Sebi penalises 9 cos for failing to get SCORES registration

Sebi today imposed penalties totalling Rs 15 lakh on nine firms for their failure to get themselves registered with the regulator's online complaint redressal system.
The companies are Super Green India, Swati Projects, Scrap Breaking & Processing India, NRI Investments, Neelachal Minerals, Transcorp Commerce, Narbheram and Company, Sandeep India Ltd and Seksaria Foundries.
All these entities failed to get registered with Sebi's SCORES within the mandated timeframe.
Through nine separate but similarly-worded orders, the regulator has slapped a penalty of Rs 2 lakh each on Super Green India, Swati Projects and Transcorp Commerce while Rs 1.5 lakh fine has been imposed on Scrap Breaking & Processing India, Neelachal Minerals, NRI Investments, Narbheram and Company, Sandeep India Ltd and Seksaria Foundries.

Passing the orders against five companies -- Super Green India, Swati Projects, Scrap Breaking & Processing India, Transcorp Commerce and Seksaria Foundries -- Sebi's Adjudicating Officer Soma Majumder said these entities have cited "ignorance and oversight" as the reason for non-compliance.
Thus, they are guilty of consistently failing and neglecting to discharge their duty as listed companies, Majumder noted.

In the cases of Neelachal Minerals, Narbheram and Company, NRI Investments and Sandeep India Ltd, the regulator observed that for more than a year, they failed to comply with the requirement.
As per Sebi norms, all listed companies are required to get SCORES authentication, otherwise they would face enforcement action.

Launched in June 2011, SCORES is a centralised platform that provides details about all investor complaints against listed companies and action taken by the firms concerned.