The National Stock Exchange (NSE), after monitoring compliance of listing regulations of all its listed entities, imposed fines and issued notices more than 250 non-compliant companies for March quarter, the NSE said today.
“SEBI vide circular dated May 3, 2018 (ref no. SEBI/HO/CFD/CMD/CIR/P/2018/77) have specified uniform approach i.e. standard operating procedure (SOP) in the matter of levy of fines for non-compliance with certain provisions of SEBI (Listing obligations Disclosure Requirement) Regulations, 2015 (‘listing regulations’),” the NSE added.
The list included Adani Ports and Special Economic Zone, The New India Assurance Co, Indraprastha Gas, Mannapuram Finance, Bharat Petroleum Corporation, Jet Airways (India), Bharat Electronics and Oil India, among others. As many as 31 companies on the list are liable to pay a fine of Rs4,50,000 each.
The National Stock Exchange (NSE) after monitoring the compliance of listing regulations for all its listed entities imposed fines and issued notices to non-compliant companies for the quarter ended March 31, 2019, as per above mentioned SEBI circular.
As per above mentioned SEBI circular, the Exchange can levy per day fines as specified in Annexure I of the said circular and freeze the holdings of the promoter and promoter group if non-compliant listed entities fail to comply with the requirement(s) of listing regulations and/or pay fine levied within the stipulated period.
If the non-compliance continues for two consecutive quarters, then the Exchange can shift the trading in securities of the companies to specified category wherein trades shall take place on ‘Trade for Trade’ basis and subsequently suspend the trading of companies as per Annexure II of the above mentioned SEBI circular.