Sebi slaps Rs 4.5 lakh fine on three firms

Markets watchdog Sebi has slapped a total fine of Rs 4.5 lakh on three firms for failing to register with its online complaint redressal system within the stipulated time.

In three separate orders, the Securities and Exchange and Exchange Board of India (Sebi) has levied a fine of Rs 1.5 lakh each on Champion Commercial, Classic Leasing & Finance and Camellia Trading & Investment.

The regulator in April 2013 had directed all listed companies to obtain Sebi Complaints Redressal System (SCORES) authentication within the stipulated time. However, these firms failed to comply with the order.

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Thereafter, a letter dated December 2, 2013, was issued to these companies, whereby these firms were once again advised to submit the requisite information regarding SCORES authentication by December 18, 2013. These companies again failed to comply with the direction.

Champion Commercial obtained SCORES authentication on March 20, 2015, while Classic Leasing & Finance obtained it on March 14, 2014. Camellia Trading & Investment got its SCORES authentication on July 9, 2015.

Launched by Sebi in June 2011, SCORES 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 the processing time of complaints.