SEBI To Issue Stronger Norms to Check Non-Compliance of Disclosure Norms
DSIJ Intelligence / 16 Jun 2017
SEBI has asked exchanges to impose a fine of Rs 20,000 per day on companies that do not approach the bourse for listing of equity shares within 20 days from allotment, delay the completion of bonus issue and fail to allot the shares on conversion of convertible securities within 18 months.
Astronger mechanism is being put in place by the Securities and Exchange Board of India (SEBI)to check non-compliance of disclosure regulations. It will impose a penalty of up to Rs 1 crore on companies and initiate enforcement action, including prosecution.
The stock exchanges would use imposition of fines in case of non-compliance with certain
provisions of Issue of Capital and Disclosure Regulations (ICDR).
SEBI has asked exchanges to impose a fine of Rs 20,000 per day on companies that do not approach the bourse for listing of equity shares within 20 days from allotment, delay the completion of bonus issue and fail to allot the shares on conversion of convertible securities within 18 months.
If non-compliance continues for more than 15 days, an additional fine of 0.01 per cent of paid-up capital of the company or Rs 1 crore, whichever is less, would be imposed.
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