Market regulator Sebi has slapped Rs 5 lakh fine on Serene Industries for its alleged failure to resolve investor complaints within the stipulated time and submit the Action Taken Report (ATR) in this regard.
The Securities and Exchange Board of India (Sebi) has found that there were 34 investor grievances pending against Serene Industries in the regulator's online complaint redressal system, SCORES as December 19, 2013.
The company was asked by the market regulator to resolve the complaints within a stipulated time and submit the ATR for the same which the firm failed to do.
"...noticee (Serene Industries)has neither redressed the investor grievances within stipulated time, in spite of being called upon by Sebi repeatedly in writing to do so nor it has submitted the ATR," Sebi said in its order yesterday.
Accordingly, Sebi has imposed a "consolidated penalty Rs 5 lakh on Serene Industries...for the failure to redress the investor grievances within stipulated time and failure to submit the ATR."
In a separate order, Sebi has disposed of the case against Nath Seeds saying that allegation of non-redressal of investor grievances against the company 'could not be established'.