Listed companies top in terms of pending investor complaints
About two dozen companies, including state-run giants like ONGC and Coal India, had investor complaints pending against them for more than two months at the end of last fiscal, as per SEBI data.
New Delhi: About two dozen companies, including state-run giants like ONGC and Coal India, had investor complaints pending against them for more than two months at the end of last fiscal, as per SEBI data.
The latest data available with SEBI Complaints Redress System (SCORES) shows that a total of 23 listed companies had ten or more complaints pending against them for a period of more than 60 days as on March 31, 2013.
Together, more than 900 investor complaints were pending against these companies, which included ONGC, Coal India, Sterlite Industries and Zylog Systems.
However, the maximum number of 191 complaints were pending against Vatsa Corp, followed by 140 against Malanpur Steel and 110 against ONGC as on March 31, 2013. Sterlite Industries had 22 complaints, while Coal India had 13.
The other companies listed by SEBI for pending complaints include Malanpur Steel (140), Acropetal Tech (74), Zylog Systems (39), Blazon Marbles (34) and Osian Industries (33).
Among other entities regulated by SEBI, which has set up SCORES for fast-track resolution and monitoring of investor complaints, a total of 145 complaints were pending for over two months against four merchant banks, 19 against one mutual fund (Reliance Mutual Fund) and 12 against one stock exchange (NSE).
These four merchant bankers included Enam Securities (59), Kotak Mahindra Capital Company (40), DSP Merrill Lynch (25) and Citgroup Global Markets (21).
The data has been uploaded by SEBI on its online complaint redressal system, SCORES, which lists all entities functioning in the capital market, including listed companies, stock exchanges, merchant bankers and mutual funds.
SEBI has listed those entities against whom more than ten complaints are pending for more than 60 days.
In its latest circular on April 17, SEBI had directed stock exchanges and listed companies to redress investor complaints within a month of receiving them. The regulator has said that failure to adhere to these directions would attract penal action.
SCORES was launched by the regulator in June 2011 and 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 shift to the online redressal system has significantly helped reduce the processing time of complaints.
Prior to SCORES, the companies were required to submit physical ATRs (Action Taken Reports) on the investor complaints forwarded by SEBI to them.