Sebi closes case against four companies

Markets regulator Sebi has disposed of complaints against four companies in a matter related to non-compliance with the regulator's online complaint redressal system, SCORES.

The companies are Sulzer India, Maars Software International, The Jagatjit Sugar Mills and Moonbeam Industries.

It was alleged that the firms did not obtain SCORES authentication within the prescribed time limit and also failed to resolve investor complaint pending against them.

However, in the matter of Sulzer India, Sebi found that company was voluntarily delisted from BSE in year 2010 after complying with the formalities for voluntary delisting and trading in the shares was discontinued.

Noting that Sebi has jurisdiction and power to initiate adjudication proceeding on listed companies, the regulator's Adjudicating Officer Prasad P Jagadale disposed of the complaint against Sulzer India.

For Maars Software International, the regulator found that the company had taken appropriate steps to redress the pending investor complaint.

In the matter of The Jagatjit Sugar Mills and Moonbeam Industries, the regulator's Adjudicating Officer Vijayant Kumar Verma said the firms had obtained SCORES authentication and had taken steps of resolving the pending investor grievance.

"I hold that the allegation of not resolving investor grievances... does not stand established," he added.

Launched in June 2011, SCORES provides a centralised database of all investor complaints. Online movement of complaints to the listed companies concerned and upload of their Action Taken Reports 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.