Sebi slaps Rs 8.5L fine on eight firms for SCORES violation

Markets regulator Sebi today imposed a total penalty of Rs 8.5 lakh on eight companies for not complying with online complaint redressal system, SCORES.
The firms are Fraternity Electronics, Unity Agrotech Industries, Tasc Finance, Candy Filters, Alexcon Extrusions, Bhawani Cable Tel, Bubna Major Biotech and Bhartia Bachat.
While a penalty of Rs 1.5 lakh has been slapped on Bhartia Bachat, others have been penalised Rs 1 lakh fine each.
The regulator found that the firms did not obtain SCORES authentication within the mandated timeframe and some of them also failed to redress investor complaints.
In eight separate but similarly worded orders Sebi said lack of due diligence demonstrated by these firms is a risk to the securities market and thus loss to the investors to that extent.

The regulator through two circulars in August 2012 and April 2013, had directed all the listed companies to obtain SCORES authentication within the stipulated time.
SCORES is Sebi's online platform that provides a centralised database of all complaints. Online Movement of complaints to the listed companies concerned and upload of their action taken reports (ATRs) are done through this system.
Launched in 2011, SCORES helps investors view, track and follow up the action taken on their grievances. The online redressal system has significantly helped in reducing processing time of complaints.