Market regulator Sebi has imposed a fine of Rs 19.50 lakh on seven firms for failing to register with its online complaint redressal system within time limit and not resolving complaints.
In separate orders, Sebi has slapped penalties on Bowreah Cotton Mills Company (Rs 4 lakh), G R Magnets (Rs 4 lakh), Asia Pacific Financial Services (Rs 3 lakh), 5 S Ltd (Rs 3 lakh), Micro Accessories India (Rs 3 lakh), Bharatpur Nutritional Products (Rs 1.50 lakh) and Sarla Credit Securities (Rs 1 lakh).
Securities and Exchange Board of India said these companies had not obtained the registration with its online investor redressal system SCORES within the stipulated time.
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The firms, except Sarla Credit and Securities, were also penalised for not resolving investor grievances pending against them, despite being reminded by Sebi.
The capital market regulator in 2012 had directed all listed companies to get SCORES authentication by September 14, the same year, 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, online upload of Action Taken Reports (ATRs) by the concerned companies.
It also helps investors view, track and follow up the actions taken on their grievance.
The online redressal system has significantly helped reduce the processing time of complaints.
