NSE fines Gitanjali, 23 others for not revealing financial score
Mumbai: Top stock exchange NSE has levied penalties on as many as 24 companies including scam hit Gitanjali Gems for failure to file financial results for quarter-ended December 31.
NSE will initiate further regulatory action on the companies which could include suspension if they do not comply with the requirement to file quarterly financial results.
The decision has been communicated through letters to investors of these companies by Central Depository Services Ltd (CDSL).
"The exchange has taken an initiative to intimate shareholders of the companies through CDSL who have not submitted financial results, shareholding pattern," an National Stock Exchange (NSE) spokesperson said.
The list of non-compliant companies include Mehul Choksi-owned Gitanjali Gems.
ABG Shipyard, Amtek Auto, DS Kulkarni Developers, Bharati Defence and Infrastructure, Educomp Solutions, Shree Renuka Sugars, Moser-Baer (I) and Sterling Biotech are also among the 24 companies on the list.
"Investors are requested to kindly take note that companies in which you have invested have not submitted quarterly filings of financial results for the quarter December 31," the CDSL letter available with PTI said.
"Exchange has levied fines on the company and continued non-compliance may lead to further regulatory action on the company which may include suspension." it added.
Companies are required to file the results on a quarterly basis within 45 days from the end of the quarter, under the listing norms.
As per Sebi, stock exchanges can use imposition of fines as action of first resort in case of non-compliance with listing regulations including non-submission of the financial results within the stipulated time period.
Further, the exchanges can invoke suspension of trading in case of subsequent and consecutive defaults.