Non compliance with certain provisions of listing regulations and standard operating procedure for suspension and revocation of trading of specified securities
Non-compliance with certain provisions of Listing Regulations and Standard Operating Procedure for suspension and revocation of trading of specified securities sebi latest regulation 97,98,101,102
Latest Circular on Non compliance of SEBI LODR Regulations GAURAV KR SHARMA
This document outlines the standard operating procedure that stock exchanges must follow for imposing fines and suspending trading of securities for listed entities that are non-compliant with certain provisions of SEBI's Listing Obligations and Disclosure Requirements Regulations. It specifies the fines to be levied for different types of non-compliances and the process for moving securities to a "Z" category with trade for trade settlement or suspending trading. It also details the procedure for revoking suspension or initiating compulsory delisting for entities that remain non-compliant.
The notification details rules established by the Securities and Exchange Board of India (SEBI) regarding stock brokers and sub-brokers. It specifies that stock brokers and sub-brokers must hold a certificate granted by SEBI to buy, sell or deal in securities. The rules outline various conditions for granting certificates to stock brokers, including holding membership of a recognized stock exchange, and conditions for granting certificates to sub-brokers, including being authorized in writing by a stock broker. It also states that no stock broker or sub-broker shall engage in securities transactions without SEBI registration.
The securities contracts regulation act hardcopyDharmik
This document provides an overview of the Securities Contracts Regulation Act (SCRA) presented by a group of students. It defines securities and discusses key aspects of the SCRA, including:
- The SCRA empowers the central government or SEBI to recognize stock exchanges, approve exchange rules/bylaws, regulate listings, and register intermediaries.
- Contracts must occur through a recognized stock exchange in notified states/areas to be legal. Contracts in violation of exchange rules are void.
- The government can prohibit contracts in certain securities to prevent speculation and require licensing of dealers in some non-notified states.
- Listing on an exchange provides liquidity, mobilizes
This document outlines requirements for listed entities in India regarding schemes of arrangement, such as mergers and demergers. It discusses obligations of listed entities and stock exchanges with respect to scheme documentation, valuation reports, shareholder approval, and regulatory review and approval. Key requirements include submitting draft schemes and supporting documents to stock exchanges, obtaining necessary approvals including from shareholders, addressing any complaints received, and obtaining observation letters from stock exchanges and comments from the Securities and Exchange Board of India (SEBI). The aim is to ensure schemes are transparent and in compliance with all applicable regulations.
Compounding refers to the process of voluntarily admitting the contravention, pleading guilty and seeking redressal. The Reserve Bank is empowered to compound contraventions under Foreign Exchange Management Act, 1999. In this webinar, we shall understand the provisions of FEMA Act and its regulations relating to Compounding of Offences
Latest Circular on Non compliance of SEBI LODR Regulations GAURAV KR SHARMA
This document outlines the standard operating procedure that stock exchanges must follow for imposing fines and suspending trading of securities for listed entities that are non-compliant with certain provisions of SEBI's Listing Obligations and Disclosure Requirements Regulations. It specifies the fines to be levied for different types of non-compliances and the process for moving securities to a "Z" category with trade for trade settlement or suspending trading. It also details the procedure for revoking suspension or initiating compulsory delisting for entities that remain non-compliant.
The notification details rules established by the Securities and Exchange Board of India (SEBI) regarding stock brokers and sub-brokers. It specifies that stock brokers and sub-brokers must hold a certificate granted by SEBI to buy, sell or deal in securities. The rules outline various conditions for granting certificates to stock brokers, including holding membership of a recognized stock exchange, and conditions for granting certificates to sub-brokers, including being authorized in writing by a stock broker. It also states that no stock broker or sub-broker shall engage in securities transactions without SEBI registration.
The securities contracts regulation act hardcopyDharmik
This document provides an overview of the Securities Contracts Regulation Act (SCRA) presented by a group of students. It defines securities and discusses key aspects of the SCRA, including:
- The SCRA empowers the central government or SEBI to recognize stock exchanges, approve exchange rules/bylaws, regulate listings, and register intermediaries.
- Contracts must occur through a recognized stock exchange in notified states/areas to be legal. Contracts in violation of exchange rules are void.
- The government can prohibit contracts in certain securities to prevent speculation and require licensing of dealers in some non-notified states.
- Listing on an exchange provides liquidity, mobilizes
This document outlines requirements for listed entities in India regarding schemes of arrangement, such as mergers and demergers. It discusses obligations of listed entities and stock exchanges with respect to scheme documentation, valuation reports, shareholder approval, and regulatory review and approval. Key requirements include submitting draft schemes and supporting documents to stock exchanges, obtaining necessary approvals including from shareholders, addressing any complaints received, and obtaining observation letters from stock exchanges and comments from the Securities and Exchange Board of India (SEBI). The aim is to ensure schemes are transparent and in compliance with all applicable regulations.
Compounding refers to the process of voluntarily admitting the contravention, pleading guilty and seeking redressal. The Reserve Bank is empowered to compound contraventions under Foreign Exchange Management Act, 1999. In this webinar, we shall understand the provisions of FEMA Act and its regulations relating to Compounding of Offences
The document outlines an overview of the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA) presented by Mr. Paresh P. Shah. It discusses key topics such as:
1) Important definitions under FEMA including capital account transactions, current account transactions, and definitions of resident and non-resident individuals.
2) Fundamentals of FEMA including that foreign exchange belongs to the government of India except with permission, dealings in foreign exchange are regulated, and permissible capital/current account transactions are specific to their purpose.
3) An overview of the structure and enforcement process of PMLA including the roles of the Financial Intelligence Unit, Directorate of
The Banking Regulation Act defines banking and banking companies. It restricts banking companies from engaging in any business other than banking and from holding immovable property for more than 7 years. It establishes requirements for capital reserves, dividends, cash reserves, auditing, and reporting that banking companies must follow. The Reserve Bank of India is authorized to inspect banks and issue directives to determine banking policies.
