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TMI BlogNon-compliance with provisions related to continuous disclosuresX X X X Extracts X X X X X X X X Extracts X X X X ..... Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations") for issuers of listed Non-Convertible Debt Securities 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. In case a non-compliant entity is listed on more than one recognized stock exchange, the concerned recognized stock exchanges shall take uniform action 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 sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nager Department of Debt and Hybrid Securities Email id: [email protected] ANNEXURE I PART A: Fine to be levied in case of non-compliances by issuers of 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... closure of information related to payment obligations. ₹ 1,000 per day per ISIN (i) Regulation 59 (1) Failure to obtain prior approval of stock exchange for any structural change in terms of NCDs/ NCRPS. ₹ 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-Convertib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ck exchange(s) has already levied a penalty for non-compliance of Regulation 33 or Regulation 52(1) and/or Regulation 52(4) of SEBI LODR Regulations under SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020 and/or Part A of Annexure I of this 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 Commer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fined under SEBI circular no. SEBI/HO/DDHS/CIR/P/2018/05 dated January 05, 2018 by such non-compliant entity on EBP Platform; (b) further listing of Non-Convertible Debt Securities or NCRPS or Commercial Papers of such non-compliant entity. 4. The restrictions mentioned 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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