NEW DELHI, Nov 18: Sebi has imposed a fine of Rs 1.5 lakh on Vinal Investments for not registering with the capital market regulator’s online system to redress investor complaints.
The regulator found that the company failed to obtain the SCORES (Sebi Online Complaints Redress System) authentication within the stipulated timeframe even after repeated reminders and thus, violated the provisions of the Sebi Act.
The company applied for SCORES authentication in September last year.
“… The noticee (Vinal Investments) has cited the reason for non-compliance as ‘ignorance’ and ‘oversight’ on its part and thus, is guilty of consistently failing and neglecting to discharge its duty as a listed company,” the order said.
The Securities and Exchange Board of India (Sebi), in August 2012, had asked all listed companies to get SCORES authentication by September 14 of the same year, failing which they would have to face enforcement action.
SCORES, which was launched by Sebi in June 2011, provides a centralised database of all complaints, their online movement to the listed companies concerned and online upload of action taken reports. (PTI)
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