Non-compliance with provisions related to continuous disclosures

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.... India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations"), by the issuers of listed Non-Convertible Securities and/ or Commercial Papers. 2. Pursuant to the recent amendments to SEBI LODR Regulations, it has been decided to issue the present circular in supersession of the aforesaid circular bearing number SEBI/HO/DDHS/DDHS/CIR/P/2020/231 dated November 13, 2020. 3. In view of the above, in the interests of investors and the securities market, the Stock Exchanges shall levy fine and take action in case of non-compliances with continuous disclosure requirements by the issuers of listed Non-Convertible Securities and/ or Commercial Paper as specified in Annexure I and Annexure II of this circul....

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....ice to the power of SEBI to take action under the securities laws. 11. The recognized stock exchanges are advised to bring the provisions of this circular to the notice of issuers of listed Non-Convertible Securities and/or Commercial Paper. 12. This circular shall come into force for the due dates of compliances falling on or after February 01, 2022. It may be noted that the circular dated November 13, 2020 would be applicable till the time current circular comes into force. 13. This circular is issued in exercise of the powers conferred under sections 11(1) and 11A(2) of the Securities and Exchange Board of India Act, 1992 read with Section 9 and 21 of Securities Contracts (Regulation) Act, 1956. 14. T....

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....t meeting of shareholders or holders of non-convertible securities Rs. 5,000 per instance of non-compliance per item (d)   Regulation 52(1) / 52(2)(a) / 52(2)(d) / 52(2)(f) Non-submission of quarterly and year to date standalone financial results on a quarterly basis within the period prescribed under this Regulation under Regulation 52(1)/ Unaudited financial results submitted without limited review report under Regulation 52(2)(a)/ Non-submission of annual audited standalone and consolidated financial results within the period prescribed under Regulation 52(2)(d)/ Non-submission of statement of assets & liabilities and cash flow statement as required under Regulation 52(2)(f). Rs. 5,000 per day (e)   R....

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.... of stock exchange for any structural change in non-convertible securities. Rs. 50,000 per instance (m)   Regulation 60 (2) Delay in submission of the notice of record date. Rs. 10,000 per ISIN (n)   Regulation 62 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. In case of 1(a), 1(d) and 1(g) above, wherein the listed entity has listed both specified securities and/or Non-Convertible Securities, and if the concerned recognized stock exchange(s) has already levied a penalty for non-c....

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....nized 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 be imposed again for non-submission of disclosures specified at 1(a) & 1(b) above. Annexure II Action to be taken in case of non-compliances by issuers of listed Non-Convertible Securities and/or Commercial Papers 1. Every recognized stock exchange shall review the compliance status of the entities having listed their Non-Convertible Securities and/or Commercial Paper and shall issue notices to the non-compliant entitie....