Millennium Post

Redress investor woes in 30 days or be fined: Sebi to cos

Stock exchanges and listed companies have to redress investor complaints within a month of receiving them and their failure to meet this directive could attract penal action. In a circular, Sebi (Securities and Exchange Board of India) on Wednesday said: ‘All listed companies are required to redress the grievances of investors and inform them within 30 days of the receipt of the complaints.’

The details of investor grievances relating to companies are available at webpage of SCORES that can be accessed through their respective user ID and password. The regulator said firms which are yet to get SCORES user ID and password are required to send their details in a manner specified by Sebi and obtain the same.

‘Failure to obtain the SCORES users ID and password within 30 days of issue of this circular would not only be deemed as non-redressal of investor grievances but also indicate wilful avoidance of the same,’ said Sebi. The regulator said a company could be liable for penal action if it fails to file Action Taken Reports (ATR) under SCORES within one month of receiving them.

SCORES was launched by the regulator in June 2011. It enables investors to lodge, follow up and track the status of complaints on the website.

The system enables market intermediaries and listed companies to receive online complaints from investors, redress these and report the redressal measures online.
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