Sebi fines Jilichem Laboratories, Incorporated Engineers for not resolving investors' complaints

Capital markets regulator Sebi imposed a fine of Rs 1 lakh each on Jilichem Laboratories Ltd and Incorporated Engineers Ltd for failing to redress investors' grievances received through SCORES.

SCORES is an online complaint redressal system of Sebi through which the complaints received by the regulator are electronically forwarded to the listed company which in turn is required to resolve the same and furnish an action taken report in an electronic form.

As per the regulator's circulars, all listed companies need to resolve complaints received through SCORES within 30 days.

However, Sebi noted that both the firms on several instances failed to resolve complaints within the time specified by Sebi and did not submit action taken report on SCORES.

Accordingly, the firms have been fined Rs 1 lakh each through separate orders.

In a separate order, the regulator levied a penalty of Rs 2 lakh on five individuals for making delayed disclosures to the firm and stock exchanges with respect to change in their shareholding in SKM Egg Products Export (India) Ltd.

The fine amount is "payable jointly and severally" by the five individuals-- Maeilanandhan SKM, Shyamala Sharmili, S Kumuthavalli, Chandrasekar M and SKM Shree Shivkumar.

The individuals have been fined for their failure to comply with substantial acquisition of shares and takeover norms.

According to a settlement order passed by Sebi on Wednesday, a designated employee of Minda Industries Ltd, Atul Swaroop, has settled with the regulator a case of alleged violation of insider trading norms by paying over Rs 3 lakh as settlement charge.

Swarup was alleged to have violated prohibition of insider trading regulations by failing to make disclosure regarding change in his shareholding in the company.

However, while proceedings were pending, Swarup filed a settlement application with the regulator and paid a settlement amount of Rs 3,01,758 in October.