Despite the much-hyped crackdown in the Initial Public Offer scam, market regulator Securities Exchange Board of India seems to have gone slow in addressing investor grievances against listed companies.
However, India Inc has improved its performance in terms of the number of complaints it received from investors. The regulator received 1,199 grievances between April 16 and 30 down from 1,338 between April 1 and 15 this year, according to the latest fortnightly status of investor grievances released by Sebi.
In contrast, Sebi redressed 527 grievances in the latest fortnight, representing 43.95 per cent of the total complaints received in this period, down from 48.05 per cent in the previous fortnight.
Sebi had redressed 643 investor grievances in the period from April 1 to April 15.
The worst performance was noticed in the segment of non-receipt of right forms or interest on delayed receipt of refund order, where Sebi redressed only 19 cases as against 117 grievances received during April 16 to 30.
In the previous fortnight, the regulator had received 155 cases while 23 grievances were redressed.
In the segment catering to investors' greviences on non-receipt of dividend, the regulator got 197 complaints and addressed 74 cases in the latest fortnight, as against 251 received and 106 redressals in the previous period.
For the month ending April 30, the market watchdog received 2,537 complaints, while redressal figures stood at only 1,170.
Sebi receives greivances under five categories -- the non-receipt of refund orders or allotment letters, non receipt of dividend, non-receipt of share certificate or bonus shares, non-receipt of debenture certificates and non-receipt of right forms.
The market watchdog received 284 complaints related to non-receipt of refund order or allotment letters and redressed 287 cases as per the latest fortnightly status of investor grievances released by Sebi on May 11, as these redressed greivances include the complaints brought forward from the previous periods also, the report said.
In the segment of non-receipt of share certificates, Sebi received 457 cases and solved 114 for the fortnight between April 16 to 30 and for the previous year the regulator solved 225 out of the 493 grievances that it received.
As far as the non-receipt of debenture certificates are concerned, Sebi received 144 cases and solved only 33 for the period between April 16 and 30 as against the previous fortnight wherein it received 101 cases and solved 71.
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