Pending complaints against cos up in Sept after 2 mths of drop

Pending investor grievances against listed companies, including ONGC and Glaxosmithkline Pharmaceuticals, rose by nearly 5 per cent to 567 in September after declining both in July and August.
Besides, the number of firms against which such complaints were seen has also seen an increase.
As on September 30, 567 complaints were pending for a period of more than 60 days against 23 firms, including Oil & Natural Gas Corporation (ONGC), Glaxosmithkline Pharmaceuticals, Malanpur Steel and Steel Exchange India Ltd.
In August, a total of 541 investor complaints remained unresolved by 21 listed companies, latest data with Sebi's Online Complaints Redress System (SCORES) showed.

The number of complaints pending against firms has risen in September after consistently showing decline in July (down 10 per cent) and August (down 16 per cent).
However, the number of investor complaints have dropped by nearly half compared to over 1,000 grievances that were pending almost a year ago.

As per Securities and Exchange Board of India directive, listed firms are required to resolve investor complaints within a stipulated time of receiving them failing which they would be liable for penal action.
The data includes those entities against whom more than ten 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 567 investor complaints pending against 23 companies at September-end, the maximum number of grievances (141) were pending against Malanpur Steel.
There were 102 investor grievances against state-owned firm ONGC, while 14 complaints remained unresolved by drug maker Glaxosmithkline Pharmaceuticals Ltd.
Other companies on the list include Jupiter Bioscience (23), Rolex Pharmaceuticals (21), Midfield Industries (20), Acropetal Technologies (19) and Steel Exchange India (19).
Among other entities regulated by Sebi, which has set up SCORES for fast-track resolution and monitoring of investor complaints, a total of 60 complaints were pending for over two months against two mutual funds houses and one registrar to an issue/share transfer agent (Karvy Computershare Private Ltd).

The mutual funds are -- Reliance Mutual Fund (16) and SBI Mutual Fund (11). As many as 33 investor grievances were pending against Karvy Computershare.
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, launched 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.