NEW DELHI, Feb 14: Markets regulator SEBI has disposed of complaints against KCC Software in a matter related to non-compliance with the regulator’s online complaint redressal system.
It was alleged that the company did not obtain SCORES authentication within the mandated time and also failed to resolve one investor complaint regarding non-receipt of dividend.
However, a SEBI probe found the company had obtained SCORES authentication in time and had also taken steps to resolve the complaint.
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.
In an order, the regulator’s Adjudicating officer Suresh Gupta said that “the allegation that the noticee (KCC Software) has violated the provisions of Section 15C of the SEBI Act is not tenable.
“…Since the noticee is not liable for monetary penalty in the instant matter, this issue deserves no consideration,” he added.
As per Section 15C, any listed company after having been called upon by SEBI in writing, to redress the grievances of investors, fails to do so within the time specified by the markets regulator, such firm shall be liable to a penalty. (PTI)
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