TaxTMI 
TaxTMI 
Non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Standard Operating Procedure for suspension and revocation of trading of specified securities
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....s of the Listing Regulations, freezing of entire shareholding of the promoter and promoter group and the standard operating procedure for suspension of trading in case the non-compliance is continuing and/or repetitive. 2. Pursuant to the amendments to Listing Regulations and to further streamline the Standard Operating Procedure for dealing with non-compliances, it has been decided to issue the present Circular in supersession of the said Circular bearing number SEBI/HO/CFD/CMD/CIR/P/2018/77 dated May 3, 2018. 3. Henceforth, the stock exchanges shall, having regard to the interests of investors and the securities market: a) Take action in case of non-compliances with the Listing Regulations as specified in Annexure I of this Circular, and. b) Follow the Standard Operating Procedure ("SOP") for suspension and revocation of suspension of trading of specified securities as specified in Annexure II of this Circular. Stock Exchanges may deviate from the above, if found necessary, only after recording reasons in writing. 4. In order to ensure effective enforcement of the Listing Regulations, the depositories, on receipt of intimation from the concerned reco....
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....pliance with requirement to appoint a qualified company secretary as the compliance officer Rs. 1,000 per day 2. Regulation 7(1) Non-compliance with requirement to appoint share transfer agent Rs. 1,000 per day 3. Regulation 13(1)* Failure to ensure that adequate steps are taken for expeditious redressal of investor complaints Rs. 1,000 per day 4. Regulation 13(3) Non-submission of the statement on shareholder complaints within the period prescribed under this regulation or under any circular issued in respect of redressal of investor grievances Rs. 1,000 per day 5. Regulation 17(1) Non-compliance with the requirements pertaining to the composition of the Board including failure to appoint woman director Rs. 5,000 per day 6. Regulation 17(1A) Non-compliance with the requirements pertaining to appointment or continuation of Non-executive director who has attained the age of seventy five years Rs. 2,000 per day 7. Regulation 17(2) Non-compliance with the requirements pertaining to the number of Board meetings Rs. 10,000 per instance 8. Regulation 17(2A) Non-compliance wit....
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.... record date/ dividend declaration or non-compliance with ensuring the prescribed time gap between two record dates/ book closure dates Rs. 10,000 per instance of non-compliance per item 24. Regulation 43A Non-disclosure of Dividend Distribution Policy in the Annual Report and on the websites of the entity. Rs. 25,000 per instance 25. Regulation 44(3) Non-submission of the voting results within the period provided under this regulation Rs. 10,000 per instance of non-compliance 26. Regulation 44(5) Non-convening of annual general meeting within a period of five months from the close of financial year. Rs. 25,000 per instance 27. Regulation 45(3) Non-obtaining approval of stock exchange(s) before filing request for change of name with Registrar of Companies. Rs. 25,000 per instance 28. Regulation 46 Non-compliance with norms pertaining to functional website Advisory/warning letter per instance of non-compliance per item Rs. 10,000 per instance for every additional advisory/warning letter exceeding the four advisory/ warning letters in a financial year 2. Concerned re....
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....uirement(s) and pays the fine levied, in terms of this circular, the concerned recognized stock exchange(s) shall display on their website details of compliance and fines paid by the listed entity. Simultaneously, the recognized stock exchange(s) shall intimate the depositories to unfreeze the entire shareholding of the promoter(s) in such entity as well as all other securities held in the demat account of the promoter(s), immediately from the date of compliance. 8. If any non-compliant listed entity fails to pay the fine despite receipt of the notice as stated above, the recognized stock exchange(s) may also initiate appropriate enforcement action. 9. The recognised stock exchange(s) shall also advise the non-compliant listed entity to ensure that the subject matter of non-compliance which has been identified and indicated by the recognised stock exchange(s) and any subsequent action taken by the recognised stock exchange(s) in this regard shall be placed before the Board of Directors of the company in its next meeting. Comments made by the board shall be duly informed to the recognised stock exchange(s) for dissemination. ANNEXURE II STANDARD OPERATING PROCE....
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....utive quarters; (h) 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. For the purpose of the Circular, it is clarified that non-compliance for two consecutive quarters of aforementioned Regulations 17(1) and 18(1), refers to two complete consecutive quarters (180 days) of non-compliance. 3. If the non-compliant listed entity complies with the aforesaid requirement(s) after the date of suspension, the recognized stock exchange(s) shall revoke the suspension of trading of its shares by following the procedure prescribed at paragraph C below. 4. If the non-compliant listed entity fails to comply with the aforesaid requirement(s) within 6 months from the date of suspension, the recognized stock exchange(s) shall initiate the process of compulsory delisting of the non-compliant listed entity in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957 and the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 as amended from time to time. A. Standard operating procedure for movi....
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....ity calling upon it to comply with respective requirement(s) and pay the applicable fine within 21 days of the date of the intimation. While issuing the said intimation, the recognized stock exchange(s) shall also inform other recognized stock exchange(s) where the shares of the non-compliant entity are listed to ensure that the date of suspension is uniform across all the recognised stock exchange(s). Simultaneously, the recognized stock exchange(s) shall give a public notice on its website proposing possible suspension of trading in the shares of the non-compliant listed entity 30 days prior to date of suspension. ii. If the non-compliant listed entity complies with respective requirement(s) two working days before the proposed date of suspension, the trading in its shares shall not be suspended and the concerned recognized stock exchange(s) shall give a public notice on its website informing compliance by the listed entity. While issuing the said notice, the recognized stock exchange(s) shall send intimation of notice to other recognized stock exchange(s) where the shares of the entity are listed. iii. In case of failure to comply with respective requirement(s), the recogn....