Capital market regulator SEBI (Securities and Exchange Board of India said that all listed companies have to redress investor complaints within a month of receiving them and their failure to meet this directive could attract penal action.
“All listed companies are called upon to redress the grievances of investors and inform them within 30 days of the receipt of the complaints,” SEBI said in a circular on 17th April.
SEBI also said the companies which are yet to get SCORES (SEBI COmplaints REdress System) user ID and password are required to send their details in a manner specified by the regulator and obtain the same.
“SEBI has also directed that the companies which are yet to obtain SCORES user ID and password are required to send their details to SEBI and email@example.com and obtain the SCORES user ID and password,” the circular added.
In case of failure to obtain the SCORES user ID and password within 30 days of issue of this circular, the same would not only be deemed as non redressal of investor grievances but also indicate wilfull avoidance of the same.
It has been directed further, that the failure by the companies to file Action Taken Reports under SCORES within 30 days of date of receipt of the grievance may also attract the provisions of Sec 15A(a) of the SEBI Act, 1992.