Adjudication order in respect of Awas Ayogen Vittnigam Limited in the matter of non redressal of investor grievances

Last updated: 21 October 2020

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as "SEBI") observed that Awas Ayogen Vittnigam Ltd. (hereinafter referred to as 'Noticee /Company/ By Name’) failed to redress various investor complaints pending against it. SEBI had issued Circulars viz., Circular No. CIR/OIAE/2/2011 dated June 3, 2011, SEBI Circular No. CIR/OIAE/1/2012 dated August 13, 2012 and SEBI Circular No. CIR/OIAE/1/2013 dated April 17, 2013 (hereinafter collectively referred to as "SEBI Circulars") dealing with the processing of investor complaints against listed companies through SEBI Complaints Redress System (hereinafter referred to as "SCORES"). These SEBI Circulars inter alia mandated listed companies to obtain SCORES authentication, view the complaints pending against them, redress them within 30 days of receipt and submit Action Taken Report (hereinafter referred to as "ATR") electronically in SCORES

Citation :
[ADJUDICATION ORDER NO. Order/AA/JR/2020-21/9412]

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
[ADJUDICATION ORDER NO. Order/AA/JR/2020-21/9412]

UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995.

In respect of
Awas Ayogen Vittnigam Ltd.

FACTS OF THE CASE

1. Securities and Exchange Board of India (hereinafter referred to as "SEBI") observed that Awas Ayogen Vittnigam Ltd. (hereinafter referred to as 'Noticee /Company/ By Name’) failed to redress various investor complaints pending against it. SEBI had issued Circulars viz., Circular No. CIR/OIAE/2/2011 dated June 3, 2011, SEBI Circular No. CIR/OIAE/1/2012 dated August 13, 2012 and SEBI Circular No. CIR/OIAE/1/2013 dated April 17, 2013 (hereinafter collectively referred to as "SEBI Circulars") dealing with the processing of investor complaints against listed companies through SEBI Complaints Redress System (hereinafter referred to as "SCORES"). These SEBI Circulars inter alia mandated listed companies to obtain SCORES authentication, view the complaints pending against them, redress them within 30 days of receipt and submit Action Taken Report (hereinafter referred to as "ATR") electronically in SCORES.

2. SEBI also observed that prima facie the Noticee had not only failed to obtain SCORES authentication but had also failed to redress the investor complaints. In view of the same, SEBI has initiated adjudication proceedings under Sections
In the matter of Awas Ayogen Vittnigam Ltd.15C and 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act") against the Noticee.

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