Non-compliance with certain provisions of SEBI (ICDR) Regulations, 2018
Summary
SEBI partially modifies its August 2019 circular regarding fines for non-compliance with ICDR Regulations by inserting a new paragraph. The inserted paragraph allows Stock Exchanges to deviate from the circular's provisions if investor interests are not adversely affected and reasons are recorded in writing. This modification is integrated into the original circular and issued under Regulation 299 of ICDR and Section 11(1) of the SEBI Act.
Text
The Stock Exchanges may deviate from the provisions of the circular, wherever the interest of the investors are not adversely affected, if found necessary, only after recording reasons in writing.
The aforesaid para shall always be construed to be the part of the original circular.
The Stock Exchange are advised to bring the provisions of this circular to the notice of listed entities and also to disseminate the same on its website.
Source: SecMarx — Non-compliance with certain provisions of SEBI (ICDR) Regulations, 2018. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.