Mumbai, Aug. 13: As many as 11 Calcutta-based companies have been docked with fines for lapses in fulfilling investor redressal norms.
The Securities and Exchange Board of India (Sebi) has fined the 11 for not registering with its online complaint system — SCORES (Sebi Complaints Redressal System).
The penalties amount to Rs 29.4 lakh.
A few of these companies were also penalised for not resolving grievances even after repeated reminders from the regulator.
SCORES, launched by Sebi in June 2011, provides a centralised database of all investor complaints, online movement of complaints to the concerned listed companies and the action taken reports. It helps investors to track the actions taken on their grievances. The system was operationalised in June last year.
It is mandatory for listed companies to obtain SCORES authorisation and take necessary steps within seven days of receiving a complaint and resolve it within 30 days.
Sebi imposed the penalties in 11 separate orders on Tuesday. Adjudicating officer Soma Majumder slapped fines ranging from Rs 1.20 lakh to Rs 4 lakh on these companies.