance with the NPS Trust, against the intermediary.'
Q32MCQ · 1 markMediumNPS Grievance Escalation
If an NPS subscriber's grievance has not been resolved by the Central Recordkeeping Agency (CRA) within thirty days of filing, or if they are not satisfied with the resolution, to which entity should they escalate their grievance next?
AThe Pension Fund Regulatory and Development Authority (PFRDA).
BThe Grievance Redressal Officer (GRO) at NSDL e-Gov.
✓The NPS Trust.
DThe Securities Appellate Tribunal (SAT).
💡 The text states: 'If the complainant is not satisfied with the redressal of his grievances or if it has not been resolved by CRA by the end of thirty days of the filing of the complaint, s/he may escalate the grievance to the NPS Trust'.
While discharging its functions, the Securities Appellate Tribunal (SAT) has the same powers as a civil court in respect of certain matters. Which of the following is NOT listed as one of these powers?
ASummoning and enforcing the attendance of any person.
BIssuing commissions for the examination of witnesses or documents.
✓Regulating the procedures laid down by the Code of Civil Procedure.
DReviewing its own decisions.
💡 The text states that SAT 'is not bound by the procedure laid down by the Code of Civil Procedure, but shall be guided by the principles of natural justice and shall have the powers to regulate their own procedures.' It does not have the power to regulate the Code of Civil Procedure itself.
Q34MCQ · 1 markMediumInsurance Ombudsman Grounds
Which of the following is a valid ground for making a complaint to the Insurance Ombudsman?
ADissatisfaction with the trading price of an insurance company's shares.
BSeeking general guidance or explanation about insurance policies.
✓Any dispute about premium paid or payable in terms of the policy.
DDisputes arising out of private agreements with insurance intermediaries.
💡 The text lists 'Any dispute about premium paid or payable in terms of the policy' as one of the grounds under which a complaint can be made to the Insurance Ombudsman.
Q35MCQ · 1 markEasySCORES Grievance Redressal
Which of the following complaints is NOT addressed by SEBI's SCORES platform?
AComplaints against mutual funds
✓Complaints that are incomplete or not specific
CComplaints against brokers
DComplaints against providers of portfolio management schemes
💡 The text explicitly states under 'The following complaints are not addressed in SCORES:' that 'Complaints that are incomplete or not specific' are excluded. Options A, C, and D are examples of entities against which SCORES can be used.
A person aggrieved by an order made by the Pension Fund Regulatory and Development Authority (PFRDA) wishes to file an appeal with the Securities Appellate Tribunal (SAT). Within what period, from the date of receiving a copy of the order, must this appeal be filed?
A30 days
✓45 days
C60 days
D90 days
💡 Section 15T of the SEBI Act, as referenced in the text, states: 'Every appeal should be filed within a period of 45 days from the date on which a copy of the order made by SEBI or the Adjudicating Officer or IRDAI or the PFRDA is received by him'.
Q37MCQ · 1 markEasyODR Portal Initiation
The dispute resolution through the ODR portal can be initiated within the applicable law of limitation, reckoned from which of the following?
AThe date when the issue arose/occurred that resulted in the complaint.
BThe date of the last transaction.
CThe date of the disputed transaction.
✓The date when the issue arose/occurred, the date of the last transaction, or the date of disputed transaction, whichever is later.
💡 The text states: 'The dispute resolution through the ODR portal can be initiated within the applicable law of limitation (reckoned from the date when the issue arose/occurred that has resulted in the complaint/date of the last transaction or the date of disputed transaction, whichever is later).'
Q38MCQ · 1 markEasyOther Redressal Fora
A complaint relating to the non-repayment of deposits or payment of interest by an NBFC should be registered with which of the following fora?
ASecurities Appellate Tribunal (SAT)
BMinistry of Company Affairs
✓National Company Law Tribunal (NCLT) or the Consumer forum
DIntegrated Ombudsman Scheme
💡 A complaint relating to the non-repayment of deposits or payment of interest by an NBFC should be registered with the National Company Law Tribunal (NCLT) or the Consumer forum.
Q39MCQ · 1 markEasySCORES Grievance Redressal
What is the primary purpose of SCORES?
ATo provide financial advisory services to investors.
✓To deal with investor complaints related to products and entities regulated by SEBI.
CTo regulate banking services in India.
DTo offer suggestions for market improvement to SEBI.
💡 SCORES is the online investor redressal mechanism set up by SEBI to deal with the complaints of investors related to all products and entities regulated by it.
Q40MCQ · 1 markMediumNPS Grievance Exclusions
Which of the following would be considered a 'grievance or complaint' that PFRDA's National Pension System (NPS) redressal mechanism is designed to address?
AA communication seeking guidance or explanation regarding NPS rules.
BA complaint that is subjudice (under consideration by a court of law).
CA dispute between two NPS intermediaries.
✓Dissatisfaction about an act of omission or deficiency of service by an NPS intermediary.
💡 The text defines 'Grievances or complaint' for NPS as 'any communication that expresses dissatisfaction, in respect of the conduct or any act of omission or commission or deficiency of service on the part of, an intermediary or an entity or a person... and in the nature of seeking a remedial action'. Options A, B, and C are explicitly listed as exclusions from the definition of a grievance for NPS.
Q41MCQ · 1 markMediumSCORES Exclusions
Which of the following types of complaints is NOT addressed in SCORES?
✓Allegations without supporting documents.
BComplaints against a broker for a trading dispute.
CComplaints against a mutual fund for service deficiency.
DComplaints regarding non-receipt of shares after an IPO.
💡 The text explicitly lists: 'The following complaints are not addressed in SCORES: ... Allegations without supporting documents.' Options B, C, and D fall under the purview of SCORES as they relate to regulated entities and products.
Which of the following is NOT a valid ground for making a complaint to an Insurance Ombudsman?
AAny dispute about premium paid or payable in terms of the policy.
BDelay in settlement of claims.
✓Seeking explanation for non-trading of shares.
DAny partial or total repudiation of claims by an insurance company.
💡 The text lists valid grounds for complaint to an Insurance Ombudsman, which include disputes about premium, delay in settlement, and repudiation of claims. Seeking explanation for non-trading of shares is listed as a complaint type NOT addressed by SCORES, not a ground for the Insurance Ombudsman.
Q43MCQ · 1 markEasyBanking Ombudsman
The Banking Ombudsman, who addresses complaints of banking customers, is appointed by which authority?
ASecurities and Exchange Board of India (SEBI)
BGovernment of India (GoI)
✓Reserve Bank of India (RBI)
DBanking Codes and Standards Board of India (BCSBI)
💡 The text states, 'The Banking Ombudsman is a person appointed by the RBI to address the complaints of banking customers related to the services offered by banks.'
