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SEBI Notes Charge On Non-Compliance By Industrial Documents Issuers

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SEBI has listed charge for non-compliance by industrial documents issuersNew Delhi: Markets regulator Securities and Exchange Board of India (SEBI) has released guidelines for levying fines and taking action for non-compliance with constant disclosure requirements by the issuers of noted non-convertible securities and business papers.The notice will enter into result for the due dates of compliances falling on or after February 1, 2022.

The fines understood requirement to be credited to the Financier Protection Fund of the concerned stock exchange.The fines will continue to accumulate till the time of rectification of the non-compliance and to the satisfaction of the worried recognised stock exchange.

Such accrual will be irrespective of any other disciplinary or enforcement actions started by acknowledged stock exchanges or SEBI, it said.The regulator has actually specified the fine amounts to be imposed in case of infraction of various arrangements of Listing Responsibilities and Disclosure Requirements standards and the actions to be taken in case of non-compliance.

Stock market can deviate, if necessary, but only after taping reasons in writing.In case the non-compliant entity is noted on more than one stock market, the worried exchanges shall take consistent action in assessment with each other.The regulator stated that every stock market will evaluate the compliance status of the entities having actually listed their non-convertible securities and commercial paper and problem notices to the non-compliant entities within one month from the due date of the prescribed timeline.Non-compliant entities have to guarantee compliance with the requirements and pay fines within 15 days from the date of such notice.In case entities stop working to do so, exchanges will have to release suggestion notifications and at the same time, send out intimation to other exchanges where the non-convertible securities or commercial paper of the non-compliant entity are listed.If the entity still fails to comply, the stock market and other entities permitted to function as electronic book supplier (EBP), shall not enable issuance of any securities by such non-compliant entity on EBP Platform and also not permit additional listing of non-convertible securities or business documents.




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