Sebi closes case against seven companies

Markets regulator Sebi has disposed of complaints against seven companies related to non-compliance with its online complaint redressal system, SCORES.
These firms are SB&T International, S Kumars Infrastructure, Compact Disc India, Sambhav Textiles, Trillenium Technologies, Shore Software and Malvika Steel.
It was alleged that SB&T International failed to redress pending investor complaints against it, while others did not obtain SCORES authentication within the mandated timeframe.
However, in the matter of SB&T International Sebi found that it had taken proactive steps to redress the complaints.
While in other six cases, the regulator's Adjudicating Officer Vijayant Kumar Verma said since the requirement under Section 15C of the Sebi Act remains unfulfilled, the allegations that the firms have violated the provisions of this section "is not tenable".

Section 15C pertains to allegations that if any listed company registered as an intermediary, after having been called upon by Sebi, to redress the grievances of investors fails to redress such grievances within the time specified, such company or intermediary shall be liable to a penalty.

However, Verma said these companies are "not liable for any monetary penalty."
Launched in June 2011, SCORES provides a centralised database of all investor complaints. Online movement of complaints to the listed companies concerned and upload of their Action Taken Reports are done through this system.
It also helps investors view, track and follow up the action taken on their grievances. The online redressal system has significantly helped in reducing the processing time of complaints.