Sebi slaps fine on 6 firms for non compliance to applicable norms

Market regulator Securities and Exchange Board of India (Sebi) has slapped a penalty totalling Rs 8 lakh on six companies for non compliance to applicable norms with regard to online complaint system.

In six separate orders, Sebi has imposed a penalty of Rs 1.5 lakh each on Wellington Commercial, Sumati Industrial Finance, Shree Krishna Jute Products, Port Shipping Company and Rs 1 lakh each on T&I Projects and Surana Metals.

According to the Sebi, four firms - Wellington Commercial, Sumati Industrial Finance, Shree Krishna Jute Products, Port Shipping Company - had not obtained the registration with its online investor redressal system, SCORES, within the stipulated time frame.

While T&I Projects and Surana Metals had erroneously taken a SCORES registration, which is meant for investors, instead of SCORES authentication as mandated.

In 2012, it had directed all listed companies to get SCORES authentication by September 14, failing which they would have to face enforcement action.

SCORES, 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 (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.