Q44MCQ · 1 markEasySCORES
What is the primary purpose of SCORES as an online investor redressal mechanism?
ATo provide real-time stock market data to investors.
✓To deal with investor complaints related to all products and entities regulated by SEBI.
CTo offer investment advisory services for primary and secondary markets.
DTo regulate the operations of unlisted and delisted companies.
💡 SCORES is explicitly defined as the online investor redressal mechanism set up by SEBI to deal with the complaints of investors related to all products and entities regulated by it.
Q45MCQ · 1 markEasySCORES Grievance Redressal
What is the primary function of SCORES as an investor redressal mechanism?
ATo regulate banking practices and customer service standards across all banks in India.
✓To provide an online platform for investor complaints related to products and entities regulated by SEBI.
CTo manage pension schemes issued by insurance companies and resolve their grievances.
DTo serve as the first point of contact for disputes arising out of private agreements with companies/intermediaries.
💡 SCORES is explicitly defined as 'the online investor redressal mechanism set up by SEBI to deal with the complaints of investors related to all products and entities regulate by it.' Options A, C, and D describe functions outside the scope or primary purpose of SCORES as stated in the text.
Q46MCQ · 1 markMediumInsurance Ombudsman
Which of the following is NOT a valid ground for making a complaint to an Insurance Ombudsman, according to the Redressal of Public Grievance Rules, 1998?
AAny partial or total repudiation of claims by an insurance company.
BA dispute regarding the premium paid or payable in terms of the policy.
✓Seeking explanation for non-listing of shares of a private offer by an insurance company.
DDelay in settlement of claims by an insurance company.
💡 The text lists specific grounds for complaint to the Insurance Ombudsman, which include repudiation of claims, premium disputes, legal construction of policies related to claims, delay in settlement, and non-issue of documents. Seeking explanation for non-listing of shares of a private offer is not mentioned as a ground for the Insurance Ombudsman and is an exclusion for SCORES.
Q47MCQ · 1 markEasySCORES Exclusions
Which of the following complaints is NOT addressed in SCORES?
✓Allegations without supporting documents.
BComplaints against a mutual fund.
CComplaints against a broker.
DComplaints related to primary market share issues.
💡 The text explicitly states that 'Allegations without supporting documents' are not addressed in SCORES. Complaints against mutual funds, brokers, and related to primary market share issues are covered.
To which higher authority can a person aggrieved by a decision or order of the Securities Appellate Tribunal (SAT) file an appeal?
AThe High Court.
✓The Supreme Court.
CThe National Company Law Tribunal (NCLT).
DThe Ministry of Company Affairs.
💡 The text states: 'Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme Court within 60 days from the date of communication of the decisions or order of the SAT to him.'
Q49MCQ · 1 markEasySCORES Grievance Redressal
What is the primary purpose of SCORES, as established by SEBI?
ATo provide investment advice to retail investors.
BTo regulate all financial products and entities in India.
✓To act as an online investor redressal mechanism for complaints related to SEBI-regulated products and entities.
DTo offer a platform for trading in primary and secondary markets.
💡 The text states: 'SCORES is the online investor redressal mechanism set up by SEBI to deal with the complaints of investors related to all products and entities regulate by it.'
Q50MCQ · 1 markEasySCORES Grievance Redressal
Which of the following types of complaints is generally addressed by the SEBI SCORES online investor redressal mechanism?
AComplaints that are incomplete or not specific.
BComplaints against unlisted, delisted, wound up, or liquidated companies.
✓Complaints against mutual funds for service deficiencies.
DComplaints seeking explanation for non-trading of shares.
💡 The text states that SCORES deals with complaints related to 'all products and entities regulate by it,' including 'investment companies such as mutual funds'. Options A, B, and D are explicitly listed as complaints not addressed by SCORES or SEBI.
Q51MCQ · 1 markMediumBanking Grievance Process
What is the initial step for a customer to resolve a grievance against a bank according to the provided text?
ADirectly approach the Banking Ombudsman.
BFile a complaint with the Reserve Bank of India.
✓Contact the bank's customer redressal department.
DInitiate a dispute resolution through the ODR portal.
💡 The text states: 'Each bank has a customer redressal department that handles issues that customers have against the bank. Customers can file complaints with this department.' This is the first step before approaching the ombudsman.
Q52MCQ · 1 markMediumBanking Grievance Redressal
An individual can approach the Banking Ombudsman if their grievance directly addressed to the concerned bank has not received a satisfactory resolution within what period?
A15 days
✓One month
C45 days
DThree months
💡 The text states: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q53MCQ · 1 markMediumInsurance Ombudsman
Which of the following is a valid ground for making a complaint to an Insurance Ombudsman?
ASeeking explanation for non-trading of shares.
BDisputes arising out of private agreement with an intermediary.
✓Any partial or total repudiation of claims by an insurance company.
DComplaints that are sub-judice (under consideration by a court).
💡 The text lists 'Any partial or total repudiation of claims by an insurance company' as a ground for complaint to the Insurance Ombudsman. Options A and B are explicitly stated as not addressed by SCORES (a different mechanism) or as not dealt with by SEBI. Option D is generally excluded from grievance redressal mechanisms if sub-judice.
Q54MCQ · 1 markHardSCORES Exclusions
Which of the following types of complaints is explicitly stated as *NOT* addressed in SCORES?
AComplaints against investment companies such as mutual funds.
BComplaints against brokers facilitating investing in securities.
✓Allegations without supporting documents.
DComplaints against companies that have made share issues in which the investor has invested.
💡 The text lists 'Allegations without supporting documents' under 'The following complaints are not addressed in SCORES:'.
Q55MCQ · 1 markEasySCORES Redressal Mechanism
Which of the following complaints can be addressed through SEBI's SCORES platform?
ASeeking explanation for non-trading of shares.
BDisputes arising out of private agreements with intermediaries.
✓Complaints against mutual funds and portfolio management schemes.
DComplaints against delisted companies.
💡 SCORES addresses complaints against investment companies such as mutual funds and providers of portfolio management schemes. Seeking explanation for non-trading of shares, disputes arising out of private agreements, and complaints against delisted companies are explicitly excluded from SCORES or SEBI's purview.
Q56MCQ · 1 markMediumOther Redressal Fora
A complaint relating to the non-repayment of deposits or payment of interest by a Non-Banking Finance Company (NBFC) should be registered with which of the following?
ASecurities Appellate Tribunal (SAT)
BMinistry of Company Affairs website
✓National Company Law Tribunal (NCLT) or the Consumer forum
DReserve Bank of India (RBI)
💡 The text specifies: 'A complaint relating to the non-repayment of deposits or payment of interest by an NBFC should be registered with the National Company Law Tribunal (NCLT) or the Consumer forum.'
