The National Stock Exchange (NSE) has imposed fines and issued notices to over 250 non-compliant companies for quarter that ended on March 31, 2019, after monitoring the compliance of listing regulations for all its listed entities.
These include companies such as Adani Ports, Jet Airways, Indraprastha Gas, Bharat Petroleum, InterGlobe Aviation, Jindal Steel, Indian Oil, Hindustan Petroleum among others.Around 32 companies on the list are liable to pay a fine of Rs 4.5 lakh each.
The fine shall be credited to the “Investor Protection Fund” of NSE as per the SEBI circular.
The notice by NSE was in accordance with a Securities and Exchange Board of India (SEBI) circular dated May 3, 2018 which specified a uniform approach i.e. standard operating procedure (SOP) in the matter of levying of fines for non-compliance with certain provisions of SEBI (Listing obligations Disclosure Requirement) Regulations, 2015 (Listing regulations).
The exchanges can levy per day fines and freeze the holdings of the promoter and promoter group if non-compliant listed entities fail to comply with the requirements of listing regulations and/or pay fine levied within the stipulated period, as per the circular.
