4th May, 2018
Sub: Non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Standard Operating Procedure for suspension and revocation of trading of specified securities.
To all Listed Companies
Attention of such aforesaid listed companies are drawn to SEBI Circular Ref. No. SEBI/HO/CFD/CMD/CIR/P/2018/77 dated May 03, 2018 (copy available at CSE web-site at www.cse-india.com and SEBI web-site at www.sebi.com) wherein
On the basis of the experience gained and to streamline the process, to maintain consistency and to adopt a uniform approach in the matter of levy of fines for non-compliance with certain provisions of the Listing Regulations, the manner of suspension of trading of securities of a listed entity and the manner of freezing the holdings of the promoter and promoter group of a non-compliant listed entity, it has been decided by SEBI to issue the present Circular, in supersession of the said Circulars bearing reference numbers CIR/CFD/CMD/12/2015 dated November 30, 2015 and SEBI/HO/CFD/CIR/P/2016/116 dated October 26, 2016.
The stock exchanges shall, having regard to the interests of investors and the securities market:
a) take action in case of non-compliances with the Listing Regulations as specified in Annexure I of this Circular, and.
b) follow the Standard Operating Procedure (“SOP”) for suspension and revocation of suspension of trading of specified securities as specified in Annexure II of this Circular.
Stock Exchanges may deviate from the above, if found necessary, only after recording reasons in writing.
This Circular shall come into force with effect from compliance periods ending on or after September 30, 2018.
This is for information and necessary action.
CS Chandrani Datta