Capital markets regulator Sebi has slapped a fine of Rs 2 lakh on Hitkari Industries for failing to obtain registration with its online complaint system as well as not resolving pending investors' grievances. The complaint was regarding non-receipt of dividend. "...noticee had failed to take SCORES (Sebi's online complaint system) authentication and redress/resolve grievances of investors," Securities and Exchange Board of India (Sebi) said in an order. Accordingly, Sebi has imposed the penalty on the company. The markets watchdog, in August 2012, had asked all listed companies to get SCORES authentication by September 14 of the same year, failing which they would have to face enforcement action.
SCORES, which was launched by Sebi in June 2011, provides a centralised database of all complaints, online movement of complaints to the concerned listed companies and online upload of Action Taken Reports by the concerned companies. It also helps investors view, track and follow up the actions taken on their grievances. The online redressal system has significantly helped in reducing the processing time of complaints.
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