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TMI BlogNon-compliance with provisions related to continuous disclosuresX X X X Extracts X X X X X X X X Extracts X X X X ..... ligations 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 circular respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. The recognized stock ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... about board meeting. ₹ 5,000 per instance of non-compliance per item (c) Regulation 50(2) Delay in furnishing intimation about meeting of shareholders or holders of non-convertible securities ₹ 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to payment obligations. ₹ 2,000 per day per ISIN (j) Regulation 57(4) Non-submission of details of payable interest/dividend/principal obligations during the quarter. ₹ 1,000 per ISIN (k) Regulation 57(5) Non-submission of certificate confirming the payment of interest/dividend/principal obligations due in the quarter or non-submission of details of all unpaid interest/dividend/principal obligations at the end of the quarter. ₹ 1,000 per ISIN (l) Regulation 59 (1) Failure to obtain prior app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nges shall take action for non-compliance with continuous disclosure requirements in terms of Chapter XVII of SEBI Operational Circular no. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, by an entity having listed Commercial papers as under: Sl. No. Clause Fine payable and/or other action to be taken for non-compliance in respect of an entity having listed Commercial Paper (a) Non-submission of financial results within the prescribed period ₹ 5,000 per day (b) Non-disclosure of line items prescribed under Regulation 52(4) of SEBI LODR Regulations along w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eriod as per the notice stated above, the concerned recognized stock exchange(s) upon expiry of the period indicated in the notice, shall issue reminder notices to such non-compliant entities, to ensure compliance with the requirement(s) and pay fines within 10 days from the date of such notice. While issuing the aforementioned notices, the recognized stock exchange shall also send intimation to other recognized stock exchange(s) where the Non-Convertible Securities or Commercial Paper of the non-compliant entity are listed. 2. If the non-compliant entity fails to comply with the aforesaid requirement(s) and/or pay fine levied within the stipulated period as per the notice stated above, the concerned recognized stock exchange(s) shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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