Q57MCQ · 1 markMediumBanking Grievance Process
If an individual has directly addressed a grievance to their bank but has not received a satisfactory resolution, what is the minimum time they must wait before approaching the Banking Ombudsman?
A15 days
✓One month
C45 days
D60 days
💡 The text states, 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q58MCQ · 1 markHardNational Pension System (NPS) Grievance Escalation
A subscriber to the National Pension System (NPS) has filed a grievance with the Central Recordkeeping Agency (CRA). According to PFRDA's Redressal of Subscriber Grievance Regulations, 2015, if the grievance has not been resolved by the CRA within thirty days, or the subscriber is not satisfied with the resolution provided by the intermediary, what is the *immediate next* step in the escalation process?
AAppeal directly to the Supreme Court.
✓Register a grievance with the NPS Trust.
CApproach the Securities Appellate Tribunal (SAT).
DFile a complaint with the Ministry of Company Affairs.
💡 The text states: 'Any subscriber whose grievance has not been resolved within thirty days from the date of receipt of the grievance by any intermediary, or who is not satisfied with the resolution provided by the intermediary under the National Pension System (other than NPS Trust) shall register a grievance with the NPS Trust, against the intermediary.'
According to Section 15T of the SEBI Act, who among the following is NOT explicitly mentioned as an entity whose order can be appealed to the Securities Appellate Tribunal (SAT)?
AAn order of the SEBI Board.
BAn order made by an adjudicating officer appointed under SEBI Act.
✓An order made by the Reserve Bank of India (RBI).
DAn order made by the IRDAI or the PFRDA.
💡 Section 15T of the SEBI Act states that an appeal to the SAT can be made by any person aggrieved by an order of (i) the SEBI Board, (ii) an adjudicating officer appointed under SEBI Act, or (iii) the IRDAI or the PFRDA. The Reserve Bank of India (RBI) is not listed among these entities.
Q60MCQ · 1 markMediumNPS Grievance Escalation
If a subscriber's grievance with an intermediary under the National Pension System (NPS) has not been resolved by the Central Recordkeeping Agency (CRA) within 30 days, to whom should the grievance be escalated next?
AThe PFRDA Ombudsman.
BThe Securities Appellate Tribunal (SAT).
✓The NPS Trust.
DThe Ministry of Company Affairs.
💡 The text states: 'If the complainant is not satisfied with the redressal of his grievances or if it has not been resolved by CRA by the end of thirty days of the filing of the complaint, s/he may escalate the grievance to the NPS Trust'.
Q61MCQ · 1 markMediumBanking Ombudsman
Under the Integrated Ombudsman Scheme for banking grievances, when can an individual approach the Banking Ombudsman?
AImmediately after the issue arises, without contacting the bank.
✓If the grievance has been directly addressed to the concerned bank but a satisfactory resolution has not been received within one month.
COnly if the complaint involves credit cards issued by Non-banking Finance Companies (NBFCs).
DAfter exhausting all judicial processes in a court of law.
💡 The text states, 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
An appeal can be preferred to the Securities Appellate Tribunal (SAT) against an order made by which of the following entities?
AOnly the SEBI Board.
BAn adjudicating officer appointed under SEBI Act, or the IRDAI.
✓The SEBI Board, an adjudicating officer, the IRDAI, or the PFRDA.
DOnly the PFRDA.
💡 Section 15T of the SEBI Act states that an appeal can be made against an order of (i) the SEBI Board (ii) Made by an adjudicating officer appointed under SEBI Act; or (iii) Made by the IRDAI or the PFRDA.
Q63MCQ · 1 markHardInsurance Ombudsman Process
If an Insurance Ombudsman attempts a settlement through mediation, but it does not work, within what timeframe from the receipt of the complaint must the Ombudsman dispose of the complaint by passing a speaking Award?
AOne month
BTwo months
✓Three months
DSix months
💡 The text states: 'If the settlement by recommendation does not work, the Ombudsman will dispose the complaint by passing a speaking Award within 3 months from receipt of complaint.'
Q64MCQ · 1 markEasyBanking Grievance Redressal
An individual can approach the Banking Ombudsman if they have not received a satisfactory resolution from the concerned bank within what timeframe?
A7 days
B15 days
✓One month
DThree months
💡 The text states: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q65MCQ · 1 markMediumSCORES Exclusions
Which of the following types of complaints is NOT addressed by SCORES?
AComplaints against mutual funds regarding investment issues.
BComplaints against brokers facilitating investments.
✓Allegations without supporting documents.
DComplaints against companies who have made share issues in primary markets.
💡 The text explicitly lists 'Allegations without supporting documents' as one of the complaints not addressed in SCORES. Options A, B, and D represent types of complaints that SCORES is designed to handle, as they fall under SEBI-regulated entities and products.
Q66MCQ · 1 markMediumBanking Grievance Escalation
According to the text, what is the correct initial escalation path for a banking customer's grievance if they are not satisfied with the response from their bank's customer redressal department?
ADirectly to the Reserve Bank of India (RBI).
BTo the Securities Appellate Tribunal (SAT).
✓To the Banking Ombudsman appointed by the Reserve Bank of India.
DTo the National Company Law Tribunal (NCLT).
💡 The text states: 'Each bank has a customer redressal department that handles issues that customers have against the bank. Customers can file complaints with this department. If customer is not satisfied with the response, he can approach banking ombudsmen, appointed by Reserve Bank of India in various locations across the country.'
Q67MCQ · 1 markMediumNPS Grievance Redressal
If a subscriber's grievance filed with an intermediary under the National Pension System (other than NPS Trust) has not been resolved within thirty days, to which entity should the subscriber escalate the grievance?
AThe Pension Fund Regulatory and Development Authority (PFRDA) directly.
BThe Central Recordkeeping Agency (CRA).
✓The NPS Trust.
DThe Securities Appellate Tribunal (SAT).
💡 The text states: 'Any subscriber whose grievance has not been resolved within thirty days from the date of receipt of the grievance by any intermediary, or who is not satisfied with the resolution provided by the intermediary under the National Pension System (other than NPS Trust) shall register a grievance with the NPS Trust, against the intermediary.'
Q68MCQ · 1 markHardInsurance Grievance Escalation
An investor has a grievance regarding a pension scheme issued by an insurance company. Which of the following represents the most comprehensive and correct escalation path for grievance redressal, as per the provided text?
