Sebi today penalised Bally Jute Company for its failure to get registered with the regulator's online complaint redressal system.
Bally Jute Company Limited, earlier known as Samir Commercials Limited, failed to get registered with Sebi's SCORES within the mandated timeframe.
According to the order by the Securities and Exchange Board of India (Sebi), the company said it had applied for obtaining the SCORES authentication, but it's not aware of the statutory compliances and hence, could not obtain the SCORES authentication within the stipulated time.
The markets regulator imposed a penalty of Rs 2 lakh on the company, saying that although the action of the firm can be construed to be an intent towards compliance with statutory requirements, failure to fulfill the actual requirement indicates ignorance of law.
SCORES, launched by Sebi in June 2011, 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 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 processing time of complaints.
