Sebi closes case against two firms

Markets regulator Sebi has disposed of cases against two companies -- Century Sheet Metals (India) and Rana Mohendra Papers -- in a matter related to non-compliance with the regulator's online investor complaint redressal system SCORES.
It was alleged that the companies did not obtain SCORES authentication within the prescribed time frame.
However, the regulator's Adjudicating Officer Suresh Gupta said these companies are "not liable for any monetary penalty".
In two separate orders, Gupta said since the requirement under Section 15C of the Sebi Act remains unfulfilled, the allegations that the two firms have violated the provisions of this section "is not tenable".

Section 15C pertains to allegations that if any listed company or any person who is registered as an intermediary, after having been called upon by the Board in writing, to redress the grievances of investors, fails to redress such grievances within the time specified by the Board, such company or intermediary shall be liable to a penalty.
SCORES, which was launched in 2011, 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.