TaxTMI 
TaxTMI 
Non-compliance with provisions related to continuous disclosures
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....ws: (a) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations") for issuers of listed Non-Convertible Debt Securities and/or NCRPS. (b) SEBI circular nos. SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated October 22, 2019 and SEBI/HO/DDHS/DDHS/CIR/P/2019/167 dated December 24, 2019 for issuers of listed Commercial Papers. 2. Further, the following provisions provide for monitoring of compliance and imposition of fines by stock exchanges: (a) Sub regulation (1) of Regulation 97 of SEBI LODR Regulations, provides for monitoring of compliance by listed entities with the provisions of the regulation by recognized Stock Exchanges. Further, sub regulat....
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....changes may deviate from the above, if found necessary, only after recording reasons in writing. 6. In case a non-compliant entity is listed on more than one recognized stock exchange, the concerned recognized stock exchanges shall take uniform action under this circular in consultation with each other. 7. The recognized stock exchanges shall take necessary steps to implement this circular and shall disclose on their website the action(s) taken against the entities for non-compliance(s); including the details of the respective requirement, amount of fine levied/ action taken etc. 8. The amount of fine realized as per the structure provided in Annexure I of this circular shall be credited to the "Investor Protection Fund" of the con....
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....e at www.sebi.gov.in under the category "Legal". Yours faithfully, Sabir Vasant Sawant Deputy General Manager Department of Debt and Hybrid Securities Email id: [email protected] ANNEXURE I PART A: Fine to be levied in case of non-compliances by issuers of listed Non-Convertible Debt Securities and/or Non-Convertible Redeemable Preference Shares 1. The recognized stock exchanges shall take action for non-compliance with the provisions of the SEBI LODR Regulations & circulars/ guidelines issued thereunder, by an entity having listed Non-Convertible Debt Securities and/or NCRPS, as under: Sl. No. Regulation Fine payable and/or other action to be taken for non-compliance in respect of an entity havi....
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....ion of issue proceeds. Rs. 1,000 per day (g) Regulation 54 (2) Non-disclosure of extent and nature of security created and maintained with respect to secured listed NCDs in the financial statements. Rs. 1,000 per day (h) Regulation 57(1) Non-disclosure of information related to payment obligations. Rs. 1,000 per day per ISIN (i) Regulation 59 (1) Failure to obtain prior approval of stock exchange for any structural change in terms of NCDs/ NCRPS. Rs. 50,000 per instance (j) Regulation 60 (2) Delay in submission of the notice of record date. Rs. 10,000 per ISIN (k) Regulation 62 Non-c....
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....bed under Regulation 52(4) of SEBI LODR Regulations along with the half yearly / annual financial results Rs. 1,000 per day (c) Non-submission of certificate regarding fulfillment of payment obligations Rs. 1,000 per day per ISIN 2. In case of 1(a) & 1(b) above, wherein the entity has listed its specified securities and/or Non-Convertible Debt Securities and/or NCRPS, and if the concerned recognized stock exchange(s) has already levied a penalty for non-compliance of Regulation 33 or Regulation 52(1) and/or Regulation 52(4) of SEBI LODR Regulations under SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020 and/or Part A of Annexure I of this circular as applicable, then penalty shall not ....
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....ithin the stipulated period as per the notice stated above, the concerned recognized stock exchange(s) shall send intimation to other recognized stock exchange(s) and all entities allowed to act as Electronic Book Provider, regarding failure of compliance of such entity. 3. The recognized stock exchange(s) and/ or other entities allowed to act as Electronic Book Provider, thereafter, shall not allow: (a) issuance of any securities, as defined under SEBI circular no. SEBI/HO/DDHS/CIR/P/2018/05 dated January 05, 2018 by such non-compliant entity on EBP Platform; (b) further listing of Non-Convertible Debt Securities or NCRPS or Commercial Papers of such non-compliant entity. 4. The restrictions mentioned at para 3.(a) & (b) above ....