Presentation on Fema by CA. Sudha G. Bhushan [balance sheet and fema]TAXPERT PROFESSIONALS
The document discusses regulations related to balance sheets, foreign exchange management, and international transactions per the Companies Act, Income Tax Act, and Foreign Exchange Management Act of India. Key points include:
1. Balance sheets must provide a true and fair view of the company's financial position and comply with Schedule VI of the Companies Act.
2. The Income Tax Act contains several sections related to computing income from international transactions and reporting requirements.
3. FEMA regulates foreign exchange transactions and capital/current account transactions, requiring certain approvals and documentation for foreign investment, borrowings, remittances abroad, and other financial activities involving foreign exchange.
Objectives & Agenda :
The Regulations under FEMA regulate the Export transactions of Goods, Services and Currencies. In this Webinar we shall understand the Definition of the term 'Export', 'Services' and 'Currencies'. We will also look at various procedures and compliances involved while Exporting goods or services or currencies.
Compounding of offences under fema 1999Sooraj Nandan
This document provides information on compounding of contraventions under the Foreign Exchange Management Act (FEMA) 1999 in India. It discusses the regulatory framework under FEMA, introduction to compounding offenses, the compounding process, additional considerations in reviewing applications, criteria for disposing applications, compounding authorities and their powers, and documentation requirements. Key points include that compounding allows penalties to be paid to resolve FEMA violations, applications may be denied based on the nature of the contravention or if it is a repeat offense, and various RBI offices and directors have authority to compound offenses of different amounts.
AD Category I Banks may allow advance remittance for import payments without bank guarantees or standby LOCs up to certain limits:
- For goods imports: USD 5 million for reputed importers with good track record.
- For rough diamond imports: No limit for recognized mining companies.
- For aircraft/helicopter imports: USD 50 million for permitted entities, USD 5 million for others.
- For service imports: Require bank guarantee for amounts over USD 200,000 equivalent.
Advance payments must follow sale contract terms and be directly to supplier accounts. Imports must be physically made within specified timelines. AD banks must follow KYC norms, create ORMs in IDPMS, and
The document discusses the provisions related to cross border mergers under the Companies Act 2013 and FEMA regulations. It provides details about inbound and outbound mergers, valuation requirements, deemed approval process, reporting obligations and income tax implications. Key highlights include:
- Cross border mergers can involve an Indian company merging with a foreign company or vice versa.
- The foreign company jurisdiction needs to be specified in Annexure B of Rule 25A of the Companies Act.
- Valuation of the companies needs to be done according to internationally accepted principles by qualified valuers.
- Certain transactions and asset/liability transfers are permitted to facilitate the merger while ensuring compliance with FEMA regulations.
- Capital gains tax exemptions for transfer of assets
This document outlines the listing requirements for companies seeking to have their securities listed on the Zimbabwe Stock Exchange (ZSE). It includes sections on authority of the listings committee, sponsoring brokers, continuing obligations, listing conditions and procedures, financial information disclosure, related party transactions, and requirements for different types of companies. The chairman's preface notes that the requirements have been extensively amended to reflect current international standards and market practice in Zimbabwe and abroad.
The Securities Contracts (Regulation) Act of 1956 was enacted by the Indian Parliament to prevent undesirable transactions in securities markets and promote orderly development. It defines key terms, deals with the recognition and supervision of stock exchanges, and regulates contracts in listed securities. The act was introduced due to a history of stock market crashes and manipulations in India dating back to the 1860s that highlighted the need for regulation to protect investors and support market stability. It has since been amended several times, including in 2012, to further strengthen regulation and incorporate changes.
The Reserve Bank of India regulates the establishment of branches, liaison offices, or other places of business in India by foreign companies. No foreign company can set up such an office without RBI approval, except for banking and insurance companies regulated by other acts. Foreign companies can also set up standalone branches in Special Economic Zones to conduct permitted business activities without RBI approval if they meet certain conditions. The regulations specify the application process and permitted activities of foreign branches and liaison offices in India.
The document discusses various laws and regulations related to capital markets in India including the Companies Act, SEBI Act, Depositories Act, and powers and functions of the Securities and Exchange Board of India (SEBI). It outlines SEBI's powers to regulate securities markets, investigate intermediaries, issue directions, and impose penalties for non-compliance. Penalties include monetary fines of up to Rs. 25 crore or 3 times profits for offenses such as insider trading, fraudulent practices, and failure to furnish information to SEBI.
Establishing foreign branches abroad by indian companyVineeth T
Setting up a branch office abroad involves several steps and requirements. An Indian company can establish a branch office outside India to conduct normal business activities. The key steps include obtaining board approval, appointing an authorized representative, opening a bank account, and filing required forms and applications with the RBI through an Authorized Dealer along with supporting documents. The branch office must promptly report bank account details to the Indian company's banker and repatriate any profits to India. Specific requirements may apply depending on the host country location of the branch office.
Key Takeaways:
Restrictions on allotment and commencement of business
Allotment of shares by private and public companies
Rights and powers attaching shares
Issue of shares with differential voting rights
This document provides an overview and guidelines regarding the import of goods and services into India. It notes that import trade is regulated by DGFT under the Ministry of Commerce and that authorized dealer Category-I banks must ensure imports comply with foreign trade policy. The document then outlines general guidelines for imports, including requirements for import licenses, time limits for settlement of import payments, and regulations regarding import of foreign exchange and third party payments for import transactions.
Reserve Bank of India - RBI ForEx Workshop at Bhilwara - Topic Trade Regulati...sangamuniversity
Regional Director Dr Sathyan David Reserve Bank of India - RBI Jaipur and Team conduct First Time Ever workshop cum interactive session on ForEx Management at Bhilwara on 26 Aug 2013 in which Mewar Chamber of Commerce officials, Importers & Exporters, Charted Accountants & Company Secretaries, officials from Lead Banks, Vice Chancellor along with a team of MBA Faculty from Sangam University actively participated in the proceedings. Sri CD Srinivasan Chief General Manager from RBI Mumbai conducted the FEMA session including Derivatives with Clinical Precision. Ms Sunanda Batra from RBI Jaipur proposed vote of thanks and Sri ML Meena from RBI Jaipur anchored the proceedings.
