Market regulator Sebi has slapped penalties totalling more than Rs 50 lakh on 11 companies since the beginning of the current fiscal for allegedly failing to resolve investor complaints.
Market regulator Sebi has imposed a penalty of Rs 4 lakh on Indiabulls Securities for allegedly violating various norms for stock brokers including delay in redressing investor complaints.
Securities market regulator SEBI today directed 14 companies to act on pending investor complaints within 15 days, failing which a penalty of up to Rs 1 crore each would be imposed on them.
Faced with the Herculean task of handling lakhs of investor complaints, market regulator Sebi plans to rope in third party agencies for processing and maintenance of these grievances.