Capital markets regulator Sebi today disposed of complaints against Jindal Stainless in a matter related to alleged non-compliance with the regulator's online complaint redressal system, SCORES.
SCORES is Sebi's online platform that provides a centralised database of all complaints. Online Movement of complaints to the listed companies concerned and upload of their action taken reports (ATRs) are done through the system.
It was alleged that the company did not obtain SCORES authentication within the stipulated time and also failed to resolve an investor complaint.
However, the regulators' Adjudicating officer Vijayant Kumar Verma noted that the company had obtained the required authentication and also resolved the pending investor grievance within the prescribed time.
"Since, the noticee (Jindal Stainless) had obtained SCORES authentication and had taken necessary steps of resolving the pending investor grievance, I hold that the allegation of not resolving investor grievances... Does not stand established," Verma said.
...The noticee is not liable for monetary penalty under Section 15C of the Sebi Act, 1992," he added.
Launched in 2011, SCORES helps investors view, track and follow up the action taken on their grievances. The online redressal system has significantly helped in reducing processing time of complaints.
