TaxTMI 
TaxTMI 
Non-compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Standard Operating Procedure for suspension and revocation of trading of specified securities
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....quirements) Regulations, 2015 ("Listing Regulations"), recognized Stock Exchanges shall monitor compliance by listed entities with the provisions of the regulations. 2. Sub regulations (1) and (2) of regulation 98 of Listing Regulations inter alia specify liability of a listed entity or any other person for contravention and actions which can be taken by the respective stock exchange and the revocation of such actions, in the manner specified by SEBI. 3. Accordingly, recognized stock exchanges shall use imposition of fines as action of first resort in case of such non compliances and invoke suspension of trading in case of subsequent and consecutive defaults. Accordingly, in order to maintain consistency and uniformity of approach the rec....
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..... This circular shall come into force with effect from December 01, 2015. 8. This circular is issued under regulations 97, 98, 99 and 102 read with regulation 101(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. 9. This circular is available on SEBI website at www.sebi.gov.in under the categories "Legal Framework" and "Continuous Disclosure Requirements". Yours faithfully, B N Sahoo General Manager Compliance and Monitoring Division Corporation Finance Department [email protected] ANNEXURE I IMPOSITION OF FINE 1. The recognized stock exchange shall impose fine on listed entities for non-compliance with certain provisions of the Listing Regulations for non-submis....
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.....1 % of Paid Up capital* of the entity or ₹ 1 crore, whichever is less. *Paid up capital as on first day of the financial year in which the non-compliance occurs. 2. The amount of fine realized as per the above structure shall be credited to the "Investor Protection Fund" of the concerned recognized stock exchange. 3. The recognized Stock Exchanges shall disseminate on their website, the names of non-compliant listed entities that are liable to pay fine for non-compliance of the above regulations. 4. Every recognized stock exchange shall review the compliance status of the listed entities within 15 days from the due date for compliance for the respective regulation and issue notices to the non-compliant listed entities t....
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....mply with regulation 31 with respect to submission of shareholding pattern for two consecutive quarters; (c) failure to comply with regulation 33 with respect to submission of financial results for two consecutive quarters; (d) failure to comply with regulation 34 with respect to submission of Annual Report for two consecutive financial years; (e) failure to submit information on the reconciliation of shares and capital audit report, for two consecutive quarters; (f) receipt of the notice of suspension of trading of that entity by any other recognized stock exchange on any or all of the above grounds. 2. Before suspension of trading on any of the above grounds, except clause 1 (f), the concerned recognized stock exchange shall send wri....
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....e shares of a non-compliant listed entity. The entire shareholding of promoter/ promoter group in such listed entity shall remain frozen till expiry of three months from the date of revocation of suspension. 6. While suspending trading in the shares of the non-compliant entity the recognized stock exchange shall send intimation of suspension to other recognized stock exchanges where the shares of the non-compliant entity are listed. On receipt of such intimation the other recognized stock exchanges shall also suspend trading in the shares of the entity. 7. After 15 days of suspension, trading in the shares of non-compliant entity may be allowed on the "Trade for Trade" basis, on the first trading day of every week for 6 months. ....