sebi:WTM/RKA/MRD/38/2013
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Facts / Headnote
Dispensed with the requirement of previous publication for the bye-law amendments
Provisions invoked
- s. 11
- s. 19
- s. 10
Holding
The Whole Time Member dispensed with the requirement of previous publication under Section 10(4) of the SCRA for the proposed bye-law amendments prescribing uniform fines and SOP for suspension and revocation of suspension of trading.
Full text
SECURITIES AND EXCHANGE BOARD OF INDIA ORDER DISPENSING WITH THE CONDITION OF PREVIOUS PUBLICATION UNDER SECTION 10 OF THE SECURITIES CONTRACTS (REGULATION) ACT, 1956. ___________________________________________________________________________
1. Whereas the Securities and Exchange Board of India (SEBI) has advised the recognised stock exchanges to lay down, in their bye -laws, the following: - (a) Uniform fine structure for non-compliance of certain clauses of the listing agreement; (b) Standard Operating Procedure (SOP) for suspension and revocation of suspension of trading in the shares of listed companies.
2. And whereas the above amendment in the bye-laws will streamline the process and procedures with regard to action for non compliance of certain listing conditions. Further, the obligations of the recognised stock exchanges to disseminate several information on non-compliances and consequent actions, etc. will ensure public awareness about the actions.
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Source: SecMarx — sebi:WTM/RKA/MRD/38/2013. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.