The National Stock Exchange (NSE) on Wednesday, informed that after monitoring the compliance of listing regulations for all its listed entities, the exchange has imposed fines and issued notices to over 250 non-compliant companies for quarter ended March 31, 2019.
This move in is accordance to specified uniform approach by SEBI, i.e. standard operating procedure (SOP), so as to check non-compliance with certain provisions of Listing obligations Disclosure Requirement Regulations, 2015.
The total penalty imposed on the non-compliant companies is little over Rs 8.84 crore, according to NSE data. The fines are in the range of Rs 1,000 to Rs 4.5 lakh. The fine shall be credited to the Investor Protection Fund of the stock exchange concerned as per the SEBI circular.
The list of 31 non-compliant companies include Adani Ports, Jet Airways, Container Corporation, Indian Oil Corporation, Hindustan Copper, Balmer Lawrie & Company, Power Finance Corporation, Bharat Electronics, HMT, Bharat Heavy Electrical, NLC India, and Oil India. NSE has imposed a penalty of Rs 4.5 lakh each against these companies.
The press release by NSE said, "As per above mentioned SEBI circular, the exchange can levy per day fines as specified in Annexure I of the said circular and freeze the holdings of the promoter and promoter group if non-compliant listed entities fails to comply with the requirement(s) of listing regulations and/or pay fine levied within the stipulated period."