The Securities and Exchange Board of India (SEBI) is introducing a simplified and uniform listing agreement across all types of securities and listed entities to replace existing listing agreements. All listed entities must execute the new uniform listing agreement with recognized stock exchanges within six months. The circular also provides the format of the new uniform listing agreement in an annexure.
Presentation on Export and Import Regulations by CA. Sudha G. BhushanTAXPERT PROFESSIONALS
This document provides an overview of exports and imports regulations in India. It discusses the key governing regulations like the Foreign Exchange Management Act 1999, Foreign Trade Policy 2015-2020, and relevant RBI notifications. It outlines the regulatory framework, important concepts like third party payments for exports, declaration requirements for exports, and timelines for realization and repatriation of export proceeds. It also briefly touches on key balance sheet items related to exports and imports. Overall, the document provides a high-level introduction to the legal and regulatory ecosystem for international trade in India.
SOP of SEBI for dealing with non-compliances.pptxtaxguruedu
Standard Operating Procedures (SOP) of Securities Exchange Board of India (SEBI) for non-compliances Introduction: In order to ensure effective enforcement of the Listing Regulations, the depositories, on receipt of intimation from the concerned recognized stock exchange, shall freeze or unfreeze, as the case may be, the entire shareholding of the promoter(s) in such non-compliant listed entity as well as all other securities held in the demat account of the promoter(s). Further, if a non-compliant entity is listed on more than one recognized stock exchange, the concerned recognized stock exchanges shall take uniform action under this Circular in consultation with each other.
SEBI has directed Stock Exchanges to penalize the listed Companies for Non-Compliance with the provisions of the Listing Regulations (LODR) & Circulars/Guidelines issued thereunder. Circular includes a list of Penalties to be imposed in respect of Non-Compliance of various Regulations.
Penalty for Non-Compliances goes up to 5,000 per Day (in Some Cases it is 50,000 per instance)
For more Updates Sign Up Now: https://lexbuddy.com
LexComply - Compliance Management Software India
The document is a regulatory update from the Confederation of Indian Industry (CII) providing information on domestic and global regulatory changes. It includes summaries of updates from the Securities and Exchange Board of India (SEBI) regarding non-compliance by listed companies, permitting certain clauses in shareholder agreements, regulations for listing small and medium enterprises on an institutional trading platform, and streamlining investor grievance redressal. It also provides summaries of draft rules released by the Ministry of Corporate Affairs on deposits, the Serious Fraud Investigation Office, and other matters. The update covers changes between September-October 2013.
The document outlines an overview of the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA) presented by Mr. Paresh P. Shah. It discusses key topics such as:
1) Important definitions under FEMA including capital account transactions, current account transactions, and definitions of resident and non-resident individuals.
2) Fundamentals of FEMA including that foreign exchange belongs to the government of India except with permission, dealings in foreign exchange are regulated, and permissible capital/current account transactions are specific to their purpose.
3) An overview of the structure and enforcement process of PMLA including the roles of the Financial Intelligence Unit, Directorate of
The Banking Regulation Act defines banking and banking companies. It restricts banking companies from engaging in any business other than banking and from holding immovable property for more than 7 years. It establishes requirements for capital reserves, dividends, cash reserves, auditing, and reporting that banking companies must follow. The Reserve Bank of India is authorized to inspect banks and issue directives to determine banking policies.
Presentation on Fema by CA. Sudha G. Bhushan [balance sheet and fema]TAXPERT PROFESSIONALS
The document discusses regulations related to balance sheets, foreign exchange management, and international transactions per the Companies Act, Income Tax Act, and Foreign Exchange Management Act of India. Key points include:
1. Balance sheets must provide a true and fair view of the company's financial position and comply with Schedule VI of the Companies Act.
2. The Income Tax Act contains several sections related to computing income from international transactions and reporting requirements.
3. FEMA regulates foreign exchange transactions and capital/current account transactions, requiring certain approvals and documentation for foreign investment, borrowings, remittances abroad, and other financial activities involving foreign exchange.
Objectives & Agenda :
The Regulations under FEMA regulate the Export transactions of Goods, Services and Currencies. In this Webinar we shall understand the Definition of the term 'Export', 'Services' and 'Currencies'. We will also look at various procedures and compliances involved while Exporting goods or services or currencies.
Compounding of offences under fema 1999Sooraj Nandan
This document provides information on compounding of contraventions under the Foreign Exchange Management Act (FEMA) 1999 in India. It discusses the regulatory framework under FEMA, introduction to compounding offenses, the compounding process, additional considerations in reviewing applications, criteria for disposing applications, compounding authorities and their powers, and documentation requirements. Key points include that compounding allows penalties to be paid to resolve FEMA violations, applications may be denied based on the nature of the contravention or if it is a repeat offense, and various RBI offices and directors have authority to compound offenses of different amounts.
AD Category I Banks may allow advance remittance for import payments without bank guarantees or standby LOCs up to certain limits:
- For goods imports: USD 5 million for reputed importers with good track record.
- For rough diamond imports: No limit for recognized mining companies.
- For aircraft/helicopter imports: USD 50 million for permitted entities, USD 5 million for others.
- For service imports: Require bank guarantee for amounts over USD 200,000 equivalent.
Advance payments must follow sale contract terms and be directly to supplier accounts. Imports must be physically made within specified timelines. AD banks must follow KYC norms, create ORMs in IDPMS, and
The document discusses the provisions related to cross border mergers under the Companies Act 2013 and FEMA regulations. It provides details about inbound and outbound mergers, valuation requirements, deemed approval process, reporting obligations and income tax implications. Key highlights include:
- Cross border mergers can involve an Indian company merging with a foreign company or vice versa.
- The foreign company jurisdiction needs to be specified in Annexure B of Rule 25A of the Companies Act.
- Valuation of the companies needs to be done according to internationally accepted principles by qualified valuers.
- Certain transactions and asset/liability transfers are permitted to facilitate the merger while ensuring compliance with FEMA regulations.
