Sebi closes case against 11 companies in SCORES violation

Markets regulator Sebi has disposed of complaints against 11 companies in a matter related to alleged non-compliance with its online complaint redressal system SCORES.

PTI| Updated: Apr 07, 2016, 20:10 PM IST
Sebi closes case against 11 companies in SCORES violation

New Delhi: Markets regulator Sebi has disposed of complaints against 11 companies in a matter related to alleged non-compliance with its online complaint redressal system SCORES.

The firms are CCL International, Chandrika Traders, Godrich Finance and Securities, Healthcaps India, Sai Capital, Sab Electronic Devices, TRC Financial Services, Tosha International, SRP Industries, Orosil smiths India and MFL India.

It was alleged that the firms did not obtain SCORES authentication from Sebi within the mandated timeframe and also failed to resolve pending investors complaint.

However, the regulator found that the firms had obtained SCORES authentication and had also taken steps for resolving the pending investor grievance.

In 11 separate and similarly-worded orders, Sebi's Adjudicating Officer Vijayant Kumar Verma said "since the noticee (11 firms) had obtained SCORES authentication and had taken necessary steps of resolving the pending investor grievance, I hold that the allegation of not resolving investor grievances does not stand established."

"The noticee is not liable for monetary penalty under  Sebi Act, 1992," Verma added.

Launched in June 2011, SCORES provides a centralised database of all investor complaints. Online movement of complaints to the listed companies concerned and upload of their Action Taken Reports 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 the processing time of complaints.