Sebi disposes of 2 cases related investors complaint system

Sebi has disposed of cases against two companies, Solitaire Machine Tools and Chisel and Hammer (Model), that were charged of not getting the authentication of the market regulator's online complaint redressal system.In August last year, the Securities and Exchange Board of India (Sebi) had asked all listed firms to register themselves with its online system SCORES for investor complaints by September 14, failing which enforcement action would be initiated against them.Thereafter, Sebi issued a newspaper advertisement on October 6, 2012 in respect of the companies, including the two firms, advising them to get authentication within seven days.Sebi alleged that the two firms failed to obtain the authentication within the stipulated timeline as advised.According to the regulator, Chisel and Hammer (Model) neither appeared for hearing nor sought any adjournment.Based on the material on record, Sebi ruled that "the violation cannot be clearly established against the entity (Chisel and Hammer (Model)".In the case of Solitaire Machine Tools, Sebi noted that the firm "had made application on September 27, 2012 and has also thereafter obtained the SCORES authentication"."...the noticee did make correspondence with Sebi vide email dated September 27, 2012 by sending the filled-in form for authentication under SCORES. Further, the noticee vide its reply dated April 4, 2013 had submitted that it has obtained SCORES authentication on February 05, 2013," Sebi said.SCORES, which was launched by Sebi in June 2011 provides a centralised database of all complaints, online movement of complaints to the concerned listed companies, online upload of Action Taken Reports (ATRs) by the concerned companies.It also helps investors view, track and follow up the actions taken on their grievance.