TaxTMI 
TaxTMI 
Non-compliance with the Minimum Public Shareholding (MPS) requirements
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....e. 2. In terms of sub regulation (1) of regulation 97 of the Listing Regulations, recognized Stock Exchanges are mandated to monitor compliance by listed entities with the provisions of the Listing Regulations. 3. Sub regulations (1) and (2) of regulation 98 of Listing Regulations inter-alia specify the liability of a listed entity or any other person for contravention and action which can be taken by the respective recognized stock exchange and the revocation of such action, in the manner specified by the Board. 4. In order to maintain consistency and uniformity of approach in the enforcement of MPS norms mandated under regulation 38 of the Listing Regulations, the below mentioned procedure shall be followed by the recognised stock exch....
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....e to its promoters, promoter group and directors. 4.3. In cases where the listed entity continues to be non-compliant for a period more than one year: 4.3.1. The recognized stock exchange shall impose an increased fine of ₹10,000/- per day of non-compliance on the listed entity and such fine shall continue to be imposed till the date of compliance by such listed entity. 4.3.2. The recognized stock exchange shall intimate the depositories to freeze all the securities held in the Demat account of the promoter and promoter group till the date of compliance by such entity. The above restriction shall not be an impediment for the entity with respect to compliance with the minimum public shareholding norms through the methods specifie....
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.... as stated above, the recognized stock exchange may initiate appropriate action. 9. Upon intimation of compliance by the listed entity with the MPS requirements, the concerned recognized stock exchange shall, on being satisfied of such compliance: 9.1. intimate the depositories to unfreeze the shares and other securities of the promoter and promoter group of the listed entity. 9.2. intimate the listed entity that directions imposed in terms of clause 4.2.3 above shall not continue and the listed entity shall subsequently intimate the same to its promoters, promoter group and directors. 9.3. disseminate the information in its website regarding the compliance achieved by the listed entity. 10. The recognized stock exchanges shall peri....