SCORES violation: Sebi fines 2 firms Rs 17.25 lakh

Sebi has slapped a total fine of Rs 17.25 lakh on two firms for failing to obtain authentication with its online complaint redressal system along with redressing investor grievances within the stipulated time.

In two separate orders dated July 31, the regulator said Eastern Mining and Allied Industries, and Orissa Industries have neither obtained SCORES (SEBI Complaints Redressal System) authentication within the time period -- September 2012 -- nor have they done it subsequently.

Moreover, both the firms failed to redress investor grievances within the stipulated time of 30 days as required under SCORES, the regulator noted.

Accordingly, a fine of Rs 12 lakh was imposed on Eastern Mining and Rs 5.25 lakh on Orissa Industries.

In June 2011, the regulator had directed all listed companies to obtain SCORES authentication within the stipulated time.

Complaints received by Sebi (Securities and Exchange board of India) in SCORES are electronically forwarded to the listed company which in turn is required to resolve the same and furnish the Action Taken Report in electronic form.