SEBI gets tough on investor grievances, issues notices to 26 cos

MUMBAI: The Securities and Exchange Board of India has issued notices to 26 companies and its directors, on failure to redress investor grievances.

Market regulator said on Jan 23, it has been receiving large number of complaints from investors with respect to companies including AEC Enterprises, Bhuvan Tripura Industries, Binaca Synthetic Resins, Chicago Software Industries, Garden Silk Mills, Nexus Software, Rossel Finance and Vitara Chemicals.

Sebi has asked these companies to pay a penalty of Rs 1 lakh for each day during which such failure continues, as these companies have not responded to its letter to resolve the grievances and submit the status report to the regulator within 30 days.

The regulator also said that it shall be constrained to take any other action against these companies and its directors including initiating adjudication proceedings.