New Delhi : Over 200 listed companies have been penalised by the stock exchanges for violating various listing agreement norms, involving late or non-submission of mandatory details like financial results and shareholding data and non-compliance to corporate governance
regulations, reports PTI.
While National Stock Exchange (NSE) has taken action against 31 companies for such violations, the BSE has imposed penalties on more than 200 companies. There are companies which are common on the lists of non-compliant entities for both the bourses. While the fine amounts as such are not big, with all the companies put together facing a penalty of less than Rs 4 crore, the exchanges can take further penal action such as freezing of trading in shares and eventual delisting in the case of further defaults.
The fines have been imposed as per the new norms that came into place last year and provide for the stock exchanges to take penal action against companies not complying with the provisions of listing agreement in letter and spirit.
These provisions require every listed company to submit details like financial results, shareholding patterns and corporate governance compliance reports within prescribed time periods.