Markets regulator Sebi today disposed of complaints against six companies related to alleged non-compliance with online investor complaint redressal system SCORES.
The companies are Haryana Texprints (Overseas), CFC Laboratories, Siddhartha Spinfab, CRB Corporation, Ace Laboratories and World Digital Sound.
It was alleged that the companies failed to obtain SCORES authentication from Sebi within the mandated time-frame.
In six separate orders, the Securities and Exchange Board of India (Sebi) disposed of the complaints against these firms.
In the matter of Haryana Texprints, CFC Laboratories, CRB Corporation and World Digital Sound, the regulator's Adjudicating Officer Vijayant Kumar Verma said that since the requirement under Section 15C of the Sebi Act remains unfulfilled, the allegation that the four firms have violated the provisions of this section "is not tenable".
As per Section 15C, any listed company after having been called upon by Sebi in writing, to redress the grievances of investors, fails to do so within the time specified by the markets regulator, such firm shall be liable to a penalty.
For Siddhartha Spinfab and Ace Laboratories, the case has been disposed as the companies are under liquidation which as per the Adjudicating officer falls under the scope of "other legal proceedings".
Launched in June 2011, SCORES provides a centralised database of all investor complaints. Online movement of complaints to the listed companies concerned and upload of their Action Taken Reports are done through this system.
It also helps investors view, track and follow up the action taken on their grievances. The online redressal system has significantly helped in reducing the processing time of complaints.
