Sebi today slapped a fine of Rs 13 lakh on Chinar Exports for failing to obtain registration with regulator's online system for investors complaints as well as not redressing pending grievances.
The Securities and Exchange Board of India (Sebi), in its order, said that the company had "neither obtained SCORES authentication nor resolved the pending investor grievances."
As on today, there are 23 complaints pending against Chinar Exports and the company had not obtained SCORES authentication as on November 24.
Accordingly, Sebi had imposed a penalty of Rs 13 lakh on the company.
As per Sebi norms all listed companies are required to get SCORES authentication failing which they would have to face enforcement action.
SCORES which was launched by Sebi in June 2011 provides a centralised database of all complaints, online movement of complaints to the concerned listed companies, online upload of Action Taken Reports (ATRs) by the concerned companies.
It also helps investors view, track and follow up the actions taken on their grievance.
