SEBI bars 3 cos for not complying with redressal norms

NEW DELHI: Markets regulator SEBI has barred three companies from the securities market for their failure to comply with the online complaint redressal system, SCORES.

The companies are United Diagnostic International, Noel Agritech and Innovative Print Forms.

It was alleged that the firms did not obtain SCORES authentication within the mandated timeframe and also failed to redress investor grievances pending against them.

“Failure to redress investor grievances by a listed company adversely affects the confidence of investors in the securities market,” Sebis whole-time member Rajeev Kumar Agarwal said in three separate orders.

The companies are barred from buying selling or otherwise dealing in the securities market directly or indirectly till they obtain SCORES authentication and resolve all the investor grievances pending against them, the orders said.

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.