Sebi drops charge against Swasti Vinayaka

Market regulator in its show cause notice in Jan this year, observed that the company has failed to resolve investor complaints pending against it for a long period

Market regulator Sebi today dropped charge against Swasti Vinayaka Art and Heritage Corp of non-redressal of investor grievances within stipulated time as the allegation could not be proved against the stock broker.

The Securities and Exchange Board of India (Sebi), in its show cause notice in January this year, observed that Swasti Vinayaka Art Heritage Corp has failed to resolve investor complaints pending against it for a long period.

The regulator had advised to resolve all the grievances within 30 days and submit a status report regarding it.

 Later the stock broker had redressed the complaints.

 In this regard, Sebi sought a confirmation from its Office of Investor Assistance and Education department which said that no complaints are pending against the broker at present.

 Accordingly, Sebi in its order said that alleged violation of non-redressal of the investor grievances "by the noticee (Swasti Vinayaka Art and Heritage Corp)could not be established."