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SEBI re-imposes fines for non-compliance of certain provisions of ICDR

SEBI vide circular dated 19th August, 2019 specified fines for non-compliance with certain provisions of ICDR Regulations.

Stock exchanges shall impose a fine of ₹ 20,000 per day of non compliance till the date of compliance in below mentioned cases:

  1. Delay in completion of bonus share:
  • Within 15 days, where shareholder’s approval is not required
  • Within 2 months, where shareholder’s approval is required;
  1. Non-completion of conversion of convertible securities and allotment of shares, within 18 months from the date of allotment of convertible securities;
  2. Delay in making application to the exchange(s) for listing in case of further issue of equity share within 20 days from the date of allotment;
  3. Delay in making application to the exchange(s) for trading approval within 7 working days from the date of grant of listing approval.

The complete circular as issued by SEBI is attached herewith:

SEBI_Circular

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eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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