- Capital gains tax exemptions for transfer of assets
This document outlines the listing requirements for companies seeking to have their securities listed on the Zimbabwe Stock Exchange (ZSE). It includes sections on authority of the listings committee, sponsoring brokers, continuing obligations, listing conditions and procedures, financial information disclosure, related party transactions, and requirements for different types of companies. The chairman's preface notes that the requirements have been extensively amended to reflect current international standards and market practice in Zimbabwe and abroad.
The Securities Contracts (Regulation) Act of 1956 was enacted by the Indian Parliament to prevent undesirable transactions in securities markets and promote orderly development. It defines key terms, deals with the recognition and supervision of stock exchanges, and regulates contracts in listed securities. The act was introduced due to a history of stock market crashes and manipulations in India dating back to the 1860s that highlighted the need for regulation to protect investors and support market stability. It has since been amended several times, including in 2012, to further strengthen regulation and incorporate changes.
The Reserve Bank of India regulates the establishment of branches, liaison offices, or other places of business in India by foreign companies. No foreign company can set up such an office without RBI approval, except for banking and insurance companies regulated by other acts. Foreign companies can also set up standalone branches in Special Economic Zones to conduct permitted business activities without RBI approval if they meet certain conditions. The regulations specify the application process and permitted activities of foreign branches and liaison offices in India.
The document discusses various laws and regulations related to capital markets in India including the Companies Act, SEBI Act, Depositories Act, and powers and functions of the Securities and Exchange Board of India (SEBI). It outlines SEBI's powers to regulate securities markets, investigate intermediaries, issue directions, and impose penalties for non-compliance. Penalties include monetary fines of up to Rs. 25 crore or 3 times profits for offenses such as insider trading, fraudulent practices, and failure to furnish information to SEBI.
Establishing foreign branches abroad by indian companyVineeth T
Setting up a branch office abroad involves several steps and requirements. An Indian company can establish a branch office outside India to conduct normal business activities. The key steps include obtaining board approval, appointing an authorized representative, opening a bank account, and filing required forms and applications with the RBI through an Authorized Dealer along with supporting documents. The branch office must promptly report bank account details to the Indian company's banker and repatriate any profits to India. Specific requirements may apply depending on the host country location of the branch office.
Key Takeaways:
Restrictions on allotment and commencement of business
Allotment of shares by private and public companies
Rights and powers attaching shares
Issue of shares with differential voting rights
This document provides an overview and guidelines regarding the import of goods and services into India. It notes that import trade is regulated by DGFT under the Ministry of Commerce and that authorized dealer Category-I banks must ensure imports comply with foreign trade policy. The document then outlines general guidelines for imports, including requirements for import licenses, time limits for settlement of import payments, and regulations regarding import of foreign exchange and third party payments for import transactions.
Reserve Bank of India - RBI ForEx Workshop at Bhilwara - Topic Trade Regulati...sangamuniversity
Regional Director Dr Sathyan David Reserve Bank of India - RBI Jaipur and Team conduct First Time Ever workshop cum interactive session on ForEx Management at Bhilwara on 26 Aug 2013 in which Mewar Chamber of Commerce officials, Importers & Exporters, Charted Accountants & Company Secretaries, officials from Lead Banks, Vice Chancellor along with a team of MBA Faculty from Sangam University actively participated in the proceedings. Sri CD Srinivasan Chief General Manager from RBI Mumbai conducted the FEMA session including Derivatives with Clinical Precision. Ms Sunanda Batra from RBI Jaipur proposed vote of thanks and Sri ML Meena from RBI Jaipur anchored the proceedings.
The Securities and Exchange Board of India (SEBI) is introducing a simplified and uniform listing agreement across all types of securities and listed entities to replace existing listing agreements. All listed entities must execute the new uniform listing agreement with recognized stock exchanges within six months. The circular also provides the format of the new uniform listing agreement in an annexure.
Presentation on Export and Import Regulations by CA. Sudha G. BhushanTAXPERT PROFESSIONALS
This document provides an overview of exports and imports regulations in India. It discusses the key governing regulations like the Foreign Exchange Management Act 1999, Foreign Trade Policy 2015-2020, and relevant RBI notifications. It outlines the regulatory framework, important concepts like third party payments for exports, declaration requirements for exports, and timelines for realization and repatriation of export proceeds. It also briefly touches on key balance sheet items related to exports and imports. Overall, the document provides a high-level introduction to the legal and regulatory ecosystem for international trade in India.
Presentation on Export and Import Regulations by CA. Sudha G. Bhushan
Similar to Non compliance with certain provisions of listing regulations and standard operating procedure for suspension and revocation of trading of specified securities
SOP of SEBI for dealing with non-compliances.pptxtaxguruedu
Standard Operating Procedures (SOP) of Securities Exchange Board of India (SEBI) for non-compliances Introduction: In order to ensure effective enforcement of the Listing Regulations, the depositories, on receipt of intimation from the concerned recognized stock exchange, shall freeze or unfreeze, as the case may be, the entire shareholding of the promoter(s) in such non-compliant listed entity as well as all other securities held in the demat account of the promoter(s). Further, if a non-compliant entity is listed on more than one recognized stock exchange, the concerned recognized stock exchanges shall take uniform action under this Circular in consultation with each other.
SEBI has directed Stock Exchanges to penalize the listed Companies for Non-Compliance with the provisions of the Listing Regulations (LODR) & Circulars/Guidelines issued thereunder. Circular includes a list of Penalties to be imposed in respect of Non-Compliance of various Regulations.
Penalty for Non-Compliances goes up to 5,000 per Day (in Some Cases it is 50,000 per instance)
For more Updates Sign Up Now: https://lexbuddy.com
LexComply - Compliance Management Software India
The document is a regulatory update from the Confederation of Indian Industry (CII) providing information on domestic and global regulatory changes. It includes summaries of updates from the Securities and Exchange Board of India (SEBI) regarding non-compliance by listed companies, permitting certain clauses in shareholder agreements, regulations for listing small and medium enterprises on an institutional trading platform, and streamlining investor grievance redressal. It also provides summaries of draft rules released by the Ministry of Corporate Affairs on deposits, the Serious Fraud Investigation Office, and other matters. The update covers changes between September-October 2013.
