SEBI imposes Rs5 lakh fine on Serene Industries
Moneylife Digital Team 27 February 2014

SEBI said it found 34 investor grievances pending against Serene Industries in its online complaint redressal system, SCORES as 19 December 2013

Market regulator Securities and Exchange Board of India (SEBI) has slapped a fine of Rs5 lakh on Serene Industries for the company's alleged failure to resolve investor complaints within stipulated time and submit its action taken report (ATR).

 

SEBI said it found that there were 34 investor grievances pending against Serene Industries in its online complaint redressal system, SCORES as 19 December 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 Serene Industries 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.

 

Accordingly, SEBI has imposed a "consolidated penalty Rs5 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'.

Comments
CA PRADEEP AGARWAL
1 decade ago
Is the fine ok, or peanuts
sathyacumaran
Replied to CA PRADEEP AGARWAL comment 1 decade ago
sathyacumaran
the sebi should have cancelled their license and debarred from stock market but instead of fining just 5 lakhs for this we donot know how crores of ruppess does the serene industries had bribed the sebi officials without this bribing the sebi would not have conceded for this small fine and this has to be investigated i request ML to probe into it
CA PRADEEP AGARWAL
Replied to sathyacumaran comment 1 decade ago
I personally feel the fine should be fixed by LAW and all Discretionary powers should be withdrawn/ or a very 2 incorruptible Head named to head the various Govt organisations.
sathyacumaran
1 decade ago
sathya cumaran
my case is pending with sebi and bse nse against IIFL where i have solid proof but inspite of this the neither the sebi nor nse bse had taken up the case likewise IIFL had also used various threatening techniqus such as sending an police from crime branch not send mails to the directors to the company and lodge the company in any other platform apart from these platform we can go but the first question the supreme court would ask have you approached the sebi or nse bse even we say that would not be taken as such our next move would be to expose the who poor is indian administration to international community we are going to place this issue in international media and channel expose mal administration in capital market segment for which RBI sebi MCA and ministry of finance are culprits would be exposed as eye opener for foreigners in not invest in countries like india this we have to take as last step of denial justice
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