INSUBCONTINENT EXCLUSIVE:
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
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.
