Sebi disposes cases against 3 companies

Last Updated: Tuesday, April 2, 2013 - 19:06

Mumbai: Sebi has disposed of matters against three companies -- Everlon Synthetics, Vardhman Concrete and Shreejal Info Hubs -- in a matter related to authentication of market regulator's online complaint redressal system, SCORES.

In August last year, Securities and Exchange Board of India (Sebi) had asked all listed firms to register themselves with its online system for investor complaints by September 14, failing which enforcement action would be initiated against them.

It was alleged that the three firms had failed to obtain Sebi Complaints Redress System (SCORES) authentication by September 14, 2012, as directed by the regulator.

However, in three similar worded orders dated March 28, Sebi said that allegations against the three companies "do not stand established and the matter is accordingly disposed off".

In its orders against Everlon and Shreejal, Sebi has observed that companies had "created a User ID in investor corner instead of the company corner" but thereafter obtained the required SCORES authentication.

It further noted that no investor complaints were pending against Everlon, while there was only one grievance received by Shreejal Info which was redressed in time by the company.

In the case of Vardhman Concrete, Sebi ruled that the company had sought SCORES authentication but did not receive it. Following this the firm sent a copy of the application to the regulator after which the authentication was granted to it on January 29, 2013.


First Published: Tuesday, April 2, 2013 - 19:06

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