Markets regulator Sebi today imposed a total penalty of Rs 2 lakh on two firms for failing to obtain authentication with its online complaint redressal system within the stipulated time.
In two separate orders, the Securities and Exchange Board of India (Sebi) imposed a penalty of Rs 1 lakh each on Shree Vindhya Papers Mills and Shri Anjaney Agro Foods.
It was alleged that both the companies had failed to obtain SCORES (Sebi Complaints Redressal System) validation within permitted time limit, even though they were listed on stock exchanges.
Through a circular in December 2014, Sebi had directed all the listed companies to obtain SCORES authentication and also redress the pending investor grievances within the stipulated time period.
With regard to Shree Vindhya Papers Mills, the regulator said it was obligatory on the part of the firm to obtain SCORES authentication within the stipulated time frame, however, it "failed to comply" with the same.
Similarly, in the order pertaining to Shri Anjaney Agro Foods, Sebi noted that the firm did not comply with the regulator's direction to obtain the authentication within the stipulated time limit.
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