Business

NSE penalises companies for non-compliance of listing regulations

ANI | May 15, 2019 05:04 PM
NSE was the first exchange in India to implement electronic or screen-based trading

Mumbai (Maharashtra) [India], May 15 (ANI): The National Stock Exchange (NSE) said on Wednesday that it has imposed fines and issued notices to more than 250 companies for non-compliance of listing regulations as specified by the Securities and Exchange Board of India (SEBI).

Big names on the list included Adani Ports and Special Economic Zone, Jet Airways, Power Grid, Bharat Electronics, New India Assurance Company, Indraprastha Gas, Bharat Petroleum Corporation and Oil India.

More than 30 companies on the list are liable to pay a fine of Rs 4.5 lakh each.

NSE said it can levy per day fines and freeze the holdings of promoter and promoter group if non-compliant listed entities fail to comply with the requirement of listing regulations and/or pay the fine levied within the stipulated period.

"If the non-compliance continues for two consecutive quarters, then the exchange can shift trading in securities of the companies to specified category wherein trade shall take place on 'trade for trade' basis, and subsequently suspend the trading of companies," it said in a statement.

On May 3 last year, capital markets regulator SEBI had specified a standard operating procedure in the matter of levy of fines for non-compliance with certain provisions of SEBI (Listing Obligations Disclosure Requirement) Regulations 2015. (ANI)

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