SEBI had previously issued a circular dated May 3, 2018, specifying a uniform structure for imposing fines upon non-compliance with certain provisions of the Listing Regulations. Amidst the amendments to SEBI (LODR) Regulations, 2015 and to further streamline the list of fines and penalties for dealing with non-compliances, SEBI decided to issue the present circular, suppressing the circular dated May 3, 2018.
According to the circular, stock exchanges are responsible to review the compliance status of the listed entities and shall issue notices to the non-compliant listed entities within 30 days from the due date of submission of information. The non-compliant listed entity shall ensure compliance with the requirements and pay fines as per the circular within 15 days from the date of such notice.
List of penalties, regarding non-compliance with specific provisions of SEBI (LODR) Regulations, 2015 is provided below:
| S. No. |
Regulation |
Fine payable and/or other action to be taken |
| 1. |
Regulation 6(1) |
1,000 per day |
| Regulation 7(1) |
| Regulation 13(1) |
| Regulation 13(3) |
| Regulation 32(1) |
| 2. |
Regulation 17(1A) |
2,000 per day |
| Regulation 18(1) |
| Regulation 19(1)/ 19(2) |
| Regulation 20(2) / (2A) |
| Regulation 21(2) |
| Regulation 24A |
| Regulation 27(2) |
| Regulation 31 |
| Regulation 34 |
| 3. |
Regulation 17(1) |
5,000 per day |
| Regulation 23(9) |
| Regulation 31A(3)(a) |
| Regulation 33 |
| 4. |
Regulation 17(2) |
10,000 per instance |
| Regulation 17(2A) |
| 5. |
Regulation 29(2)/29(3) |
10,000 per instance of non-compliance per item |
| Regulation 42(2)/42(3)/42(4)/42(5) |
| Regulation 44(3) |
| 6. |
Regulation 43A |
25,000 per instance |
| Regulation 44(5) |
| Regulation 45(3) |
| 7. |
Regulation 28(1) |
50,000 per instance |
| 8. |
Regulation 46 |
Advisory/warning letter per instance of non-compliance per item, 10,000 per instance for every additional advisory/warning letter exceeding the four advisory/warning letters in a financial year |
The fines specified above shall continue to accrue till the time of rectification of the non-compliance to the satisfaction of the concerned recognized stock exchange or till the script of the listed entity is suspended from trading for non-compliance with aforesaid provisions.
