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Non-compliance with provisions related to continuous disclosures - SEBI - SEBI/HO/DDHS/DDHS/CIR/P/2020/231

Extract

..... and/or NCRPS. (b) SEBI circular nos. SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated October 22, 2019 and SEBI/HO/DDHS/DDHS/CIR/P/2019/167 dated December 24, 2019 for issuers of listed Commercial Papers. 2. Further, the following provisions provide for monitoring of compliance and imposition of fines by stock exchanges: (a) Sub regulation (1) of Regulation 97 of SEBI LODR Regulations, provides for monitoring of compliance by listed entities with the provisions of the regulation by recognized Stock Exchanges. Further, sub regulation (1)(a) of Regulation 98 of SEBI LODR Regulations provides for imposition of fines by Stock Exchanges for contravention of provisions of the regulation by listed entities. (b) SEBI circular no. SEBI/HO/DDHS/DDHS/CIR/P/2019 .....

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Non-compliance with provisions related to continuous disclosures - SEBI

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..... ction under this circular in consultation with each other. 7. The recognized stock exchanges shall take necessary steps to implement this circular and shall disclose on their website the action(s) taken against the entities for non-compliance(s); including the details of the respective requirement, amount of fine levied/ action taken etc. 8. The amount of fine realized as per the structure provided in Annexure I of this circular shall be credited to the "Investor Protection Fund" of the concerned recognized stock exchange. 9. The fines specified in Annexure I of this circular shall continue to accrue till the time of rectification of the non-compliance and to the satisfaction of the concerned recognized stock exchange. Such accrua .....

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Non-compliance with provisions related to continuous disclosures - SEBI

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..... f listed Non-Convertible Debt Securities and/or Non-Convertible Redeemable Preference Shares 1. The recognized stock exchanges shall take action for non-compliance with the provisions of the SEBI LODR Regulations & circulars/ guidelines issued thereunder, by an entity having listed Non-Convertible Debt Securities and/or NCRPS, as under: Sl. No. Regulation Fine payable and/or other action to be taken for non-compliance in respect of an entity having listed its Non-Convertible Debt Securities and/or NCRPS (a) Applicable Regulations for Chapter III (Common obligations of listed entities) of SEBI LODR Regulations for which penalty has been specified vide SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020 as amended from .....

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Non-compliance with provisions related to continuous disclosures - SEBI

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..... 377; 50,000 per instance (j) Regulation 60 (2) Delay in submission of the notice of record date. ₹ 10,000 per ISIN (k) Regulation 62 Non-compliance with norms pertaining to functional website Advisory/warning letter per instance of non-compliance per item ₹ 10,000 per instance for every additional advisory/warning letter exceeding the four advisory/ warning letters in a financial year. 2. In case of 1(c) above, wherein the listed entity has listed both specified securities and/or Non-Convertible Debt Securities and/or NCRPS, and if the concerned recognized stock exchange(s) has already levied a penalty for non-compliance of Regulation 33 of SEBI LODR Regulations in terms of SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated J .....

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Non-compliance with provisions related to continuous disclosures - SEBI

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..... circular as applicable, then penalty shall not be imposed again for non-submission of disclosures specified at 1(a) & 1(b) above. Annexure II Action to be taken in case of non-compliances by issuers of listed Non-Convertible Debt Securities and/or Non-Convertible Redeemable Preference Shares and/or Commercial Papers 1. Every recognized stock exchange shall review the compliance status of the entities having listed their Non-Convertible Debt Securities and/or NCRPS and/or Commercial Papers and shall issue notices to the non-compliant entities within 30 days from the due date of prescribed timeline. Non-compliant entity shall ensure compliance with the requirement(s) and pay fines as per the circular within 15 days from the date of such n .....

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Non-compliance with provisions related to continuous disclosures - SEBI

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..... at para 3.(a) & (b) above shall continue until the non-compliant entity subsequently complies with the respective requirement(s) and pays the fine levied. Further, if the non-compliant entity subsequently complies with the respective requirement(s) and pays the fine levied, in terms of this Circular, the concerned recognized stock exchange(s) shall display on their website compliance and status of fines paid by such entity. Simultaneously, the concerned recognized stock exchange(s) shall intimate other recognized stock exchange(s), other entities allowed to act as Electronic Book Provider regarding compliance of such entity. 5. The recognised stock exchange(s) shall also advise the non-compliant entity to ensure that the subject matter .....

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Non-compliance with provisions related to continuous disclosures - SEBI

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