DUTIES AND OBLIGATIONS OF THE RECOGNISED STOCK EXCHANGE(S)-
DUTY TO DISSEMINATION ON WEBSITE: (Regulation
92)
INFO TO BE PUBLISHED: Recognized
Stock Exchange upon receipt of the following below mentions from Listed Entity
shall immediately disseminate the same on the website of the Stock Exchange:
§ Intimations
§ Information
§ Filings
§ Reports
§ Statements
§ Documents
§ Any
other submissions in terms of these regulations
MANNER OF PUBLICATION:
Dissemination of information as mentioned
above shall provide with hyperlink for easy accessibility along with below:
§ Organised
manner
§ User
friendly manner
§ Easily
referable manner
COORDINATE WITH DEPOSITORIES:
(Regulation 93)
The recognized stock exchange(s) shall
coordinate with Depositories to ensure that the listed
entity complying with
below mentioned with regard to freezing / unfreezing, lock-in/ release of
lock-in with respect to securities issued or managed by the listed entity.
§
Compliance
with the Applicable Laws or
§
Compliance
with the Directions of the Board
or
§
Compliance
with the Directions of any competent Court
DRAFT SCHEME
OF ARRANGEMENT & SCHEME OF ARRANGEMENT
(Regulation
94)
Ø Forwarding of documents to SEBI:
o The designated stock exchange, upon
receipt of draft schemes of arrangement and the documents prescribed by the
Board, as per sub-regulation (1) of regulation 37, shall forward the same to
the Board, in the manner prescribed by the Board.
Ø Submission of observation letter with SEBI:
i.
The
stock exchange(s) shall submit to the Board its Objection Letter or No-Objection Letter on the
draft scheme of arrangement after inter-alia ascertaining whether the draft
scheme of arrangement is in compliance with securities laws
Time Period:
within 30 (thirty) days of receipt of draft scheme of arrangement OR
ii.
Within
7 (seven) days of date of receipt of satisfactory reply on clarifications from
the listed entity and/or opinion from independent chartered accountant, if any,
sought by stock exchange(s), as applicable.
Ø Issue of observation Letter to Listed Entity:
The stock exchange(s), shall issue
Observation Letter or No-objection letter to the listed entity within 7 (seven)
days of receipt of comments from the Board, after suitably incorporating such
comments in the Observation Letter or No-objection letter:
Validity of the ‘Observation
Letter’ or No-objection
letter of stock exchanges shall be six months from the date of issuance
Ø Notice to the Court or Tribunal:
The stock exchange(s) shall bring the
observations or objections, as the case may be, to the notice of Court or
Tribunal at the time of approval of the scheme of arrangement.
Ø Submission with Board:
Upon sanction of the Scheme by the Court
or Tribunal, the designated stock exchange shall forward its recommendations to
the Board on the documents submitted by the listed entity in terms of
sub-regulation (5) of regulation 37.
Time
Schedule:
REVIEW- FORM B ACCOMPANYING ANNUAL
AUDIT REPORT: (Regulation 95)
The recognized stock exchange(s) shall
review the Form B and the accompanying annual audit report, submitted in terms
of clause (d) of sub-regulation (3) of regulation 33 and clause (a) of
sub-regulation (3) of regulation 52, in the manner specified in Schedule VIII.
GRIEVANCE REDRESSED:
(Regulation 96)
The recognised stock exchange(s) shall
redress/facilitate redressal of complaints of holders of listed securities from
time to time.
MONITORING OF COMPLIANCE/NON
COMPLIANCE & ADEQUACY/ ACCURACY OF THE DISCLOSURES
(Regulation 97)
The Recognized stock Exchange shall MONITOR:
i.
Compliance
by the listed entity with provisions of these regulations.
ii.
Adequacy/
accuracy of the disclosures made by listed entity with respect to provisions of
these regulations
iii.
Report
with the Board:
The Recognized stock Exchange shall submit
a report to the Board, with respect to the obligations specified above in point
no. (i) and (ii), in the manner specified by the Board.
iv.
The
recognised stock exchange(s) shall put in place appropriate framework including
adequate manpower and such infrastructure as may be required to comply with the
provisions of this regulation.
PROCEDURE
FOR ACTION IN CASE OF DEFAULT
Chapter-XI
LIABILITY FOR
CONTRAVENTION OF THE ACT, RULES OR THE REGULATIONS : (Regulation
98)
The listed entity or any other person
thereof who contravenes any of the provisions of these regulations, shall, in addition to liability for action in
terms of the securities laws, be liable for the following actions by
the respective stock exchange(s), in the manner specified in circulars or
guidelines issued by the Board:
(a) Imposition of fines;
[1](b) Suspension of trading;
(c) Freezing of promoter/promoter group holding of designated
securities, as may be applicable, in coordination with depositories.
(d) Any other action as may be specified by the Board from time
to time
FAILURE TO PAY FINE:
(Regulation 99)
If listed entity fails to pay any fine imposed on it within such period as specified from time to time, by the recognised stock exchange(s), after a notice in writing has been served on it, the stock exchange may initiate action.
(Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES
Company Secretary in Practice from Delhi and can be contacted at
csdiveshgoyal@gmail.com)
Disclaimer: The entire contents of this document have been
prepared on the basis of relevant provisions and as per the information
existing at the time of the preparation. The observations of the author are personal view and the authors do not take
responsibility of the same and this cannot be quoted before any authority
without the written
[1] The manner of
revocation of actions specified in clauses (b) and (c) of sub-regulation (1),
shall be as specified in circulars or guidelines issued by the Board
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