Sebi imposes total penalty of Rs 4.5 lakh on three companies for SCORES violation
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Markets regulator Sebi has imposed a total penalty of Rs 4.5 lakh on three firms for not registering with SCORES, the regulators' online complaint redressal system.
It was alleged that the companies -- Akshya Nidhi, Barduar Tea & Timber Company and Appu India -- did not obtain Sebi Complaints Redressal System (SCORES) authentication from the Securities and Exchange Board of India (Sebi) within the mandated timeframe even after repeated reminders.
SCORES is Sebi's online platform that provides a centralised database of all complaints. Movement of complaints to the listed companies concern and upload of their action taken reports (ATRs) are done through this system.
The regulator has slapped a fine of Rs 1.5 lakh each on these three companies.
Sebi, through its two circulars in August 2012 and April 2013, had directed all the listed companies to obtain SCORES authentication within the stipulated time. The regulator had again advised the companies in December 2013 to submit requisite information. However, none of the three submitted the same.
"Failure to comply with the directions of Sebi contained in the circulars and thereafter the directions contained in the letter dated December 2, 2013, amounts to repeated violation of the directions given by Sebi,"
Sebi's Adjudicating Officer S Madhusudhanan said in three separate orders.
On further verification, it was found that the firms have now obtained necessary authentication after the cut-off as prescribed by Sebi lapsed.
Launched in 2011, SCORES helps investors view, track and follow up the action taken on their grievances. The online redressal system has significantly helped in reducing the processing time of complaints.
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