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SEBI on Tuesday barred Titan Alloys from accessing capital market till the firm resolves all investor grievances pending against it and obtain registration of market regulator’s online complaint system, SCORES.
As per the Securities and Exchange Board of India (SEBI), as many six investor complaints against Titan Alloys were pending unresolved since the year 2010. The complaints pertain to non-receipt of dividend and non-receipt of any correspondence, among others.
“The company has not shown any tenacity in resolving the investors’ grievances and in spite of repeated advices of SEBI, the said investors’ grievances are still pending, till date,” SEBI said in an order.
Further, the watchdog also found that “the company has not obtained SCORES authentication, as required under SEBI circular dated August 13, 2012, till date”.
“.. hereby restrain and prohibit Titan Alloys Ltd from accessing the securities market and from buying, selling or dealing in securities, directly or indirectly, in whatsoever manner, till all the investors’ grievances against it are resolved and it obtains SCORES authentication in terms of the SEBI circular dated August 13, 2012,” it added.
Shares of the company are listed on Ahmedabad Stock Exchange and Delhi Stock Exchange.
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