Sebi closes proceedings against Shriram Housing Finance

Capital markets regulator Securities and Exchange Board of India's (Sebi's) has disposed of proceedings against Shriram Housing Finance and Investment related to alleged non-compliance with online investor complaint redressal system SCORES.

The company had not obtained SCORES authentication from Sebi within the mandated timeframe. Further, there were investor complaints pending against the firm.

The Sebi Adjudicating Officer Suresh Gupta said since the requirement under Section 15c of the Sebi Act remains unfulfilled, the allegation the firm has 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 do so within the time specified by the board, such company or intermediary shall be liable to a penalty.

Besides, Gupta said the company is "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.