Markets regulator Sebi Tuesday imposed a fine of Rs 6.7 lakh on Premium Industries for failing to obtain authentication with its online complaint redressal system along with redressing investor grievances within the stipulated time.
In an order, the Securities and Exchange Board of India (Sebi) said the Premium Industries is a listed company, but has neither obtained SCORES authentication within the deadline of September 14, 2012, nor has it done so subsequently.
"Six grievances of investors are pending for redressal for period of more than 3.4 years. Such persistent non-compliance does not inspire confidence of investors in the market, whose protection is Sebi's prime mandate," the regulator said.
Sebi imposed a total fine of Rs 6.7 lakh on the firm.
Launched in 2011, SCORES helps investors view, track and follow up the action taken on their grievances.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)