Freezing of Promoter and Promoter group Demat accounts for Noncompliance with...GAURAV KR SHARMA
Freezing of Promoter and Promoter group Demat accounts for Noncompliance
with certain provisions of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015
SEBI was formed to protect investors in securities markets and promote orderly development of those markets. It regulates stock exchanges, registers and regulates intermediaries like brokers, merchant bankers, and mutual funds. SEBI's functions include prohibiting market manipulation and insider trading, promoting investor education, inspecting regulated entities, and vetting public issuances. It aims to boost confidence in capital markets through strict regulation and investor protection.
The group is presenting on the listing rules of various stock exchanges in Pakistan. For the Karachi Stock Exchange, key listing rules discussed include preliminary requirements, listing of companies and securities, offering capital to the public, and annual general meeting requirements. For the Lahore Stock Exchange, rules around bid collection, listing of companies, capital offerings, and dividends/entitlements were summarized. For the Islamabad Stock Exchange, the summary restated the short title and applicability of the listing regulations. The presentation was made by five members who each discussed a different exchange's rules.
IGATE Corporation accepted the delisting offer for its subsidiary Patni Computer Systems from Indian stock exchanges at a price of Rs. 520 per share, determined through a reverse book building process. The total cost for IGATE to delist Patni was Rs. 1,394 crores. The delisting process opening date was March 28, 2012 with a floor price of Rs. 356.74 per share. IGATE owned around 83% of Patni and the successful delisting would allow for a streamlined corporate structure and reduced compliance costs.
The document discusses key provisions of the Securities Contract Regulation Act 1956 (SCRA) which regulates stock exchanges and contracts for securities in India. Some key points:
1. SCRA prescribes procedures for recognition of stock exchanges by the central government and listing/trading of securities. It gives powers to regulate stock exchanges and make rules for contracts.
2. The Act covers recognition, derecognition, and supervision of stock exchanges. It also discusses corporatization and demutualization of stock exchanges.
3. The document outlines procedures for listing and delisting of securities from recognized stock exchanges, and rights of appeal. It also discusses clearing corporations and additional trading floors.
SEBI(LODR)Regulations - Obligations on listing of specified securities - Part IIDVSResearchFoundatio
Key Takeaways:
Related party transactions
Obligations of directors including independent directors, employees including KMPs
Corporate Governance requirements
SEBI(LODR)Regulations - Obligations on listing of specified securities - Part IIDVSResearchFoundatio
Key Takeaways:
Related party transactions
Obligations of directors including independent directors, employees including KMPs
Corporate Governance requirements
SEBI (LISTING OBLIGATIONS & DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 – HIGH...FCS BHAVIK GALA
This article provides highlights and analysis of the recently notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 issued by SEBI.
The document discusses the history and functions of the Securities and Exchange Board of India (SEBI). It states that SEBI was established in 1988 and given statutory powers in 1992 to regulate the securities market and protect investors. The key functions of SEBI include regulatory functions, development functions, and powers from the Securities Contract Regulation Act. SEBI regulates various intermediaries in the capital market like merchant bankers, underwriters, stock brokers, bankers to issues, and registrars through various rules and guidelines.
Introduction of system driven disclosures in securities market by sebiGAURAV KR SHARMA
1. SEBI is introducing a system to automate disclosures of share transactions by promoters and promoter groups of listed companies.
2. In the first phase, the system will disclose acquisitions, disposals and pledges of company shares by promoters based on transaction thresholds. It will run parallel to existing disclosure processes.
3. Depositories will provide registered shareholding data of promoters to RTAs daily. RTAs will aggregate data, generate reports for stock exchanges, and check for discrepancies with promoter disclosures. The aim is to increase transparency of promoter transactions in securities markets.
1) The document outlines guidelines for listed entities that have issued Indian Depository Receipts (IDRs) regarding quarterly holding pattern disclosures, corporate governance reporting, and two-way fungibility of IDRs.
2) Listed entities must file quarterly IDR holding patterns within 15 days of the quarter end using a specified format. They must also submit comparative analyses of corporate governance provisions in home and foreign listing jurisdictions.
3) For two-way fungibility of IDRs, guidelines are provided for future IDR issuances allowing partial conversion after 1 year, and for existing listed IDRs requiring at least annual 25% conversion opportunities for holders.
Format for quarterly holding pattern Indian Depository Receipts (IDRs)GAURAV KR SHARMA
1) The document outlines guidelines for listed entities that have issued Indian Depository Receipts (IDRs) regarding quarterly holding pattern disclosures, corporate governance reporting, and two-way fungibility of IDRs.
2) Listed entities must file quarterly IDR holding patterns within 15 days of the quarter end using a specified format. They must also submit comparative analyses of corporate governance provisions in their home country and other listing jurisdictions.
3) The guidelines provide procedures for partial two-way fungibility of future and existing IDR issuances, including limits on conversion, fungibility windows, and disclosure requirements.
The document discusses key changes introduced by the Companies Act 2013 relating to listed companies and corporate governance norms for listed companies proposed by SEBI. Some key points include:
1) The Act introduces stricter compliance requirements for listed companies regarding disclosures, reporting and transparency. It aligns listing agreement with the Act and lays out roadmaps for listed entities.
2) SEBI approved amendments to the listing agreement to strengthen corporate governance norms for listed companies in line with the Act. The amendments will be applicable from October 1, 2014.
3) The Act introduces new audit requirements for listed companies regarding secretarial audit and internal audit. It also changes terms of appointment for statutory auditors.
4) The
Listed companies can raise further capital via preferential routes to meet li...GAURAV KR SHARMA
1) SEBI issued guidelines in 2012 and 2014 allowing exclusively listed companies (ELCs) on de-recognized stock exchanges to get listed on nationwide exchanges or opt for voluntary delisting. ELCs that did not comply would be moved to the Dissemination Board (DB).
2) SEBI clarified processes for ELCs on the DB to raise capital to facilitate listing on nationwide exchanges or provide an exit to investors. ELCs must choose one option within 3 months or face actions like promoters barred from securities market for 10 years.
