Sebi closes case against five companies

Capital markets regulator Sebi today disposed of proceedings against five companies related to alleged non-compliance with online investor complaint redressal system SCORES.
These companies -- Volex Finance & Industries, Vinayak Industries, Swarnima Oil Industries, Shree Industries and Shilpax Laboratories -- had not obtained SCORES authentication from Sebi within the mandated timeframe.
Further, there were investor complaints pending against these firms.
In five separate orders, the Securities and Exchange Board of India's (Sebi) Adjudicating Officer Vijayant Kumar Verma said that since the requirement under Section 15C of the Sebi Act remains unfulfilled, the allegation that the five firms have violated the provisions of this section "is not tenable".

Section 15C pertains to allegations that if any listed company or any person who is registered as an intermediary, after having been called upon by the board in writing, to redress the grievances of investors, fails to do so within the time specified by the board, such company or intermediary shall be liable to a penalty.
Besides, Verma said these companies are "not liable for any monetary penalty".
Launched in June 2011, SCORES provides a centralised database of all investor complaints. Online movement of complaints to the listed companies concerned and upload of their Action Taken Reports are done through this system.

It also helps investors view, track and follow up the action taken on their grievances. The online redressal system has significantly helped in reducing the processing time of complaints.