Markets regulator Sebi has slapped penalties totalling Rs 4.5 lakh on three companies for failing to get registered with its online complaint redressal system.
In three separate orders, the Securities and Exchange Board of India(Sebi) has imposed a penalty of Rs 1.5 lakh each on Bala Bestos India, Bhartia Sons and Acalta Trading Co.
The three firms failed to get registered with Sebi's SCORES within the mandated time frame.
The markets regulator imposed penalties on the companies saying that "lack of due diligence demonstrated by the noticee (the three firms) is a risk to the securities market and thus loss to the investors to that extent".
In 2012, Sebi had directed all listed companies to get SCORES authentication by September 14 of the same year, failing which they would have to face enforcement action.
Launched by Sebi in June 2011, SCORES 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.
It also 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.
