Market regulator SEBI in the last five months barred four companies and their directors from accessing securities market for not resolving investor grievances.
SEBI has barred Shukla Data Technics, Top Telemedia, International Hometex and Alpine Industries along with its directors from accessing the securities market between April and August this year, as per the information available with the regulator.
SEBI said that the companies and directors are barred from “buying, selling or dealing in securities directly or indirectly till all the investors’ grievances against the company are resolved.”
Besides, the regulator imposed a total penalty of Rs 6.25 lakh on four other firms for not resolving investor grievances during April-August period.
SEBI imposed a fine of Rs 2 lakh on Satguru Agro Industries Ltd, Rs 1.5 lakh on Simco Industries Ltd, Rs 2 lakh on Jord Engineers India Ltd and Rs 75,000 on Raj Irrigation Pipes & Fittings Ltd.
Earlier last month, SEBI had asked all listed companies to register themselves with its online complaint redressal system – SCORES – by September 14, after which the companies would be required to resolve all grievances within 30 days of their receipt.
In case, a company is unable to initiate action for redressal of investor grievances within seven days of receipt in SCORES, the regulator could take necessary enforcement actions.
SEBI had launched this online system for handling investor grievances in June 2011.