Market regulator Sebi has slapped fines totalling Rs 9 lakh on four firms for failing to obtain registration with its online complaint system as well as not resolving pending investor grievances within the required timeline.
The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 3 lakh each on East India Iron and Steel Company and Ambuja Agro Industries and Rs 2 lakh fine on Anmol Drugs and Pharmaceuticals and Rs 1 lakh fine on MC-Stitch in four separate orders dated January 30.
According to the regulator, these firms have failed to resolve investor complaints within stipulated time and made a delay in obtaining SCORES authentication.
Accordingly, Sebi has levied fines on these companies.
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 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.
