NSE penalises Jet, IL&FS, Adanis, others for breach of listing norms

Mumbai: The National Stock Exchange (NSE) on Wednesday imposed fines and issued notices to 250 companies for not adhering to the Listing Obligations and Disclosure Requirements (LODR).

Among the companies penalised, were the grounded Jet Airways, subsidiary companies of the crisi-riddenn IL&FS and Adani Ports and Special Economic Zone (APSEZ, InterGlobe Aviation Ltd, the parent company of the largest airlines by market share, IndiGo, and several state owned entities. The National Stock Exchange (NSE) after monitoring the compliance of listing regulations for all its listed entities imposed fines and issued notices to non-compliant companies for the quarter ended March 31, 2019,” NSE said in a statement.

The NSE cited a market regulator Securities and Exchange Board of India (Sebi) circular in this regard, which says that gives it the power to “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 the fine levied within the stipulated period.

The penalty levied by NSE is in the range of Rs 1,000 to Rs 450,000. In 2018, the Securities and Exchange Board of India revamped the standard operating procedure for imposing fines for non-compliance of listing norms. If the non-compliance continues for two consecutive quarters, exchanges can shift the stock to trade-for-trade basis and subsequently suspend trading.

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