Sebi disposes of SCORES complaints against 8 firms

Markets regulator Sebi today disposed of complaints against eight companies in matters related to non-compliance with its online complaint redressal system, SCORES.
The firms against which complaints were disposed of are Munak Chemicals, Rampur Fertilizers, SNS Diagnostics, Solarson Industries, Napa papers, Himachal Tubes And Wires, Golden Tourist Resorts & Development and Fernhill Industries.
It was alleged that these companies did not obtain SCORES authentication within the stipulated time and few of them also failed to redress investor complaints against them.
However, Sebi found that the companies have complied with the norms of and have also taken steps to resolve the pending investor complaint.

"The noticee had obtained SCORES authentication and had taken necessary steps of resolving the pending investor grievance," Sebi's Adjudicating officer Vijayant Kumar Verma said in the matter of Munak Chemicals, Rampur Fertilizers and SNS Diagnostics.
In the matter of others, Verma said that the requirements under Section 15C of the Sebi Act were not fulfilled.

The Section 15C pertains to allegations that if any listed company or any person 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.

SCORES is an online platform that provides a centralised database of all investor complaints. Online movement of complaints to the listed companies 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.