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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....hange Board of India (Listing Obligations and Disclosure Requirements) 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 o....
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....ular to the notice of listed entities and also to disseminate the same on its website. 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 ....
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....re, whichever is less. Rs. 10,000 per day of non-compliance till the date of compliance and If non-compliance continues for more than 15 days, additional fine of 0.1 % of Paid Up capital* of the entity or Rs. 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 compl....
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....ties: (a) failure to comply with regulation 27(2) with respect to submission of corporate governance compliance report for two consecutive quarters; (b) failure to comply 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 ex....
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....ing compliance by the entity. 5. In case of failure to comply with respective requirement(s) and/ or pay fine as aforesaid, the recognized stock exchange shall suspend the trading in the 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.....