Market regulator Sebi today slapped a fine of Rs 1 crore on Mahadev Corporation for failing to get registered with its online complaint system as well as not resolving investor grievances.
According to the regulator, the firm had not obtained SCORES authentication till today.
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.
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Besides, there are 1,194 complaints, pertaining to non-receipt of dividend/ bonus and non-receipt of shares after transfer among others, pending against the company as of today.
"...It is concluded that the noticee (Mahadev Corporation) has neither obtained the SCORES authentication nor resolve the pending investor grievances," Sebi said in an order.
In 2012, it 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.
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.
In a separate order, Sebi has levied a fine of Rs 1 lakh on Sangal Papers for delay in redressing a single grievance within the stipulated timeline.
While in an another order, the market regulator has disposed of a case against JVL Agro Industries Ltd as the allegation of non-redressal of investor grievance could not be established.
It was alleged that the company has failed to redress investor complaints within the stipulated timeframe.
However, Sebi said noted that "...Allegation against the noticee (JVL Agro Industries) has not been established.
