Markets regulator Sebi today barred six companies from the securities market for their failure to comply with the regulator’s online complaint redressal system SCORES.
It was alleged that the firms did not obtain SCORES authentication within the mandated timeframe and some of them also failed to redress investor grievances.
The companies are Parsoli Corporation, Libra Filaments, Indo American Cement Corp, Faze Three, Datapro Information Technology and Credence Sound and Vision.
In six separate and similarly-worded orders, Sebi’s whole-time member Rajeev Kumar Agarwal said, “Failure to redress investor grievances by a listed company adversely affects the confidence of investors in the securities market.”
The companies are barred from buying selling or otherwise dealing in the securities market directly or indirectly till they obtain SCORES authentication and resolves all the investor grievances pending against them, the orders said.
In a separate order, the regulator disposed of complaint against Hilton Intermediates of alleged non-compliance to SCORES norms after finding that the firm is under liquidation.
Launched in June 2011, SCORES provides a centralised database of all investor complaints. Online forwarding of complaints to the listed companies concerned and upload of their action taken reports are done through this mechanism.
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.