AInsurance Company → Insurance Ombudsman → Securities Appellate Tribunal (SAT)
✓Insurance Company → IRDAI (via IGMS) → Insurance Ombudsman → Judicial Process
CInsurance Company → Insurance Ombudsman → IRDAI (via IGMS) → Judicial Process
DInsurance Company → SCORES → PFRDA Ombudsman
💡 The text outlines the following sequence: First, approach the insurance company. If not satisfied, the grievance 'can be escalated to IRDAI through the IGMS' (20.7.3). If still not satisfied with the resolution provided by the insurer (which might be after IRDAI's involvement), 'they can approach the Insurance Ombudsman for relief' (20.7.3). Finally, if unhappy with the Ombudsman's decision, 'the normal judicial process through courts as well as under the Consumer Protection Act, 1986 is available' (20.7.3). Option D is incorrect as SCORES and PFRDA are for different sectors. Option A is incorrect as SAT is for appeals against orders of regulators/adjudicating officers, not directly after an Insurance Ombudsman. Option C places IRDAI after the Ombudsman, which contradicts the text indicating Ombudsman as the last non-judicial step before courts.
Q69MCQ · 1 markHardNPS Grievance Redressal
A subscriber to the National Pension System (NPS) has filed a grievance with the Central Recordkeeping Agency (CRA). If the grievance is not resolved to their satisfaction, what is the correct next step in the escalation process and its associated timeline?
AThe subscriber can immediately appeal to the Ombudsman if not satisfied with the CRA's initial response.
✓The subscriber must escalate the grievance to the NPS Trust if it has not been resolved by the CRA by the end of thirty days of filing the complaint.
CThe subscriber must wait for 60 days after filing with the CRA before escalating to the NPS Trust.
DThe subscriber should directly approach PFRDA if the CRA fails to resolve the complaint within one month.
💡 As per the PFRDA’s Redressal of Subscriber Grievance Regulations, 2015, if a grievance filed with the CRA is not resolved or is unsatisfactory within thirty days, the subscriber should escalate it to the NPS Trust.
Q70MCQ · 1 markEasyInsurance Ombudsman
The Insurance Ombudsman is appointed by which authority?
ASEBI
BIRDAI
✓Government of India
DReserve Bank of India
💡 The text mentions: 'An Insurance Ombudsman is a person appointed by Government of India under the Redressal of Public Grievance Rules, 1998.'
A person aggrieved by an order of the SEBI Board, an adjudicating officer appointed under SEBI Act, or the IRDAI/PFRDA, may prefer an appeal to the Securities Appellate Tribunal (SAT). Within how many days must such an appeal be filed from the date of receiving a copy of the order?
A30 days
✓45 days
C60 days
D90 days
💡 The text states: 'Every appeal should be filed within a period of 45 days from the date on which a copy of the order made by SEBI or the Adjudicating Officer or IRDAI or the PFRDA is received by him in a specified form along with the fee as prescribed.'
Q72MCQ · 1 markHardInsurance Ombudsman Grounds
Which of the following is NOT a valid ground under which a complaint can be made to the Insurance Ombudsman?
AAny partial or total repudiation of claims by an insurance company.
BAny dispute about premium paid or payable in terms of the policy.
✓Seeking explanation for the non-trading of shares related to an insurance company's investment portfolio.
DDelay in settlement of claims.
💡 The text lists specific grounds for complaint to the Insurance Ombudsman, which include repudiation of claims, premium disputes, legal construction of policies, delay in settlement, and non-issue of documents. Seeking explanation for non-trading of shares is not mentioned as a ground for the Insurance Ombudsman, and is explicitly listed as a complaint NOT addressed in SCORES (SEBI).
Q73MCQ · 1 markMediumPension Grievance Redressal
For pension schemes issued by mutual funds, which grievance redressal system is required to be followed?
AThe IRDAI grievance redressal system.
BThe Banking Ombudsman scheme.
✓The SCORES system specified by SEBI.
DThe PFRDA's Integrated Grievance Management System (IGMS).
💡 Pension Schemes issued by mutual funds are regulated by SEBI and redressal systems specified by SEBI viz. SCORES system is required to be followed.
Q74MCQ · 1 markEasyBanking Grievance Mechanism
Which independent autonomous watchdog was set up by the Reserve Bank of India (RBI) to ensure that customers get fair treatment in their dealings with Banks?
ASecurities Appellate Tribunal (SAT)
✓Banking Codes and Standards Board of India (BCSBI)
CIntegrated Grievance Management System (IGMS)
DNational Company Law Tribunal (NCLT)
💡 The text states: 'Reserve Bank of India has set up the Banking Codes and Standards Board of India (BCSBI) as an independent autonomous watchdog to ensure that customers get fair treatment in their dealings with Banks.'
Q75MCQ · 1 markEasySCORES Grievance Redressal
Which of the following types of complaints is NOT addressed by SCORES?
AComplaints against mutual funds.
✓Complaints regarding non-listing of shares of a private offer.
CComplaints against brokers who facilitate investing.
DComplaints against companies that made share issues in primary markets.
💡 The text explicitly states that 'Non-listing of shares of private offer' is one of the complaints not addressed in SCORES. Options A, C, and D fall under the purview of SCORES as it deals with complaints against investment companies like mutual funds, intermediaries like brokers, and companies involved in primary or secondary market share issues.
Q76MCQ · 1 markMediumSEBI's Purview
Which of the following complaints does SEBI NOT deal with, as per the grievance redress mechanism?
AComplaints against brokers facilitating investments.
BComplaints that are incomplete or not specific.
✓Complaints relating to cases which are under consideration by a court of law.
DAllegations without supporting documents.
💡 The text explicitly states: 'SEBI does not deal with the following complaints: ... Complaints that are sub-judice (relating to cases which are under consideration by court of law, quasi-judicial proceedings etc.)'. Options B and D are complaints not addressed in SCORES, but C is a complaint SEBI does not deal with at all.
Q77MCQ · 1 markEasySCORES Grievance Redressal
Which of the following types of complaints is explicitly stated as NOT being addressed by SCORES?
AComplaints against mutual funds.
✓Complaints seeking explanation for non-trading of shares.
CComplaints against brokers.
DComplaints against companies who have made share issues in primary markets.
💡 The text states under 'The following complaints are not addressed in SCORES:' that 'Seeking explanation for non-trading of shares or illiquidity of shares' is not addressed.
Q78MCQ · 1 markEasyLaw of Limitation
The dispute resolution through the ODR portal can be initiated within the applicable law of limitation, which is reckoned from the date when the issue arose/occurred, the date of the last transaction, or the date of the disputed transaction, whichever is:
AEarliest.
✓Latest.
CMost convenient to the complainant.
DMutually agreed upon by the parties involved.
💡 The text specifies: 'reckoned from the date when the issue arose/occurred that has resulted in the complaint/date of the last transaction or the date of disputed transaction, whichever is later'.
