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:
- 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;
- Non-completion of conversion of convertible securities and allotment of shares, within 18 months from the date of allotment of convertible securities;
- 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;
- 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: