{"id":218419,"date":"2019-08-20T17:40:08","date_gmt":"2019-08-20T12:10:08","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=218419"},"modified":"2019-08-21T11:43:22","modified_gmt":"2019-08-21T06:13:22","slug":"imposition-of-fines-on-non-compliance-with-certain-provisions-of-sebi-issue-of-capital-and-disclosure-requirements-regulations-2018","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/20\/imposition-of-fines-on-non-compliance-with-certain-provisions-of-sebi-issue-of-capital-and-disclosure-requirements-regulations-2018\/","title":{"rendered":"Imposition of fines on — Non-compliance with certain provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018"},"content":{"rendered":"

SEBI issued a Circular bearing reference number CIR\/CFD\/DIL\/57\/2017 dated June 15, 2017, specifying the fines to be imposed by the Stock Exchanges for non-compliance with certain provisions of SEBI (ICDR) Regulations, 2009.<\/p>\n

Present Circular is issued in supersession to the aforesaid Circular bearing reference number CIR\/CFD\/DIL\/57\/2017 dated June 15, 2017.<\/p>\n

Regulation 297 and 298 of SEBI (ICDR) Regulations, 2018, inter alia specify liability of a listed entity or any other person for contravention and actions which can be taken by the respective stock exchange, the revocation of such actions and consequences for failure to pay fine in the manner specified by SEBI.<\/p>\n

In pursuance of the above, for non-compliance with certain provisions of ICDR Regulations, stock exchanges shall impose fines on the listed entities, as under:<\/p>\n\n\n\n\n\n\n\n
S\/N<\/strong><\/td>\nViolation<\/strong><\/td>\nRegulation \/ Schedule<\/strong><\/td>\nFine<\/strong><\/td>\n<\/tr>\n
1.<\/td>\nDelay in completion of a bonus issue :<\/span><\/p>\n

i. Within 15 days from the date of approval of the issue by its board of directors \u2013 in cases where shareholders\u2019 approval for capitalization of profits or reserves for making the bonus issue is not required.<\/p>\n

 <\/p>\n

ii. Within 2 months from the date of the meeting of its board of directors wherein the decision to announce bonus issue was taken subject to shareholders\u2019 approval \u2013 in cases where issuer is required to seek shareholders\u2019 approval for capitalization of profits or reserves for making the bonus issue.<\/td>\n

295 (1)<\/td>\nRs 20,000 per day of non-compliance till the date of compliance.<\/td>\n<\/tr>\n
2.<\/td>\nListed entities not completing the conversion of convertible securities and allotting the shares, within 18 months from the date of allotment of convertible securities.<\/td>\n162<\/td>\nSame as above.<\/td>\n<\/tr>\n
3.<\/td>\nAs per Schedule XIX – Para (2) under the heading Application for listing, it is stated that: \u201cThe issuer shall make an application for listing, from the date of allotment, within such period as may be specified by the Board from time to time, to one or more recognized stock exchange(s)\u201d.<\/p>\n

In regard to above, it is specified that Issuer shall make an application to the exchange\/s for listing in case of further issue of equity shares from the date of allotment within 20 days (unless otherwise specified).<\/td>\n

Schedule XIX \u2013 Listing of Securities on Stock Exchanges<\/td>\nSame as above.<\/td>\n<\/tr>\n
4.<\/td>\nListed entities shall make an application for trading approval to the stock exchange\/s within 7 working days from the date of grant of listing approval by the stock exchange\/s.<\/td>\n–<\/td>\nSame as above.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Credit of Fine:<\/strong><\/p>\n

5. The amount of fine realized as per the above structure shall continue to be credited to the \u201cInvestor Protection Fund\u201d of the concerned stock exchange.<\/p>\n

6. The recognized stock exchange shall disseminate on their website the names of non-compliant listed entities that are liable to pay fine for non-compliance, the amount of fine imposed, details of fines received, etc.<\/p>\n

7. The recognized stock exchange shall issue notices to the non-compliant listed entities to ensure compliance and collect fine as per this circular within 15 days from the date of such notice.<\/p>\n

8. Needless to state, if any non-compliant listed entity fails to pay the fine, the recognized stock exchange may initiate appropriate enforcement action, including prosecution in furtherance of Regulation 298 of ICDR, 2018.<\/p>\n

Bonus Issue Delays:<\/strong><\/p>\n

9. With respect to bonus issue delays, it is clarified that :<\/span><\/p>\n

a) The approvals for the listing and trading of promoters\u2019 bonus shares may be granted by the Stock Exchange, only after payment of the requisite fine by the listed entity.<\/p>\n

b) However, the approvals for the listing and trading of bonus shares allotted to persons other than the promoter(s) may be granted in the interest of the investors, subject to compliance with other requirements.<\/p>\n

