Sebi disposes of show cause notice issued to ICES Software

Market regulator Sebi today disposed of the show cause notices issued to ICES Software and its three directors, saying the company has resolved all the pending investors' complaints. "Dispose of the show cause notice SCN) dated November 06, 2009 issued against the company, ICES Software Industries Ltd and the show cause notices dated November 10, 2009 issued to its directors Sachin Pawar, Divyanshu Vaishnav and Dahagama Sharma," Sebi said.

The market regulator through an order dated March 09, 2012 had "imposed a penalty of Rs 30,000 on the company adjudging non-redressal of the same grievances/complains which are subject matter of the present proceedings...do not consider the present case a fit one to issue any directions as contemplated in the SCNs."

The regulator said that as on October 10, 2012 all the 57 complaints listed in the show cause notices (SCNs) have been redressed. These complaints were for the period from 1997 to 2008. It further said that the company had resolved all pending investors' complaints that were the cause of the SCNs, but there was a considerable delay in redressal of the complaints.

Sebi had received several complaints against the company from investors and said it "was prima facie" observed that the company had failed to redress investors 'grievances despite receipt of repeated instructions from the regulator. Therefore, Sebi had earlier issued notice to the company and its directors.

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