Market regulator Sebi today imposed a fine totalling Rs 13 lakh on four companies for allegedly failing to obtain registration with its online complaint system as well as not resolving pending investor grievances.
The capital market watchdog has imposed a penalty of Rs 5 lakh on Ace India, Rs 3.5 lakh on Abner Pharmaceutical, Rs 2.5 lakh on Callipers Naigai and Rs 2 lakh on American Paints India.
According to Securities and Exchange Board of India (Sebi), the firms failed to obtain SCORES authentication. In addition, they failed to resolve investor grievances pending against them.
These complaints are related to non-receipt of shares after transfer, as well as not receiving receipts for refund, allotment, dividend, bonus and redemption among others.
In 2012, Sebi had directed all listed companies to get SCORES authentication by September 14 of the same year, failing which they would have to face enforcement action.
SCORES, launched by Sebi in June 2011, provides a centralised database of all complaints.
Online movement of complaints to the concerned listed companies and upload of Action Taken Reports (ATRs) by the concerned companies are done through this system.
It also helps investors view, track and follow up the actions taken on their grievances. The online redressal system has significantly helped in reducing the processing time of complaints.