10. This circular will be applicable from the date of issue of the circular.<\/p>\n

11. The Stock Exchange are advised to bring the provisions of this circular to the notice of listed entities and also to disseminate the same on its website.<\/p>\n

12. This circular is issued under regulation 299 of ICDR Regulations and in exercise of power conferred under Section 11(1) of the Sebi Act 1992, to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.<\/p>\n

\n

SEBI\/HO\/CFD\/DIL2\/CIR\/P\/2019\/94<\/strong><\/p>\n

[Circular dt. 19-08-2019]<\/strong><\/p>\n

Securities Exchange Board of India<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

SEBI issued a Circular bearing reference number CIR\/CFD\/DIL\/57\/2017 dated June 15, 2017, specifying the fines to be imposed by the Stock Exchanges <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2],"tags":[37168,37169,37167,37170],"class_list":["post-218419","post","type-post","status-publish","format-standard","hentry","category-business_news","category-news","tag-imposition-of-fines","tag-non-compliance-of-provisions","tag-sebi-issue-of-capital-and-disclosure-requirements-regulations","tag-stock-exchange"],"yoast_head":"\nImposition of fines on -- Non-compliance with certain provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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2021, the Securities and Exchange Board of India (SEBI) has issued a circular on Non-compliance with certain provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 by making amendment in circular no. SEBI\/HO\/CFD\/DIL2\/CIR\/P\/2019\/94 dated August 19, 2019, specifying the fines to be imposed by the\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":83611,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/02\/sebi-to-freeze-promoter-and-promoter-group-demat-accounts-for-non-compliance-with-sebi-listing-obligations-and-disclosure-requirements-regulations-2015\/","url_meta":{"origin":218419,"position":1},"title":"SEBI to freeze Promoter and Promoter group demat accounts for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015","author":"Saba","date":"November 2, 2016","format":false,"excerpt":"Sub: Freezing of Promoter and Promoter group Demat accounts for non-compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 1. SEBI, vide Circular No. CIR\/CFD\/CMD\/12\/2015 dated November 30, 2015, had prescribed the uniform fine structure for non-compliance with certain provisions of SEBI (Listing Obligations and Disclosure\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":221764,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/04\/sebi-disclosure-of-divergence-in-the-asset-classification-and-provisioning-by-banks\/","url_meta":{"origin":218419,"position":2},"title":"SEBI | Disclosure of divergence in the asset classification and provisioning by banks","author":"Bhumika Indulia","date":"November 4, 2019","format":false,"excerpt":"1. Under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (\u2018SEBI LODR Regulations\u2019) a listed entity shall disclose to stock exchange(s) all events or information, which are material, as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information.\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":270917,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/30\/sebi-issues-operational-circular-for-listing-obligations-and-disclosure-requirements-or-non-convertible-securities-securitized-debt-instruments-and-commercial-paper\/","url_meta":{"origin":218419,"position":3},"title":"SEBI issues Operational Circular for listing obligations and disclosure requirements or Non- convertible Securities, Securitized Debt Instruments, and Commercial Paper","author":"Editor","date":"July 30, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 29-07-2022, the Securities and Exchange Board of India(\u2018SEBI') issued an operational circular for listing obligations and disclosure requirements or Non- convertible Securities, Securitized Debt Instruments, and\/or Commercial Paper for effective regulation of the corporate bond market and to enable the issuers and other market stakeholders to get\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":222091,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/14\/sebi-continuous-disclosures-and-compliances-by-listed-entities-under-sebi-issue-and-listing-of-municipal-debt-securities-regulations-2015\/","url_meta":{"origin":218419,"position":4},"title":"[SEBI] Continuous disclosures and compliances by listed entities under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015","author":"Bhumika Indulia","date":"November 14, 2019","format":false,"excerpt":"1. SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 (ILDM Regulations) prescribe disclosures to be made by issuers making public issues of debt securities or seeking a listing of municipal debt securities issued on private placement basis to the Stock Exchange(s). SEBI vide Circular No. CIR\/IMD\/DF1\/60\/2017 (\u201chereinafter to\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":227422,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/21\/sebi-relaxes-compliance-of-certain-provisions-of-sebi-listing-obligations-and-disclosure-requirements-regulations-2015-due-to-covid-19-virus-pandemic\/","url_meta":{"origin":218419,"position":5},"title":"SEBI relaxes compliance of certain provisions of — SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to CoVID -19 virus pandemic","author":"Bhumika Indulia","date":"March 21, 2020","format":false,"excerpt":"Considering the CoVID 19 pandemic, SEBI vide Circular dated March 19, 2020\u00a0has decided to grant temporary relaxations from certain compliance stipulations specified under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (\u2018LODR\u2019) to listed entities w.r.t. the quarter \/ financial year ending March 31, 2020: SN Regulation and associated\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/218419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=218419"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/218419\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=218419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=218419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=218419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}