Pending investor complaints against cos rise 8.5% in Oct

Pending investor complaints against listed firms rose by nearly 8.5% to 666 in October, while the number of companies against which such grievances were recorded also increased to 25, latest data by Sebi shows.

In comparison, 614 investor complaints were pending against 22 listed companies as on September 30, according to Sebi's Online Complaints Redress System (SCORES).

As on October 31, 2013, 666 complaints were pending for a period of more than 60 days against 25 firms, including ONGC, Sterlite Industries, Birla Precision Technologies, Malanpur Steel and Zylog Systems.

As per Securities and Exchange Board of India' (Sebi) directive earlier this year, listed firms are required to resolve investor complaints within a month of receiving them failing which they would be liable for penal action.

The data includes those entities against whom more than 10 complaints are pending for more than 60 days and excludes entities against whom enforcement action has been initiated by Sebi for non-redressal of investor grievances.

Of the total 666 investor complaints pending against 25 companies at October-end, the maximum number of complaints (150) were pending against Malanpur Steel.

There were 85 investor grievances against Oil & Natural Gas Corporation, 72 against Varun Shipping Company and 31 against Acropetal Technologies.

Oxides & Specialities and Zylog Systems had 26 grievances each pending against them, while Birla Precision Technologies and Sterlite Industries each had only 11 such complaints.

Among other entities regulated by Sebi, which has set up SCORES for fast-track resolution and monitoring of investor complaints, a total of 132 complaints were pending for over two months against four mutual funds houses, one registrar to an issue/share transfer agent (Karvy Computershare Private Ltd) and one merchant bank (Enam Securities).

The mutual funds included -- Reliance Mutual Fund (52), UTI Mutual Fund (20), Birla Sun Life Mutual Fund (15) and SBI Mutual Fund (15).

Sebi online complaint redressal system, SCORES, lists all entities functioning in the capital market, including listed companies, stock exchanges, merchant bankers and mutual funds.

SCORES which was launched by the regulator in June 2011 provides a centralised database of all complaints, online movement of complaints to the concerned listed companies, online upload of Action Taken Reports (ATRs) by the concerned companies. It also helps investors view, track and follow up the actions taken on their grievance.