Stepping up its surveillance for inadequate investor redressal mechanism, Sebi today slapped on fines on as many as 7 firms for failure to obtain registration with the regulator's online complaint redressal system within a given time limit and not addressing customer complaints.
Through separate orders passed by Sebi, the market regulator has slapped penalties ranging from Rs 1.20 lakh to Rs 2.50 lakh on these companies, translating into a cumulative amount of nearly Rs 12.20 lakh.
The fines were levied on -- Premium International Finance (Rs 2.50 lakh), H-Lon Hosiery (Rs 2 lakh), Reinz Talbros (Rs 2 lakh), Trident India (Rs 1.50 lakh), Hindustan Financial Management (Rs 1.50 lakh), Hindustan Ceramics (Rs 1.50 lakh) and Ideal Hotels & Industries (Rs 1.20 lakh).
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According to the Securities and Exchange Board of India (Sebi), these companies had not obtained the registration with its online investor redressal system SCORES within the stipulated time frame.
Besides, the companies were also penalised for not resolving the pending investor grievances against them.
Sebi in the orders said that the companies had "neither obtained SCORES authentication nor resolved the pending investor grievances".
As per Sebi norms all listed companies are required to get SCORES authentication, failing which they would have to face enforcement action.
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 and online upload of Action Taken Reports by the concerned companies.
