If the companies fail to redress the investor's grievances, a daily fine of Rs

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(Commercial Representative) Mumbai, Ta. 14 August 2020, Friday

The Securities and Exchange Board of India (SEBI) has decided to impose a daily fine of Rs 1,000 on listed companies if they fail to resolve investor grievances.

SEBI has issued a circular on Investor Grievances Redressal Mechanism setting out the mechanism for redressal of grievances by listed companies and stock exchanges. According to which, if the listed company fails to resolve the complaint of the investor within the stipulated time, the stock exchanges will impose a daily fine of Rs.1000-1000. These guidelines will come into effect from September 1, 2020.

SEBI has said in a circular that companies will have to resolve investor complaints within 60 days from the date of receipt of the complaint. In the event that the company fails, these complaints will be forwarded directly to the Designate Stock Exchange (DSE) through scores. Scores is SEBI's online grievance redressal system.

According to the circular, the stock exchange will charge a daily penalty of Rs 1,000 for unresolved grievances if the investor's grievances remain unresolved for more than 90 days by the listed companies. If the listed company fails to pay the penalty and the complaint fails to resolve the complaint within 15 days, the stock exchange may send a reminder and give 10 more days as required. If the company fails to submit the action taken report, the depository can immediately freeze the demat accounts of the promoters.


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