Amendment to bye-laws of recognised stock exchanges with respect to non-compliance of certain listing conditions and adopting Standard Operating Procedure for suspension and revocation of trading of shares of listed entities for such non compliances
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Trading suspension procedure: fines as first resort, suspension on consecutive defaults and freezing of promoter shareholding. Recognised stock exchanges must impose fines as the first remedy for specified listing-condition breaches and reserve suspension of trading for subsequent or consecutive defaults, adopt a uniform fine schedule and SOP in their bye-laws, and coordinate with depositories to freeze or unfreeze promoter and promoter-group shareholdings upon exchange intimation; exchanges must monitor compliance, publish enforcement actions, create a trade-for-trade category for repeated defaults, and follow specified notice, cure and revocation timelines.
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Trading suspension procedure: fines as first resort, suspension on consecutive defaults and freezing of promoter shareholding.
Recognised stock exchanges must impose fines as the first remedy for specified listing-condition breaches and reserve suspension of trading for subsequent or consecutive defaults, adopt a uniform fine schedule and SOP in their bye-laws, and coordinate with depositories to freeze or unfreeze promoter and promoter-group shareholdings upon exchange intimation; exchanges must monitor compliance, publish enforcement actions, create a trade-for-trade category for repeated defaults, and follow specified notice, cure and revocation timelines.
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