Sebi bars 5 cos from trading in markets

Market regulator Sebi barred five companies and their directors from trading in the securities market until all pending investor grievances against them were resolved. The five firms affected by the order are D R Softech and Industries,Nexus Software Limited Prakash Fortan Softech,Rane Computers Consultancy and Topline Shoes. “In the matter of non-redressal of investor grievances... five companies and their directors... SEBI has passed order dated December 13,2010,restraining them from accessing securities market and prohibited them from buying,selling or otherwise dealing in securities,directly or indirectly,till all the pending investor grievances against the Companies are resolved,” SEBI said in a statement. Securities and Exchange board of India had received several complaints against DR Softech and Industries and its directors from investors and a total of 94 investor grievances were pending against it as on September 24,2008,related to various issues. The company was charged with having failed to resolve the pending investor grievances and provide any response to Sebi’s queries. In the case of Nexus Software Limited 57 investor complaints were pending against it and the company had even been fined Rs 1000000 earlier this year for non-compliance. Sebi noted that the firm has failed to pay the fine. Similarly,Prakash Fortan Softech,Rane Computers Consultancy and Topline Shoes had 124,78 and 83 investors complaints against them,respectively,dealing with various issues,Sebi said.