NEW DELHI, Dec 28: Sebi today penalised Abhinav Commercial for its failure to get registered with the regulator’s online complaint redressal system.
According to an order by the Securities and Exchange Board of India (Sebi), the company said “that there has been a delay and technical lapse in obtaining SCORES authentication in a timely manner”.
Abhinav Commercial Ltd failed to get registered with Sebi’s SCORES within the mandated time frame.
The markets regulator imposed a penalty of Rs 1.5 lakh on the company, saying that “in view of the foregoing, the alleged violation of the provisions of the aforesaid SEBI circular by the noticee(Abhinav Commercial) as alleged in the show cause notice stands established which in turn attracts imposition of penalty”.
SCORES, launched by Sebi in June 2011, provides a centralised database of all complaints. Online movement of complaints to the listed companies concerned and upload of their Action Taken Reports (ATRs) 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 processing time of complaints. (PTI)
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