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The Securities and Exchange Board of India (Sebi) on Wednesday disposed of the case against Bhagawati Oxygen alleging it of not obtaining the authentication of the market regulator's online investor complaint redressal system within the stipulated time.
In an order on Wednesday, Sebi said, "The noticee (Bhagawati Oxygen) is not found to be guilty of the alleged violations and the matter is accordingly disposed of." The market regulator, in August last year, had mandated all listed companies to obtain SCORES authentication by September 14, 2012, failing which appropriate action would be initiated against non-compliant companies.
Thereafter, Sebi issued a public notice on October 21, 2012, against the company in newspapers and advised it to obtain the authentication within seven days. However, Sebi alleged Bhagawati Oxygen had failed to obtain the authentication within the stipulated timeline. Sebi observed the name of the company was mis-spelt on the BSE website "which might have created confusion".