Under the Integrated Ombudsman Scheme for banking, if a grievance has been directly addressed to the concerned bank, what is the required waiting period for a satisfactory resolution before the individual can approach the Banking Ombudsman?
A15 days
✓One month
CThree months
DSix months
💡 If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.
The Securities Appellate Tribunal (SAT) has powers similar to a civil court in respect of which of the following matters?
AEnforcement of criminal penalties.
✓Issuing commissions for the examination of witnesses or documents.
CLegally binding interpretation of the Indian Constitution.
DArbitration of commercial disputes between private entities.
💡 The text states SAT 'shall have the same powers as are vested in a civil court under the code of civil procedure while trying a suit in respect of the following matters such as... issuing commissions for the examination of witnesses or documents'. The other options are outside the scope of powers mentioned.
Q81MCQ · 1 markMediumGrievance Redressal in Banking
As an independent autonomous watchdog, which entity was set up by the Reserve Bank of India (RBI) to ensure customers receive fair treatment and to publish the 'Code of Banks’ Commitments to Customers' setting minimum banking practice standards?
AThe Banking Ombudsman.
BThe Integrated Ombudsman Scheme.
✓The Banking Codes and Standards Board of India (BCSBI).
DThe National Company Law Tribunal (NCLT).
💡 The text states, 'Reserve Bank of India has set up the Banking Codes and Standards Board of India (BCSBI) as an independent autonomous watchdog to ensure that customers get fair treatment in their dealings with Banks. The BCSBI has published the “Code of Banks’ Commitments to Customers“which sets minimum standards of banking practice and benchmarks in customer service for banks to follow.'
Q82MCQ · 1 markMediumSCORES Exclusions
Which of the following types of complaints is explicitly stated as NOT addressed by SCORES?
AComplaints against investment companies such as mutual funds.
✓Complaints seeking explanation for non-trading of shares or illiquidity of shares.
CComplaints against intermediaries who facilitate investing, such as brokers.
DComplaints against companies who have made share issues in primary markets.
💡 The text explicitly lists 'Seeking explanation for non-trading of shares or illiquidity of shares' under 'The following complaints are not addressed in SCORES'. Options A, C, and D are types of complaints or entities that SCORES does address.
Q83MCQ · 1 markHardNPS Grievance Escalation
A subscriber to the National Pension System (NPS) raises a grievance with the Central Recordkeeping Agency (CRA). If the grievance is not resolved by the CRA by the end of thirty days of filing, what is the next step in the escalation process?
AThe subscriber must directly approach the PFRDA.
✓The subscriber may escalate the grievance to the NPS Trust.
CThe subscriber should file a complaint with SEBI's SCORES system.
DThe subscriber must approach the Securities Appellate Tribunal (SAT).
💡 The text states: 'If the complainant is not satisfied with the redressal of his grievances or if it has not been resolved by CRA by the end of thirty days of the filing of the complaint, s/he may escalate the grievance to the NPS Trust'.
Q84MCQ · 1 markMediumSCORES Exclusions
Which of the following types of complaints is NOT addressed in SCORES?
AComplaints against mutual funds regarding non-receipt of redemption proceeds.
BComplaints against brokers for issues facilitating investments.
✓Complaints seeking an explanation for non-trading of shares or illiquidity of shares.
DComplaints against companies that have made share issues in the primary market.
💡 The text explicitly lists 'Seeking explanation for non-trading of shares or illiquidity of shares' as one of the complaints not addressed in SCORES.
Q85MCQ · 1 markMediumBanking Grievance Escalation
According to the text, if a banking customer has directly addressed a grievance to their concerned bank but has not received a satisfactory resolution within one month, what is the next step they can take?
AImmediately file a complaint with the Securities Appellate Tribunal (SAT).
✓Approach the Banking Ombudsman appointed by the Reserve Bank of India.
CEscalate the complaint to the Ministry of Company Affairs.
DInitiate a judicial process through the relevant court without further internal steps.
💡 The text states: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q86MCQ · 1 markMediumSCORES Exclusions
An investor wants to file a complaint regarding the non-listing of shares from a private offer. Can this complaint be addressed through SCORES?
AYes, all share-related complaints are handled by SCORES if supporting documents are provided.
BYes, if the investor has invested in the primary or secondary markets.
✓No, complaints regarding non-listing of shares of private offers are explicitly not addressed in SCORES.
DNo, only complaints against brokers are addressed by SCORES.
💡 The text explicitly states under 'The following complaints are not addressed in SCORES:' that 'Non-listing of shares of private offer' is one such complaint.
Q87MCQ · 1 markEasySCORES Purpose
What is the primary purpose of SCORES, as set up by SEBI?
ATo provide investment advice to investors.
BTo facilitate online trading in securities.
✓To act as an online investor redressal mechanism.
DTo regulate primary market issuances.
💡 The text states: 'SCORES is the online investor redressal mechanism set up by SEBI to deal with the complaints of investors related to all products and entities regulate by it.'
Q88MCQ · 1 markMediumInsurance Ombudsman Grounds for Complaint
Which of the following is NOT a valid ground under which a complaint can be made to the Insurance Ombudsman?
AAny partial or total repudiation of claims by an insurance company.
BAny dispute about premium paid or payable in terms of the policy.
✓Dissatisfaction with the trading price of the shares of an insurance company.
DDelay in settlement of claims.
💡 The text lists specific grounds for complaint to the Insurance Ombudsman, which include repudiation of claims, premium disputes, legal construction disputes related to claims, delay in settlement, and non-issue of documents. Dissatisfaction with the trading price of shares is not listed and falls outside the purview of the Insurance Ombudsman.
Q89MCQ · 1 markEasyBanking Ombudsman
Under the Integrated Ombudsman Scheme, when can an individual approach the Banking Ombudsman regarding a complaint against a bank?
AImmediately after filing the complaint with the bank.
✓If a satisfactory resolution has not been received from the concerned bank within one month.
COnly after exhausting all judicial processes in a court of law.
DAfter receiving a formal refusal for a loan, regardless of the reason.
💡 The text states: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q90MCQ · 1 markMediumBanking Ombudsman Scheme
If a banking customer has directly approached their bank with a grievance but has not received a satisfactory resolution, what is the minimum waiting period before they can approach the Banking Ombudsman under the Integrated Ombudsman Scheme?
A15 days
✓1 month
C3 months
D6 months
💡 The text specifies: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q91MCQ · 1 markMediumBanking Ombudsman
Under the Integrated Ombudsman Scheme, when can an individual approach the Banking Ombudsman regarding a grievance with a bank?
AImmediately after the grievance arises.
✓If a satisfactory resolution is not received from the concerned bank within one month.
