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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 ..... Regulations, 2015 ("SEBI LODR Regulations"), by the issuers of listed Non-Convertible Securities and/ or Commercial Papers. 2. Pursuant to the recent amendments to SEBI LODR Regulations, it has been decided to issue the present circular in supersession of the aforesaid circular bearing number SEBI/HO/DDHS/DDHS/CIR/P/2020/231 dated November 13, 2020. 3. In view of the above, in the interests of investors and the securities market, the Stock Exchanges shall levy fine and take action in case of non-compliances with continuous disclosure requirements by the issuers of listed Non-Convertible Securities and/ or Commercial Paper as specified in Annexure I and Annexure II of this circular respectively. 4. Stock Exchanges may deviate from the abo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 11. The recognized stock exchanges are advised to bring the provisions of this circular to the notice of issuers of listed Non-Convertible Securities and/or Commercial Paper. 12. This circular shall come into force for the due dates of compliances falling on or after February 01, 2022. It may be noted that the circular dated November 13, 2020 would be applicable till the time current circular comes into force. 13. This circular is issued in exercise of the powers conferred under sections 11(1) and 11A(2) of the Securities and Exchange Board of India Act, 1992 read with Section 9 and 21 of Securities Contracts (Regulation) Act, 1956. 14. The recognized stock exchanges may make consequent changes in their byelaws, if any, to implement t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (a) / 52(2)(d) / 52(2)(f) Non-submission of quarterly and year to date standalone financial results on a quarterly basis within the period prescribed under this Regulation under Regulation 52(1)/ Unaudited financial results submitted without limited review report under Regulation 52(2)(a)/ Non-submission of annual audited standalone and consolidated financial results within the period prescribed under Regulation 52(2)(d)/ Non-submission of statement of assets & liabilities and cash flow statement as required under Regulation 52(2)(f). ₹ 5,000 per day (e) Regulation 52(4) / 52(6) Non-disclosure of line items prescribed under Regulation 52(4) along with the quarterly / annual financial results / non-disclosure of items pertainin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rms 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(a), 1(d) and 1(g) above, wherein the listed entity has listed both specified securities and/or Non-Convertible Securities, and if the concerned recognized stock exchange(s) has already levied a penalty for non-compliance of relevant regulations in Chapter III of SEBI (LODR) Regulations or Regulation 33 or 34 of SEBI LODR Regulations in terms of SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020, as amended from time to time, then penalty shall not be imposed again f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licable, 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 Securities and/or Commercial Papers 1. Every recognized stock exchange shall review the compliance status of the entities having listed their Non-Convertible Securities and/or Commercial Paper 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 notice. If the non-compliant entity fails to comply with the aforesaid requirement(s) and/o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mplies 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 of non-compliance which has been identified and indicated by the recognised stock exchange ..... X X X X Extracts X X X X X X X X Extracts X X X X
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