SEBI Update: Penal provisions for non-compliance related to continuous disclosures with respect to Listed NCDs & Commercial Papers

✓ SEBI vide circular dated December 29, 2021 (in supersession of the SEBI Circular dated November 13, 2020) prescribed penalty for non-compliances with continuous disclosure requirements by the issuers of listed Non-Convertible Securities (refer Annexure 1) and/ or Commercial Paper (refer Annexure 2).

✓ This circular shall come into force for the due dates of compliances on or after February 01, 2022. Prior to February 01, 2022 period, the circular dated November 13, 2020 would be applicable.

✓ Further,  SEBI clarified that the stock exchanges may deviate from penalty, if found necessary, only after recording reasons in writing.

✓ In case a non-compliant entity is listed on more than one recognized stock exchange, the concerned recognized stock exchange(s) shall take uniform action under this circular in consultation with each other.

✓ The fines specified in Annexure I shall continue to accrue till the time of rectification of the non-compliance and to the satisfaction of the concerned recognized stock exchange. Such accrual shall be irrespective of any other disciplinary/enforcement action(s) initiated by recognized stock exchange(s)/ SEBI.

✓  The recognized stock exchanges may keep in abeyance the action or withdraw
the action in specific cases where specific exemption from compliance with the requirements for continuous disclosures /moratorium on enforcement proceedings has been provided for under any Act, Court/ Tribunal Orders etc.

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