3) Designated stock exchanges will oversee ELCs' compliance and recommend actions against non-compliant companies to protect investors.
Restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted C...GAURAV KR SHARMA
Restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted Companies Pending Fulfillment of Exit Offers to the Shareholders
Similar to Non compliance with certain provisions of listing regulations and standard operating procedure for suspension and revocation of trading of specified securities (20)
Single Master Form introduced for reporting Foreign investment in India.GAURAV KR SHARMA
The Reserve Bank of India will introduce a Single Master Form (SMF) to integrate reporting of foreign investment in India. The SMF will be filed online. It will provide a facility to report total foreign investment in an Indian entity as well as investment in an Investment Vehicle by non-residents. Indian entities must input data on total foreign investment through an online interface available from June 28, 2018 to July 12, 2018. Entities not complying will be non-compliant with foreign exchange laws and regulations. The format of the SMF is provided in the annexures. Commercial banks are asked to inform customers of this new reporting requirement under FEMA.
The document summarizes key amendments made by the Companies (Amendment) Act, 2017 in India. Some of the major amendments addressed difficulties in implementation of certain provisions, facilitated ease of doing business, and harmonized company law with other statutes. Specifically, it reduced the time period for name reservation from 60 to 20 days, increased the deadline for informing about a change in registered office from 15 to 30 days, and required companies to prepare consolidated financial statements including associate companies in addition to subsidiaries.
Monitoring of Foreign Investment limits in listed Indian companies May 17th 2018GAURAV KR SHARMA
SEBI issued a circular amending two previous circulars regarding monitoring foreign investment limits in listed Indian companies. The deadline for companies to provide necessary data to depositories was extended to May 25th. The new monitoring system was pushed back to becoming operational on June 1st, in response to requests from stakeholders. This circular was issued under powers of the Securities and Exchange Board of India Act of 1992.
The document outlines amendments made by the Securities and Exchange Board of India to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Key changes include requiring listed companies to have at least one independent woman director, increasing the minimum board size for large companies, setting limits on the number of directorships a person can hold, strengthening independent director requirements, and enhancing nomination and remuneration committee meetings and composition. The amendments are aimed at improving corporate governance practices of listed companies in India.
SEBI update on Additional Risk management measures for derivatives segmentGAURAV KR SHARMA
The document is a circular from the Securities and Exchange Board of India (SEBI) announcing additional risk management measures for derivatives trading in stock exchanges and clearing corporations. It requires stock exchanges and clearing corporations to (1) collect initial margin, exposure margin, extreme loss margin, calendar spread margin and mark to market settlements from clearing members and trading members for equity derivatives trading; (2) enforce collection of these margins from clearing members and trading members for both equity and currency derivatives; and (3) calculate liquid net worth for clearing members in equity derivatives by deducting initial and exposure margins from liquid assets. The provisions take effect from June 1, 2018.
SEBI Circular dated Feb 22, 2018 with regard to manner of achieving minimum p...GAURAV KR SHARMA
The document outlines additional methods allowed by the Securities and Exchange Board of India (SEBI) for listed entities to comply with minimum public shareholding requirements. Specifically:
SEBI will allow open market sale of up to 2% of shares by promoters/promoter groups and allotment of eligible securities through Qualified Institutions Placement. For open market sales, listed entities must announce details in advance and promoters cannot purchase shares on sale dates. SEBI reiterates prior methods and provides a compilation of all allowed methods to achieve minimum public shareholding levels.
This notification announces that various sections of the Companies (Amendment) Act 2017 will come into force on February 6, 2018. Specifically, sections 2, 3, 9, 11-12, 14, 17, 27-29, 32, 34-35, 38, 41-45, 47-48, 50-51, 53, 59-60, 63-65, 72-74, 77-79, 82, 84-85, and 90-93 will take effect from that date. The notification is issued by the Ministry of Corporate Affairs, Government of India to inform all relevant parties of the commencement of these new provisions.
Mca has notified below mentioned 41 sections of companies amendment actGAURAV KR SHARMA
The document notifies that 41 sections of the Companies Amendment Act, 2017 will come into effect from February 9th, 2018. These sections pertain to definitions, member liability, authentication of documents, voting rights, issue of shares, board meetings, related party transactions, auditing standards, and qualifications for directors, tribunal members, and appellate tribunal members among other things. The notification provides a table with the section numbers of the amendment act and the corresponding sections in the Companies Act, 2013 that have been amended.
Securities and Exchange Board of India (International Financial Services Cent...GAURAV KR SHARMA
The document is a circular from the Securities and Exchange Board of India (SEBI) announcing amendments to the definition of "issuer" in the SEBI (International Financial Services Centres) Guidelines from 2015. The definition has been amended to include any entity incorporated in India seeking to raise foreign currency other than Indian rupee with necessary approvals, any entity incorporated abroad allowed to issue securities outside its place of incorporation per local laws, and any supranational organizations allowed to issue securities per their constitution. The circular was issued under SEBI's power to protect investors and regulate securities markets.
Report Submitted by Committee on Corporate Governance GAURAV KR SHARMA
The committee was formed in June 2017 under the chairmanship of Mr. Uday Kotak to enhance corporate governance standards of listed Indian entities. It consisted of officials from government, industry, professional bodies and academia.
The committee's terms of reference were to make recommendations to SEBI on ensuring independence of independent directors, improving related party transaction disclosures and safeguards, addressing issues in accounting/auditing practices, improving board evaluation effectiveness, and addressing investor voting issues.
The committee submitted its report on October 5, 2017 after taking public comments on its recommendations.
Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notif...GAURAV KR SHARMA
The Central Board of Excise and Customs of India determined new exchange rates of foreign currencies relating to imported and exported goods, effective September 22, 2017. Schedules I and II list 19 currencies and their exchange rates in Indian rupees for both imported and exported goods. For example, the rate for the Australian dollar was set at 52.65 rupees for imported goods and 50.80 rupees for exported goods. The notification supersedes the previous exchange rate notification from September 7, 2017.
