Thursday, April 9, 2015

SEBI updates

SEBI has issued circular prescribing fine structure for Non Compliance of Corporate Governance norms under Clause 49(II)(A)(1) of Listing Agreement i.e.
- -       Appointment of  Women Director
- -       Having optimum combination of Executive Directors and Non Executive Directors with alteast 50% Non Executive Directors
Below is the fine structure 
Compliance Status
Fine Structure
 Listed entities complying between April 1, 2015  and  June 30, 2015
 Rs. 50,000/-
 Listed entities complying between July 1, 2015  and  September 30, 2015
 Rs. 50,000 + Rs. 1000/- per day w.e.f. July 1,  2015 till the date of compliance
 Listed entities complying on or after October 1,  2015
 Rs. 1,42,000/- + Rs. 5000/- per day from  October 1, 2015 till the date of compliance

For any non-compliance beyond September 30, 2015, in addition to monetary fine SEBI may take any other action, against the non-compliant entities, their promoters and/or directors.

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