Mumbai: SEBI vide circular dated May 3, 2018 (ref no. SEBI/HO/CFD/CMD/CIR/P/2018/77) has specified uniform approach i.e. Standard Operating Procedure (‘SOP’) in the matter of levy of fines for non-compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’). Based on the SOP, Exchanges are required to scrutinize the periodic compliance filings submitted by the Listed Companies and take action for non-compliance, as laid out in the SEBI SOP Circular.
Such penal actions include the levy of fines for every day of non-compliance, freezing of promoter holdings and finally, suspension of trading in the securities of the companies which are non-compliant for consecutive quarters. Based on filings received by the BSE from the Companies for the quarter ended March 31, 2019, BSE has levied penalties against various companies for late or non-submission of filings and non-compliance with Corporate Governance requirements.
The statistics of such companies for the quarter ended March 31, 2019, is as follows: –
1) Late Submission / Non-submission of Shareholding Pattern: – 121
2) Late Submission / Non-submission of Corporate Governance Report: – 92
3) Late Submission / Non-submission of Investor Complaints Report: -124
4) Non-compliance with Board Composition: – 173
5) Non-compliance with Audit Committee Composition: – 104
6) Non-compliance with Nomination and Remuneration Committee Composition: – 122
7) Non-compliance with Stakeholder Relationship Committee Composition: – 72
8) Non-compliance with requirement to appoint a qualified company secretary as the compliance officer: – 515
9) Non-compliance with requirement to appoint share transfer agent: – 68
The Company-wise details are displayed on the BSE website at https://www.bseindia.com/static/corporates/SEBI_SOP_circular.html
The Listed Companies are once again urged to ensure timely compliance with the Listing Regulations to avoid penal actions.
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