Capital markets regulator Sebi has levied a fine of Rs 5 lakh on Zillion Pharmachem Ltd for failing to obtain SCORES authentication and not redressing investors' grievances.
SCORES is an online complaint redressal system of Sebi through which the complaints received by the regulator are electronically forwarded to the listed company which in turn is required to resolve the same and furnish an action taken report in electronic form.
As per the regulator's circulars, listed companies are required to submit details for authentication to the regulator that provides company specific user ID and password.
However, Sebi noted "Noticee had failed to submit authentication details required for generating user ID and password as required by the SEBI Circulars ... The Noticee had also failed to resolve 25 investor complaints shown as pending on the SCORES system, and had failed to file action taken reports under SCORES."
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