Monday, August 13, 2012

Listed Companies to Obtain SCORES Authentication by 14th September, 2012

SEBI Complaints Redress System (SCORES) was commenced in June, 2011.

SEBI issued Circular No. OIAE/1/2012, dated 13th August, 2012 according to which all companies whose securities are listed on various stock exchanges need to comply with the following:
  • All companies whose securities are listed on stock exchanges are hereby advised to obtain SCORES authentication by 14th September, 2012 in terms of the aforesaid circular.
  • All companies against whom complaints are pending on SCORES shall take appropriate necessary steps within 7 days of receipt of complaint by the concerned company through SCORES, so as to resolve the complaint within 30 days of receipt of complaint and also keep the complainant duly informed of the action taken thereon.
  • In case of failure to comply with the above, SEBI would be constrained to initiate enforcement actions as per the law as may be deemed appropriate.
  • The Stock Exchanges are accordingly advised to bring the provisions of this Circular to the notice of all the companies whose securities are listed in the exchange and also to disseminate the same on the website.
  • This Circular is issued in exercise of powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of and to regulate the securities market.