sebi:ORDER/SR/SB/2017-18/1040
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed on the Noticee under Section 15HB of the SEBI Act for failure to obtain SCORES authentication within the stipulated timeline.
Provisions invoked
- s. 15
- s. 15H
Parties
- Pahargoomiah Tea Assn Ltd.
Holding
The Noticee failed to obtain SCORES authentication within the timeline stipulated by SEBI circulars, constituting a violation of SEBI Circular No. CIR/OIAE/1/2013 dated April 17, 2013, and attracting penalty under Section 15HB of the SEBI Act. A penalty of Rs. 1,00,000 was imposed.
Full text
Page 2 of 5 Mahapatra was appointed as AO. Subsequent to his transfer, the undersigned was appointed as AO vide Order dated June 22, 2015.
Page 3 of 5 8. SEBI commenced its web based investor grievance redressal portal, SCORES, in June 2011 to enhance investor protection. Investors can lodged their complaint against listed companies in ‘on-line’ or in physical mode and monitor its status on 24 X 7 basis. Complaints received by SEBI / in SCORES are electronically forwarded to the listed company / its Share Transfer Agent (hereinafter, STA), which in turn is required to redress the same and furnish the Action Taken Report (hereinafter, ATR) in electronically form. However, as a prerequisite to access SCORES portal, listed companies have to obtain user ID and login password from SEBI (hereinafter, SCORES authentication) by providing structured information to the latter. The foregoing was spelt out in the SEBI Circular No. CIR/OIAE/2/2011 dated June 03, 2011.
Page 4 of 5 12. I find that the Noticee did not obtain SCORES authentication even after admittedly receiving SEBI letter dated December 02, 2013 on December 05, 2013, pursuant to the circular of April 2013. The e-mail dated December 05, 2013 from SEBI (feedback- sebi@scores.gov.in) addressed to recipient email ID ‘fe2008@sify.com’, furnished by the Noticee, is in fact the acknowledgement of the SCORES registration of the entity to lodge complaint as an investor. Further, from the information provided by the dealing division, I also find that in response to Noticee’s letter furnishing the requisite information, SEBI, vide e-mail dated January 08, 2015 to recipient email ID ‘pahargoomiah@gmail.com’, conveyed SCORES user ID and login password to ‘Pahargoomiah Teas Assn Ltd.’; i.e. the Noticee obtained SCORES authentication only on January 08, 2015.
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Source: SecMarx — sebi:ORDER/SR/SB/2017-18/1040. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.