Outsourcing of activities by Stock Exchanges and Clearing CorporationsGAURAV KR SHARMA
The Securities and Exchange Board of India (SEBI) issued a circular to clarify regulations around exchange traded cross currency derivatives contracts on EUR-USD, GBP-USD and USD-JPY currency pairs. Key points:
- SEBI had previously laid out a framework for these cross currency futures and options contracts, as well as currency options on EUR-INR, GBP-INR and JPY-INR.
- The circular modifies the proprietary position limits for stock brokers (both bank and non-bank) for positions created in foreign currency-rupee pairs like USD-INR.
- Stock exchanges must implement a uniform methodology, in consultation, for computing and monitoring these proprietary position
Clarification on Exchange Traded Cross Currency Derivatives contracts on EUR-...GAURAV KR SHARMA
The document provides guidelines from the Securities and Exchange Board of India (SEBI) for stock exchanges and clearing corporations regarding outsourcing activities. Some key points:
- Stock exchanges and clearing corporations must develop an outsourcing policy and approval process for any outsourced activities.
- Core and critical activities like trading, clearing, settlement, and regulatory functions cannot be outsourced.
- Due diligence must be conducted on any third-party service providers and legal agreements must define roles and responsibilities.
- Exchanges and clearing corporations retain ultimate responsibility and must monitor outsourced services and have contingency plans.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
Non Linear Optimization
Demonstrating Business Performance Improvement
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Final ank Satta Matka Dpbos Final ank Satta Matta Matka 143 Kalyan Matka Guessing Final Matka Final ank Today Matka 420 Satta Batta Satta 143 Kalyan Chart Main Bazar Chart vip Matka Guessing Dpboss 143 Guessing Kalyan night
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Non compliance with certain provisions of listing regulations and standard operating procedure for suspension and revocation of trading of specified securities
1. ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã
Securities and Exchange Board of India
Page 1 of 7
CIRCULAR
CIR/CFD/CMD/12/2015 November 30, 2015
To
All the Recognized Stock Exchanges
All Depositories
Dear Sir/Madam,
Sub: Non-compliance with certain provisions of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and Standard Operating
Procedure for suspension and revocation of trading of specified securities
1. In terms of sub regulation (1) of regulation 97 of Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”), recognized Stock Exchanges shall monitor compliance
by listed entities with the provisions of the regulations.
2. Sub regulations (1) and (2) of regulation 98 of Listing Regulations 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 and the revocation
of such actions, in the manner specified by SEBI.
3. Accordingly, recognized stock exchanges shall use imposition of fines as action
of first resort in case of such non compliances and invoke suspension of trading
in case of subsequent and consecutive defaults. Accordingly, in order to
maintain consistency and uniformity of approach the recognized stock
exchanges shall follow the following procedure:
a) Uniform fine structure for non-compliance with Listing Regulations
regarding non-submission of certain periodic reports – Annexure I.
b) Standard Operating Procedure (SOP) for suspension and revocation of
suspension of trading of specified securities – Annexure II.
4. In order to ensure effective enforcement of the Listing Regulations, the
depositories, on receipt of intimation from concerned recognized stock
exchange, shall freeze or unfreeze, as the case may be, the entire shareholding
of the promoter and promoter group in such entity.
2. ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã
Securities and Exchange Board of India
Page 2 of 7
5. The recognized stock exchanges shall disclose on their website the action/s
taken against the listed entities for non-compliance(s); including the details of
respective requirement, amount of fine, period of suspension, freezing of
shares, etc.
6. Recognized stock exchanges may, having regard to the interests of investors
and securities market, take appropriate action in line with the principles and
procedures laid down in Annexure I and II and any deviation therefore should
not dilute the spirit of the policy contained therein. Any deviation shall be on
justifiable reasons to be recorded in writing. The above actions are without
prejudice to power of SEBI to take action under securities laws for above
violations.
7. The Stock Exchanges are advised to bring the provisions of this circular to the
notice of listed entities and also to disseminate the same on its website. This
circular shall come into force with effect from December 01, 2015.
8. This circular is issued under regulations 97, 98, 99 and 102 read with regulation
101(2) of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
9. This circular is available on SEBI website at www.sebi.gov.in under the categories
“Legal Framework” and “Continuous Disclosure Requirements”.
Yours faithfully,
B N Sahoo
General Manager
Compliance and Monitoring Division
Corporation Finance Department
biranchins@sebi.gov.in
3. ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã
Securities and Exchange Board of India
Page 3 of 7
ANNEXURE I
IMPOSITION OF FINE
1. The recognized stock exchange shall impose fine on listed entities for non-
compliance with certain provisions of the Listing Regulations for non-submission/
delay in submission of reports/ documents to recognized stock exchange as under:
Regulation Fine payable for 1st
non-compliance
Fine Payable for each
subsequent and
consecutive non-
compliance
Regulation 27 (2)
Non submission of the
Corporate governance
compliance report within
the period provided under
this regulation
₹ 1,000 per day of
non-compliance till the
date of compliance
₹ 2,000 per day of non-
compliance till the
date of compliance
Regulation 31
Non submission of the
Shareholding pattern within
the period prescribed under
this regulation.
₹ 1,000 per day of
non-compliance till the
date of compliance
and
If non-compliance
continues for more
than
15 days, additional
fine of 0.1 % of paid
up capital* of the
entity or ₹ 1 crore,
whichever is less.
₹ 2,000 per day of non-
compliance till the
date of compliance
and
If non-compliance
continues for more than
15 days, additional fine of
0.1 % of paid up capital*
of the entity or ₹ 1 crore,
whichever is less.
Regulation 33
Non submission of the
financial results within the
period prescribed under this
regulation
₹ 5,000 per day of
non-compliance till the
date of compliance
and
If non-compliance
continues for more
than
15 days, additional
fine of 0.1 % of Paid
Up capital* of the
entity or ₹ 1crore,
whichever is less.
₹ 10,000 per day of non-
compliance till the
date of compliance
and
If non-compliance
continues for more than
15 days, additional fine of
0.1 % of Paid Up capital*
of the entity or ₹ 1 crore,
whichever is less.
4. ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã
Securities and Exchange Board of India
Page 4 of 7
Regulation 34
Non-submission of the
Annual Report within the
period prescribed under this
regulation.
