National Stock Exchange fines 250 companies for non-compliance with listing regulations

The National Stock Exchange (NSE) Wednesday said it has penalised 250 companies, including two IL&FS group firms and Jet Airways, for non-compliance with various listing regulations for the quarter ended 31 March, 2019

Press Trust of India May 15, 2019 16:24:42 IST
National Stock Exchange fines 250 companies for non-compliance with listing regulations
  • The total penalty imposed on the non-compliant companies is little over Rs 8.84 crore, according to NSE data

  • The move is in accordance with markets regulator SEBI's circular that had put in place a standard operating procedure to check non-compliance with provisions of (Listing obligations Disclosure Requirement) Regulations

  • Fines have been levied in the range of Rs 1,000 to Rs 4.5 lakh

New Delhi: The National Stock Exchange (NSE) Wednesday said it has penalised 250 companies, including two IL&FS group firms and Jet Airways, for non-compliance with various listing regulations for the quarter ended 31 March, 2019.

The total penalty imposed on the non-compliant companies is little over Rs 8.84 crore, according to NSE data.

The move is in accordance with markets regulator SEBI's circular that had put in place a standard operating procedure to check non-compliance with provisions of (Listing obligations Disclosure Requirement) Regulations, NSE said.

National Stock Exchange fines 250 companies for noncompliance with listing regulations

NSE (National Stock Exchange) building in Mumbai.
Reuters.

Fines have been levied in the range of Rs 1,000 to Rs 4.5 lakh.

The penalty of Rs 4.5 lakh has been levied on 31 companies that include Adani Ports and Special Economic Zone, Power Finance Corporation, Bharat Electronics Ltd, Hindustan Copper Ltd, Bharat Heavy Electrical Ltd, Oil India Ltd and Indian Oil Corporation among others.

The firms that have been fined Rs 4.5 lakh have violated Regulation 17 of LODR Regulations, pertaining to the composition of the board of directors.

The Securities and Exchange Board of India (SEBI) in May 2018, came out with a mechanism to check non-compliance of listing conditions, wherein exchanges have been given powers to freeze promoter shareholding and even delist the shares of such defaulting companies.

Besides, exchanges can levy fines on non-compliant company, move the stocks of such firms to restricted trading category and suspend trading in the shares of such entities.

Grounds for suspension from listing include failure to comply with the board composition including the appointment of women director and failure to constitute audit committee for two consecutive quarters; failure to submit information on the reconciliation of shares and capital audit report for two consecutive quarters.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Enola Holmes author Nancy Springer on her popular mystery series and the Netflix adaptation
Lifestyle

Enola Holmes author Nancy Springer on her popular mystery series and the Netflix adaptation

Stranger Things star Millie Bobby Brown features in and as Enola Holmes in the Netflix film — an adaptation of Nancy Springer's The Case of the Missing Marquess — along with Henry Cavill as Sherlock Holmes, Sam Claflin as Mycroft Holmes and Helena Bonham Carter as Eudoria Holmes.

Book excerpt: In Modernism by Other Means, an examination of Amit Dutta's filmmaking style
Entertainment

Book excerpt: In Modernism by Other Means, an examination of Amit Dutta's filmmaking style

In the book, film critic and writer Srikanth Srinivasan examines how Dutta's work strives towards an authentic conception of modernism.