Markets regulator Sebi today imposed a fine of Rs 6 lakh on Eduexel Infotainment for allegedly failing to redress investor complaints within the prescribed time.
Eduexel Infotainment, which is listed on BSE, had allegedly failed to redress 10 investor complaints pending against it in the Sebi Complaints Redress System (SCORES), even after having been called upon by the regulator in writing to redress the grievances within the time specified.
As per Sebi, listed companies are required to take action on investor complaints within a stipulated time.
After finding that Eduexel Infotainment, formerly known as TGF Media Systems, violated various capital market norms by failing to redress the investor complaints, the regulator imposed a penalty of Rs 6 lakh on the firm.
"The noticee (Eduexel Infotainment), being a listed company, failed in its statutory obligation to redress the investor grievances within the prescribed time limits," Securities and Exchange Board of India (Sebi) said in an order.
"By its failure, the noticee has conducted in a manner which is detrimental to the interest of the investors in the securities market," it added.