Sebi slaps Rs 19 lakh on three Ahmedabad-based companies

Capital market regulator Sebi has slapped a penalty of Rs 19 lakh on three Ahmedabad-based companies for failing to obtain registration with its online complaints redressal system as well as not resolving pending investor grievances.
The Securities and Exchange Board of India (Sebi) has slapped a fine of Rs 12 lakh on Gujarat Fun N Water Park, Rs 5 lakh on Asiatic Infrastructure & Shelters and Rs 2 lakh on Cure Spects Laser, in three separate orders dated March 31.
According to Sebi, Gujarat Fun and Asiatic Infrastructure made a delay in getting SCORES (Sebi Complaints Redressal System) authentication, while Cure Spects failed in obtaining the authentication.

Further, all the three firms had failed to submit the ATR (Action Taken Report) with respect to investors complaints and had not resolved the long pending grievance of investors as directed by the market regulator.
As per the regulator, 11 investor complaints were pending against Gujarat Fun N Water Park, four were pending against Asiatic Infrastructure & Shelters and one against Cure Spects.
Sebi had asked the companies to resolve the pending complaints which they failed to do.
SCORES which was launched by Sebi in June 2011 provides a centralised database of all complaints, online movement of complaints to the concerned listed companies, online upload of ATRs by the concerned companies. It also helps investors view, track and follow up the actions taken on their grievance.

Sebi has directed all the listed companies to view complaints pending against them and submit ATR along with supporting documents electronically in SCORES.