Poor get poorer
As always, given the inequities built into the global economic system, the poorest people in the world have been the…
Sebi on Friday barred six companies from the securities market until they resolve all pending investor grievances against them.
The companies in question are Bagri Minerals and Chemicals, Lawa Coated Papers, Amrut Credit Corporation (India), Chemox Laboratories, Minhas Steels and Kushal Diamonds.
Further, the Securities and Exchange Board of India (Sebi) said the ban will continue until they get registered with Sebi’s online complaint system SCORES.
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In separate but similarly-worded orders, Sebi has prohibited the firms from the securities market till they obtain SCORES authentication and resolve all pending investor grievances.
While three complaints were pending against Bagri Minerals, Lawa Coated Papers faced seven.
There were 12 complaints against Amrut Credit Corp, eight against Chemox Laboratories and five against Minhas Steels.
Against Kushal Diamonds, there were 15 investor complaints.
Launched in June 2011, SCORES provides a centralised database of all investor complaints. Online forwarding of complaints to the listed companies concerned and upload of their action taken reports are carried out 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.
In a separate case, the regulator ordered impounding of unlawful gains of Rs 61.73 lakh from Kamal Jitendra Katkoria for allegedly indulging in fraudulent trading activity.
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