Sebi imposes Rs31 lakh fine on 9 companies for not settling investor grievances

Sebi imposes fine on 9 companies for non compliance
Securities and Exchange Board of India or Sebi has imposed a fine of Rs 31.35 lakh on 9 companies so far in 2012-13 for allegedly failing to settle investor complaints.

In comparison, the number of companies against which Sebi took action in 2011-12 fiscal was 5 and in 2010-11 fiscal were 3. However, the total penalties imposed in 2011-12 at Rs 53.30 lakh and Rs 43 lakh in 2010-11 are higher than those slapped by Sebi in 2012-13.

Giving the reasons for imposing fine, Sebi said, "The monetary penalties against the companies are imposed through adjudication proceedings for their failure to redress investor grievance."

Some of the companies fined were Lohia Polyesters, Kanel Oil & Export Industries, Earnest Healthcare, Gujarat Filaments, Gujarat Aqua Industries. Additionally, Sebi in the first five months of the current fiscal had barred four companies, namely, Shukla Data Technics, Top Telemedia, International Hometex and Alpine Industries and their respective directors from accessing securities market for allegedly not resolving investor grievances.

Read more about: sebi
Story first published: Wednesday, December 12, 2012, 10:30 [IST]
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