Sebi levies fine on Osian Industries for failing to redress investors' complaints

Through a separate order, Sebi disposed of charges against former non-executive director of Yes Bank, Kalia Subhash Chandra, alleging insider trading in the scrip of the private lender. It was alleged that he was an insider and had traded in Yes Bank's scrip while in possession of unpublished price-sensitive information (UPSI).

Markets regulator Sebi on Wednesday levied a monetary penalty on Osian Industries Ltd for failing to redress investors' grievances on Sebi complaints redressal system (SCORES). SCORES is an online complaint redressal system of Sebi through which the complaints received by the regulator are electronically forwarded to the listed company which in turn is required to resolve the same and furnish an action taken report (ATR) in electronic form.

"Noticee had not redressed the pending grievances of 41 investors and consequently had not filed the ATR for such pending grievances within the timeline specified by Sebi. Such persistent non-compliance does not inspire confidence of investors in the market, whose protection is Sebi's prime mandate," the regulator said. Here, noticee refers to Osian Industries.

Consequently, Sebi imposed a total fine of Rs 3 lakh on the firm. Through a separate order, Sebi disposed of charges against former non-executive director of Yes Bank, Kalia Subhash Chandra, alleging insider trading in the scrip of the private lender.

It was alleged that he was an insider and had traded in Yes Bank's scrip while in possession of unpublished price-sensitive information (UPSI). He was also a member of audit committee of Yes Bank and chairman of risk monitoring committee during the period of UPSI.

At the relevant point in time, he was observed to have purchased 1,000 shares of Yes Bank on February 8, 2019, i.e, during the period of UPSI, for Rs 1.74 lakh. However, Sebi, pursuant to an investigation, concluded that "the charges levelled against...Kalia Subhash Chandra do not stand established".

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