COnly after exhausting all three tiers of the bank's internal complaint resolution system.
DAfter two months, regardless of whether the bank has responded.
💡 The text states, 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q92MCQ · 1 markHardNPS Grievance Escalation
A subscriber to the National Pension System (NPS) has filed a grievance with the Central Recordkeeping Agency (CRA). If the grievance is not resolved by the CRA within the stipulated time, what is the next step in the escalation process according to PFRDA's regulations?
AAppeal directly to the PFRDA Ombudsman.
✓Escalate the grievance to the NPS Trust.
CFile a complaint with the Ministry of Finance.
DInitiate a judicial process through courts.
💡 The text details the escalation process: 'If the complainant is not satisfied with the redressal of his grievances or if it has not been resolved by CRA by the end of thirty days of the filing of the complaint, s/he may escalate the grievance to the NPS Trust...'. The appeal to the Ombudsman comes after the NPS Trust has also failed to resolve it within 30 days.
Q93MCQ · 1 markEasySCORES Grievance Redressal
What is the primary purpose of SCORES as an online investor redressal mechanism set up by SEBI?
ATo regulate all financial products and entities in India, including those not under SEBI's purview.
✓To provide an online platform for investors to register complaints related to products and entities regulated by SEBI.
CTo offer investment advice and portfolio management services to investors in primary and secondary markets.
DTo manage the listing and delisting of shares of companies on stock exchanges.
💡 SCORES is defined as 'the online investor redressal mechanism set up by SEBI to deal with the complaints of investors related to all products and entities regulate by it.'
Q94MCQ · 1 markHardSCORES vs. SEBI Purview
Which of the following complaints falls under the category of 'complaints SEBI does not deal with' rather than 'complaints not addressed in SCORES'?
AComplaints that are incomplete or not specific.
BAllegations without supporting documents.
✓Complaints against unlisted companies.
DSeeking explanation for non-trading of shares.
💡 The text has separate lists. 'Complaints that are incomplete or not specific', 'Allegations without supporting documents', and 'Seeking explanation for non-trading of shares' are listed under 'The following complaints are not addressed in SCORES'. 'Complaints against unlisted/delisted/wound up/liquidated/sick companies' is listed under 'Further, SEBI does not deal with the following complaints'.
What is the stipulated timeframe to file an appeal to the Securities Appellate Tribunal (SAT) against an order from SEBI, IRDAI, or PFRDA, and subsequently, the timeframe to appeal a decision of the SAT to the Supreme Court?
✓45 days to SAT; 60 days to Supreme Court
B30 days to SAT; 45 days to Supreme Court
C60 days to SAT; 90 days to Supreme Court
D45 days to SAT; 30 days to Supreme Court
💡 The text states: 'Every appeal should be filed within a period of 45 days from the date on which a copy of the order made by SEBI or the Adjudicating Officer or IRDAI or the PFRDA is received by him...' and 'Any person aggrieved by any decision or order of the Securities Appellate Tribunal may file an appeal to the Supreme Court within 60 days from the date of communication of the decisions or order of the SAT to him.'
Q96MCQ · 1 markHardInsurance Grievance Redressal
Under which of the following specific grounds can a complaint be made to the Insurance Ombudsman?
ADisputes arising out of private agreement with insurance intermediaries.
BNon-listing of shares of a private offer by an insurance company.
✓Any partial or total repudiation of claims by an insurance company.
DCommunications that are incomplete or not specific regarding insurance service.
💡 The text explicitly lists the grounds under which a complaint can be made to the Insurance Ombudsman, including: '* Any partial or total repudiation of claims by an insurance company'. Options A, B, and D are either general exclusions for other redressal mechanisms or general conditions for valid complaints, not specific grounds for the Insurance Ombudsman.
Q97MCQ · 1 markEasyInsurance Ombudsman
Which of the following is a valid ground for making a complaint to the Insurance Ombudsman?
AOffering suggestions for new insurance products.
BSeeking explanation for policy details not related to a claim.
✓Any dispute about premium paid or payable in terms of the policy.
DComplaints that are incomplete or not specific.
💡 The text lists specific grounds for complaints to the Insurance Ombudsman, which include: 'Any partial or total repudiation of claims by an insurance company', 'Any dispute about premium paid or payable in terms of the policy', 'Any dispute on the legal construction of the policies as far as it relates to claims', 'Delay in settlement of claims', and 'Non-issue of any insurance document after payment of premium'. Options A, B, and D are not listed as valid grounds.
Q98MCQ · 1 markEasyODR Limitation Period
The dispute resolution through the ODR portal can be initiated within the applicable law of limitation. This period is reckoned from the date when the issue arose/occurred that has resulted in the complaint, or the date of the last transaction or the date of disputed transaction, whichever is:
AEarlier
✓Later
CAgreed upon by parties
DSpecified by the regulator
💡 The text states: 'The dispute resolution through the ODR portal can be initiated within the applicable law of limitation (reckoned from the date when the issue arose/occurred that has resulted in the complaint/date of the last transaction or the date of disputed transaction, whichever is later).'
Q99MCQ · 1 markMediumBanking Ombudsman
If a banking customer has directly addressed a grievance to the concerned bank but has not received a satisfactory resolution, after what minimum period can they approach the Banking Ombudsman?
AImmediately after receiving an unsatisfactory response.
BWithin 15 days of filing the complaint.
✓Within one month of not receiving a satisfactory resolution.
DOnly after exhausting all three tiers of the bank's internal resolution system.
💡 The text states: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q100MCQ · 1 markEasySCORES Grievance Redressal
Which of the following complaints is explicitly stated as *not* being addressed by SEBI's SCORES platform?
AComplaints against mutual funds.
BComplaints against brokers.
✓Allegations without supporting documents.
DComplaints against companies who have made share issues.
💡 The text states under 'The following complaints are not addressed in SCORES:' that 'Allegations without supporting documents' are not addressed. Options A, B, and D represent types of complaints that SCORES is designed to handle.
Q101MCQ · 1 markMediumBanking Grievance Redressal
A banking customer wants to approach the Banking Ombudsman regarding a dispute with their bank. According to the Integrated Ombudsman Scheme, what is a prerequisite for approaching the Ombudsman?
AThe customer must first appeal to the Zonal Manager of the bank.
✓The grievance must have been directly addressed to the concerned bank, and no satisfactory resolution received within one month.
CThe customer must file the complaint physically at the Ombudsman's office.
DThe dispute must solely relate to interest charged or credited by the bank.
💡 The text clearly states: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.' Options A, C, and D are not stated as prerequisites or are inaccurate based on the provided text.
What is the time limit for filing an appeal to the Securities Appellate Tribunal (SAT) from the date on which a copy of the order made by SEBI, an Adjudicating Officer, IRDAI, or PFRDA is received by an aggrieved person?
