Sebi imposes Rs 15 lakh fine on Radan Multimedia

Market regulator Sebi today slapped Rs 15 lakh fine on Radan Multimedia for failing to resolve investor grievances within the stipulated time and submit the Action Taken Report (ATR) on it.
The Securities and Exchange Board of India charged that Radan Multimedia did not redress all the 19 pending investor grievances within the stipulated time. Moreover, 12 out of the 19 complaints have been pending for more than two years.
It also said the company failed to submit the ATR on the regulator's online complaint redressal system SCORES. Sebi said Radan did not obtain SCORES authentication within the stipulated timeline as advised.

In August 2012, Sebi had asked all listed firms to obtain authentication of SCORES, an online system for investor complaints, by September 14, failing which enforcement action would be initiated against them.
As Radan did not approach Sebi for authentication, the regulator in February last year informed it that the company had neither viewed the complaints nor taken any measures to resolve them.
Further, the company "neither filed any reply to the SCN nor it appeared for the hearings granted to it".
The regulator observed that there has been "repeated non- cooperation by the noticee (Radan Multimedia), being a listed company, in response to the Sebi letter with respect to obtaining of SCORES authentication and redressal of investor grievances and submission of ATR".

Accordingly, Sebi has imposed a "consolidate penalty on Radan Multimedia...For its failure to redress the investor grievances within stipulated time and failure to submit the ATR".