If non-compliance
continues for more
than 5 days, ₹ 1,000
per day till the date of
compliance
₹ 2,000 per day of non-
compliance till the
date of compliance
*Paid up capital as on first day of the financial year in which the non-compliance occurs.
2. The amount of fine realized as per the above structure shall be credited to the
"Investor Protection Fund" of the concerned recognized stock exchange.
3. The recognized Stock Exchanges shall disseminate on their website, the names
of non-compliant listed entities that are liable to pay fine for non-compliance of
the above regulations.
4. Every recognized stock exchange shall review the compliance status of the
listed entities within 15 days from the due date for compliance for the respective
regulation and issue notices to the non-compliant listed entities to ensure
compliance and pay fine as per this circular within 15 days from the date of the
notice.
5. If any non-compliant listed entity fails to pay the fine despite receipt of the notice
as stated above, the recognized stock exchange may initiate appropriate
enforcement action, including prosecution.
TRADING OF SHARES IN CATEGORY "Z"
6. If a listed entity commits two or more consecutive defaults in compliance of the
aforesaid provisions of the Listing Regulations within 15 days from date of the
notice issued under clause 4, the concerned recognised stock exchange shall,
in addition to imposing fine as specified above, move the scrip of the listed
entities to "Z" category wherein trades shall take place on 'Trade for Trade'
basis.
7. The recognised stock exchange shall move back the scrip of the listed entity to
the normal trading category, if it complies with respective provisions of the
Listing Regulations and completely pays fine prescribed as above.
8. The recognized stock exchange shall give 7 days prior public notice to investors
before moving the share of non-compliant entity to "Z" category or vice versa.
5. ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã
Securities and Exchange Board of India
Page 5 of 7
ANNEXURE II
STANDARD OPERATING PROCEDURE (SOP)
A. SOP for suspension of trading
1. Criteria for suspension of the trading in the shares of the listed entities:
(a) failure to comply with regulation 27(2) with respect to submission of
corporate governance compliance report for two consecutive quarters;
(b) failure to comply with regulation 31 with respect to submission of
shareholding pattern for two consecutive quarters;
(c) failure to comply with regulation 33 with respect to submission of financial
results for two consecutive quarters;
(d) failure to comply with regulation 34 with respect to submission of Annual
Report for two consecutive financial years;
(e) failure to submit information on the reconciliation of shares and capital audit
report, for two consecutive quarters;
(f) receipt of the notice of suspension of trading of that entity by any other
recognized stock exchange on any or all of the above grounds.
2. Before suspension of trading on any of the above grounds, except clause 1 (f),
the concerned recognized stock exchange shall send written intimation to the
non-compliant listed entity calling upon it to comply with respective
requirement(s) mentioned in clause (a) to (e) above and pay the applicable fine
within 21 days of the date of the intimation.
3. If the non-compliant listed entity fails to comply with aforesaid requirement(s)
and pay fine despite the receipt of the intimation of the recognized stock
exchange within the time as aforesaid, the concerned recognized stock
exchange shall forthwith intimate the depositories to freeze entire shareholding
of the promoter and promoter group in such listed entity. Simultaneously, the
recognized stock exchange shall give a 21 days (prior to the proposed date of
suspension) public notice on its website proposing suspension of trading in the
shares of the non-compliant listed entity.
4. If the non-compliant listed entity complies with respective requirement(s) and
pays fine five days before the proposed date of suspension, the trading in its
shares shall not be suspended on the proposed date and the concerned
recognized stock exchange shall intimate to the depositories to unfreeze, after
one month from the date of compliance, the shares of the promoter and
promoter group of the entity. Simultaneously, the recognized stock exchange
shall give a public notice on its website informing compliance by the entity.
6. ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã
Securities and Exchange Board of India
Page 6 of 7
5. In case of failure to comply with respective requirement(s) and/ or pay fine as
aforesaid, the recognized stock exchange shall suspend the trading in the
shares of a non-compliant listed entity. The entire shareholding of promoter/
promoter group in such listed entity shall remain frozen till expiry of three
months from the date of revocation of suspension.
6. While suspending trading in the shares of the non-compliant entity the
recognized stock exchange shall send intimation of suspension to other
recognized stock exchanges where the shares of the non-compliant entity are
listed. On receipt of such intimation the other recognized stock exchanges shall
also suspend trading in the shares of the entity.
7. After 15 days of suspension, trading in the shares of non-compliant entity may
be allowed on the "Trade for Trade" basis, on the first trading day of every week
for 6 months. In this regard, the recognized stock exchange shall give instruction
to its trading members/ stock brokers to obtain confirmation from clients before
accepting an order for purchase of shares of non-compliant entity on the 'Trade
for Trade' basis.
8. The recognized stock exchange shall put in place a system to publish a caution
message on its trading terminals, as follows: "Trading in shares of the Listed
Entity is under 'suspension and trade to trade basis' and trading shall stop
completely if the Listed Entity remains not compliant for six months ".
B.SOP for revocation of suspension of trading
1. If the non-compliant listed entity complies with the aforesaid requirement(s) and
pays applicable fine within three months from the date of suspension, the
recognized stock exchange may revoke the suspension of trading of its shares.
2. If the non-compliant listed entity complies with the aforesaid requirement(s) and
pays applicable fine after three months from the date of suspension, the
recognized stock exchange may revoke the suspension of trading of its shares
after a period of three more months from the date of such compliance.
3. The recognized stock exchange shall, 7 days prior to revocation of suspension
of trading in shares of the entity, issue a public notice on its website.
4. After 3 months from the date of revocation of the suspension, the recognized
stock exchange shall send intimation to the depositories to unfreeze the shares
of the promoter and promoter group.
7. ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã
Securities and Exchange Board of India
Page 7 of 7
5. After revocation of suspension, the trading of shares shall be permitted only in
the 'Trade for Trade' basis for a period of three months from the date of
revocation and after this period of three months, trading in the shares of the
entity shall be shifted back to the normal trading category, after giving prior
notice of 7 days.
********************************