Sebi slaps nearly Rs 39 lakh penalty on 10 entities
23/09/2014 17:28
Securities Exchange Board of India (Sebi) has penalized 10 companies to the tune of nearly Rs 39 lakh besides barring one firm from the capital markets for alleged inadequacy in their investor redressal mechanism, said the media report.
According to Sebi, these companies had failed to obtain registration with its online investor redressal system SCORES and had not resolved investor grievances pending against them despite repeated reminders by the market regulator.
The capital market regulator has slapped penalties on Somani Swiss Industries (Rs 12 lakh), Sanderson Industries (Rs 7 lakh) and Platinum Finance (Rs 4 lakh).
Besides, it has imposed a fine of Rs 3 lakh each on SM International, RCS Vanaspati Industries, Moderate Credit Corporation and Monotona Exports.
It has also levied Rs 1.50 lakh fine on Dighe Electronics and Rs 1 lakh each on Girnar Fibres and Gopi Appliances.
Meanwhile, Sebi has barred Sparkle Foods from accessing the securities market "till all the investors' grievances against it are resolved and it obtains SCORES authentication".
Going forward, it has also passed orders on three firms - Norris Medicines, Movilex Irrigation and Ladam Steels - wherein it has disposed off the charges against the firms and their respective directors as they have agreed to resolve pending investor complaints.
23/09/2014 17:28
Securities Exchange Board of India (Sebi) has penalized 10 companies to the tune of nearly Rs 39 lakh besides barring one firm from the capital markets for alleged inadequacy in their investor redressal mechanism, said the media report.
According to Sebi, these companies had failed to obtain registration with its online investor redressal system SCORES and had not resolved investor grievances pending against them despite repeated reminders by the market regulator.
The capital market regulator has slapped penalties on Somani Swiss Industries (Rs 12 lakh), Sanderson Industries (Rs 7 lakh) and Platinum Finance (Rs 4 lakh).
Besides, it has imposed a fine of Rs 3 lakh each on SM International, RCS Vanaspati Industries, Moderate Credit Corporation and Monotona Exports.
It has also levied Rs 1.50 lakh fine on Dighe Electronics and Rs 1 lakh each on Girnar Fibres and Gopi Appliances.
Meanwhile, Sebi has barred Sparkle Foods from accessing the securities market "till all the investors' grievances against it are resolved and it obtains SCORES authentication".
Going forward, it has also passed orders on three firms - Norris Medicines, Movilex Irrigation and Ladam Steels - wherein it has disposed off the charges against the firms and their respective directors as they have agreed to resolve pending investor complaints.
