Sebi disposes of cases against Scindia Steam,Finalysis Credit

Sebi had asked all listed firms to obtain authentication of SCORES.

Written by PTI | Mumbai | Published:July 3, 2013 1:49 pm

Sebi has disposed off matters against two companies — Scindia Steam Navigation and Finalysis Credit and Services — that alleged them of not getting registration of market regulator’s online complaint redressal system.

“Based on the material on record,I am of the view that the violation cannot be clearly established against the noticee,” Sebi’s adjudicating officer Piyoosh Gupta said in

two similar worded orders dated June 27.

“…the matter is accordingly disposed off,” he added.

In August 2012,Securities and Exchange Board of India (Sebi) had asked all listed firms to obtain authentication of SCORES,an online system for investor complaints,by September 14,failing which appropriate enforcement action would be initiated against them.

Sebi alleged that the two companies had failed to obtain the authentication within the stipulated timeline as advised.

Thereafter,Sebi issued an newspaper advertisement on October 6,2012 in respect of the companies,including the two firms,advising them to get authentication within seven days.

SCORES which was launched by Sebi in June 2011 provides a centralised database of all complaints,online movement of complaints to the concerned listed companies,online upload of Action Taken Reports (ATRs) by the concerned companies.

It also helps investors view,track and follow up the actions taken on their grievance.

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