A30 days
✓45 days
C60 days
D90 days
💡 Section 15T of the SEBI Act states: 'Every appeal should be filed within a period of 45 days from the date on which a copy of the order made by SEBI or the Adjudicating Officer or IRDAI or the PFRDA is received by him'.
Q103MCQ · 1 markEasyBanking Ombudsman
Who is responsible for appointing the Banking Ombudsman to address the complaints of banking customers?
AThe Banking Codes and Standards Board of India (BCSBI)
BIndividual banks within their respective jurisdictions
✓The Reserve Bank of India (RBI)
DThe Ministry of Finance, Government of India
💡 The text states, 'If customer is not satisfied with the response, he can approach banking ombudsmen, appointed by Reserve Bank of India in various locations across the country.' This clearly indicates that the RBI appoints the Banking Ombudsman.
Q104MCQ · 1 markHardInsurance Ombudsman Process
According to the text, what is the maximum time frame for an Insurance Ombudsman to pass a speaking Award if a settlement by recommendation does not work?
AWithin one month of receipt of complaint.
BWithin two months of receipt of complaint.
✓Within three months from receipt of complaint.
DWithin one month of the complainant accepting the recommendation.
💡 If the settlement by recommendation does not work, the Ombudsman will dispose the complaint by passing a speaking Award within 3 months from receipt of complaint.
Q105MCQ · 1 markEasySCORES
What is the primary purpose of SCORES as an investor redressal mechanism?
ATo provide investment advice to investors.
✓To deal with complaints of investors related to products and entities regulated by SEBI.
CTo facilitate trading in primary and secondary markets.
DTo offer suggestions and guidance to investors.
💡 The text explicitly states: 'SCORES is the online investor redressal mechanism set up by SEBI to deal with the complaints of investors related to all products and entities regulate by it.'
Q106MCQ · 1 markEasyOther Redressal Fora
If a complaint relates to the non-repayment of deposits or payment of interest by an NBFC, where should it be registered?
ASecurities Appellate Tribunal (SAT)
BMinistry of Company Affairs
✓National Company Law Tribunal (NCLT) or the Consumer forum
DReserve Bank of India (RBI)
💡 The text states: 'A complaint relating to the non-repayment of deposits or payment of interest by an NBFC should be registered with the National Company Law Tribunal (NCLT) or the Consumer forum.'
Q107MCQ · 1 markMediumBanking Ombudsman
An individual can approach the Banking Ombudsman under the Integrated Ombudsman Scheme if they have not received a satisfactory resolution from their bank within what timeframe after directly addressing the grievance to the bank?
A15 days
✓One month
C45 days
D60 days
💡 The text states, 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q108MCQ · 1 markEasyBanking Codes and Standards Board of India (BCSBI)
What is the primary purpose of the Banking Codes and Standards Board of India (BCSBI)?
ATo regulate interest rates offered by banks.
BTo provide a platform for online banking transactions.
✓To ensure customers get fair treatment in their dealings with banks.
DTo appoint Banking Ombudsmen across the country.
💡 The text states: 'The BCSBI has published the “Code of Banks’ Commitments to Customers “which sets minimum standards of banking practice and benchmarks in customer service for banks to follow.' and earlier 'set up by Reserve Bank of India (RBI) as an independent autonomous watchdog to ensure that customers get fair treatment in their dealings with Banks.'
According to Section 15T of the SEBI Act, what is the stipulated time limit for a person aggrieved by an order of the SEBI Board, IRDAI, or PFRDA to prefer an appeal to the Securities Appellate Tribunal (SAT)?
A30 days from the date of the order.
✓45 days from the date on which a copy of the order is received.
C60 days from the date of communication of the order.
D90 days from the date of the order.
💡 The text states: 'Every appeal should be filed within a period of 45 days from the date on which a copy of the order made by SEBI or the Adjudicating Officer or IRDAI or the PFRDA is received by him in a specified form along with the fee as prescribed.' The 60-day limit applies to appeals from the SAT to the Supreme Court.
A person aggrieved by an order made by the IRDAI or the PFRDA wishes to prefer an appeal to the Securities Appellate Tribunal (SAT). According to the SEBI Act, within what period must this appeal be filed from the date of receiving a copy of the order?
A30 days
✓45 days
C60 days
D90 days
💡 Section 15T of the SEBI Act states: 'Every appeal should be filed within a period of 45 days from the date on which a copy of the order made by SEBI or the Adjudicating Officer or IRDAI or the PFRDA is received by him'.
Q111MCQ · 1 markEasySCORES Grievance Redressal
Which of the following types of complaints is NOT addressed by SEBI's SCORES platform?
AComplaints against mutual funds regarding investment services.
BComplaints against brokers facilitating investment in securities.
✓Allegations of fraud without any supporting documents.
DComplaints against companies that have made share issues in primary markets.
💡 The text explicitly states that 'Allegations without supporting documents' are not addressed in SCORES. Options A, B, and D represent types of complaints that SCORES is designed to handle, as it covers complaints against mutual funds, brokers, and companies involved in share issues.
For the purpose of discharging its functions, the Securities Appellate Tribunal (SAT) has powers similar to those vested in a civil court under the Code of Civil Procedure in respect of which of the following matters?
AImposing criminal penalties for market manipulation.
BRegulating its own procedures, not bound by the Code of Civil Procedure.
✓Reviewing its decisions and dismissing an application for default.
DArbitrating disputes between intermediaries.
💡 The text lists specific civil court powers of SAT, including 'reviewing its decisions; dismissing an application for default or deciding its ex-parte'. Option B describes its procedural autonomy, not a power *similar to a civil court*.
Q113MCQ · 1 markEasyInsurance Grievance Redressal
As a first step, where should a complainant approach for a grievance against an insurance company?
AThe Insurance Ombudsman
BThe Integrated Grievance Management System (IGMS) of IRDAI
✓The grievance redressal mechanism of the individual insurance company
DThe Securities Appellate Tribunal (SAT)
💡 The text states, 'A complainant would first approach the grievance redressal mechanism of the insurance company.'
Q114MCQ · 1 markEasySCORES Mechanism
What is the primary function of SCORES, as established by SEBI?
ATo provide investment advice to retail investors.
BTo regulate the stock exchanges and their operations.
✓To deal with investor complaints related to products and entities regulated by SEBI.
DTo manage the listing of shares of private offer companies.
💡 SCORES is described as 'the online investor redressal mechanism set up by SEBI to deal with the complaints of investors related to all products and entities regulate by it.'
