Sebi slaps fine on three Gujarat firms

Sebi has slapped total penalty of Rs 7.50 lakh on three Gujarat-based companies for not obtaining registration with market regulator's online complaint redressal system, SCORES, as well as for failure to resolve pending investor grievances.

In three separate orders released today, Securities and Exchange Board of India (Sebi) has imposed Rs 3 lakh each on Sarthak Securities and Jaybharat Fabrics Mills while it has slapped Rs 1.50 lakh on Maral Finance.

Sarthak Securities is now known as Sarthak Compusoft Ltd. "...due to delay in obtaining the SCORES authentication / failure in submitted the ATR (Actions Taken Report) as required, and failure in resolving the long pending grievance of the complainants/investors, the noticee had failed to abide by the directives issued by Sebi," the market regulator said in the similarly-worded orders.

Sebi had issued various directives to the companies to obtain the SCORES authentication, submit ATR on the investors complaints and also to redress the grievances but were not followed by them.