New Delhi: A total of 250 companies have been penalised by the National Stock Exchange (NSE) for non-compliance with the SEBI Listing Obligation and Disclosure Requirement Regulations (LODR) for the quarter that ended in March. NSE said that after monitoring compliance of norms of all the listed companies, it has decided to impose fines and issue notices to 250 non-compliant companies.
Among the companies that have been penalised for non-compliance is Adani Ports, Jet Airways, Indraprastha Gas, Bharat Petroleum, InterGlobe Aviation, Jindal Steel, Indian Oil, Hindustan Petroleum among others.
Around 32 companies on the list have to pay a fine of Rs 4.5 lakh each. The fine will be credited to the "Investor Protection Fund" of NSE as per the SEBI guidelines.
The action taken by NSE is in keeping with a SEBI circular dated May 3, 2018 in which it specified a uniform approach, a standard operating procedure (SOP), with respect to the imposition of fines for non-compliance with certain provisions of Sebi (Listing obligations Disclosure Requirement) Regulations, 2015 ('listing regulations').
According to the circular, the exchanges can levy per day fines and freeze the holdings of the promoter and promoter group if non-compliant listed entities fail to comply with the requirements of listing regulations and/or pay fine levied within the stipulated period.
In case the non-compliance continues for two consecutive quarters, the exchange can move the securities of these companies to 'Trade to Trade' segment — where shares can be traded only on delivery basis and no intraday trades are allowed — and subsequently, even suspend trading of these securities.