Q115MCQ · 1 markEasyInsurance Ombudsman Process
When an Insurance Ombudsman takes up a complaint for settlement through mediation, upon mutual agreement in writing from both the complainant and the insurance company, within what timeframe is the Ombudsman expected to make a recommendation?
AWithin 7 days of receipt of complaint.
BWithin 15 days of receipt of complaint.
✓Within one month of receipt of complaint.
DWithin 3 months of receipt of complaint.
💡 The text specifies: 'In such a case, the Ombudsman, within one month of receipt of complaint, will make a recommendation which s/he thinks is fair based on the circumstances of the case.' The 3-month timeframe applies to passing a speaking Award if settlement by recommendation does not work.
Q116MCQ · 1 markMediumNPS Grievance Escalation
A subscriber to the National Pension System (NPS) registers a grievance with an intermediary. If this grievance has not been resolved by the intermediary within thirty days from the date of receipt, what is the prescribed next step for the subscriber?
AThe subscriber must prefer an appeal directly to the Ombudsman.
✓The subscriber must escalate the grievance to the NPS Trust.
CThe subscriber should approach the Securities Appellate Tribunal (SAT).
DThe subscriber should file a complaint with the Ministry of Company Affairs.
💡 The text states: 'Any subscriber whose grievance has not been resolved within thirty days from the date of receipt of the grievance by any intermediary... shall register a grievance with the NPS Trust, against the intermediary.'
Q117MCQ · 1 markHardNPS Grievance Redressal
A subscriber to the National Pension System (NPS) has a grievance that was initially filed with the Central Recordkeeping Agency (CRA). If the subscriber is not satisfied with the resolution from the CRA, what is the correct next step and associated timeline according to PFRDA's regulations?
AThe subscriber must immediately appeal to the Supreme Court within 60 days.
✓The subscriber may escalate the grievance to the NPS Trust if it has not been resolved by CRA within thirty days of filing.
CThe subscriber can directly approach the PFRDA Ombudsman after 15 days of filing with CRA.
DThe subscriber should file a new complaint with the Ministry of Company Affairs.
💡 The text outlines the NPS grievance escalation process: 'If the complainant is not satisfied with the redressal of his grievances or if it has not been resolved by CRA by the end of thirty days of the filing of the complaint, s/he may escalate the grievance to the NPS Trust'. Subsequent escalation to the Ombudsman occurs if the NPS Trust's resolution is unsatisfactory after another thirty days. Options A, C, and D describe incorrect steps or timelines for NPS grievances.
A person aggrieved by an order made by the PFRDA may prefer an appeal to the Securities Appellate Tribunal (SAT). Within what period must this appeal be filed from the date of receiving a copy of the order?
A30 days
✓45 days
C60 days
D90 days
💡 According to Section 15T of the SEBI Act, 'Every appeal should be filed within a period of 45 days from the date on which a copy of the order made by SEBI or the Adjudicating Officer or IRDAI or the PFRDA is received by him in a specified form along with the fee as prescribed.'
Q119MCQ · 1 markEasySCORES Redressal Mechanism
Which of the following types of complaints is NOT addressed by the SCORES online investor redressal mechanism?
AComplaints against mutual funds
✓Allegations without supporting documents
CComplaints against brokers
DComplaints against companies issuing shares in primary markets
💡 The text states under 'The following complaints are not addressed in SCORES:' that 'Allegations without supporting documents' are not addressed.
Q120MCQ · 1 markMediumSCORES Exclusions
Which of the following types of complaints is NOT addressed through SEBI's SCORES platform?
AComplaints against mutual funds
✓Complaints seeking explanation for non-trading of shares
CComplaints against brokers facilitating investments
DComplaints regarding delay in share issue
💡 The text explicitly lists 'Seeking explanation for non-trading of shares or illiquidity of shares' as a complaint not addressed in SCORES.
Q121MCQ · 1 markEasyInsurance Ombudsman Grounds
Which of the following is a valid ground for making a complaint to the Insurance Ombudsman?
ASeeking explanation for non-trading of shares
BNot satisfied with the trading price of shares
✓Delay in settlement of claims
DDisputes arising out of private agreement with an intermediary
💡 The text lists specific grounds for complaint to the Insurance Ombudsman, including: '* Delay in settlement of claims'. Options A, B, and D are examples of complaints that are either not addressed by SCORES or are outside the purview of the Insurance Ombudsman.
Q122MCQ · 1 markMediumOther Redressal Fora
Where should a complaint relating to the non-repayment of deposits or payment of interest by a Non-Banking Finance Company (NBFC) be registered?
AWith the Securities Appellate Tribunal (SAT).
BWith the Ministry of Company Affairs on its website.
✓With the National Company Law Tribunal (NCLT) or the Consumer forum.
DWith the Banking Ombudsman.
💡 The text states: 'A complaint relating to the non-repayment of deposits or payment of interest by an NBFC should be registered with the National Company Law Tribunal (NCLT) or the Consumer forum.'
Q123MCQ · 1 markMediumBanking Grievance Redressal
If a customer has directly addressed a grievance to their bank but has not received a satisfactory resolution, they can approach the Banking Ombudsman after how long from the date of addressing the grievance to the bank?
A15 days
✓One month
C45 days
DThree months
💡 The text states: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q124MCQ · 1 markMediumBanking Grievance Redressal
A banking customer has filed a complaint with their bank's customer redressal department. If they do not receive a satisfactory resolution from the bank, what is the minimum waiting period before they can approach the Banking Ombudsman?
A7 days
B15 days
✓One month
DThree months
💡 The text states: 'If the grievance has been directly addressed to the concerned bank but the individual has not received a satisfactory resolution within one month, then they can approach the Banking Ombudsman.'
Q125MCQ · 1 markEasySCORES
Which of the following complaints CANNOT be addressed through the SCORES platform?
AComplaints against a mutual fund regarding a product an investor has invested in.
✓Complaints seeking explanation for non-trading of shares.
CComplaints against a broker facilitating investment in securities.
DComplaints against a company that has made share issues in the primary market.
💡 The text explicitly states that 'Complaints that are incomplete or not specific', 'Allegations without supporting documents', 'Offering suggestions or seeking guidance/explanation', 'Seeking explanation for non-trading of shares or illiquidity of shares', 'Not satisfied with trading price of the shares of the companies', 'Non-listing of shares of private offer', and 'Disputes arising out of private agreement with companies/intermediaries' are not addressed in SCORES. Options A, C, and D fall under the purview of SCORES.
About this content: These practice questions are based on the
NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination Workbook
published by the National Institute of Securities Markets (NISM), Mumbai.
NISM is a SEBI-established institution. Questions cover Grievance Redress Mechanism with verified answers and explanations.
BullWiser is an independent exam preparation platform — not affiliated with NISM or SEBI.
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