Sebi imposes Rs 5 lakh fine on Serene Industries

Market regulator Sebi has slapped Rs 500000 fine on Serene Industries for its alleged failure to resolve investor complaints within the stipulated time and submit the Action Taken Report (ATR) in this regard.The Securities and Exchange Board of India (Sebi) has found that there were 34 investor grievances pending against Serene Industries in the regulator's online complaint redressal system, SCORES as December 19, 2013.The company was asked by the market regulator to resolve the complaints within a stipulated time and submit the ATR for the same which the firm failed to do."...noticee (Serene Industries)has neither redressed the investor grievances within stipulated time, in spite of being called upon by Sebi repeatedly in writing to do so nor it has submitted the ATR," Sebi said in its order yesterday.Accordingly, Sebi has imposed a "consolidated penalty Rs 500000 on Serene Industries...for the failure to redress the investor grievances within stipulated time and failure to submit the ATR.