Penalty Details
BSE Limited imposed a penalty of ₹3,00,000 plus 18% GST for non-compliance with SEBI Master circular SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023. The penalty was calculated at ₹20,000 per day of non-compliance for 15 days from August 5, 2026 to August 20, 2026.
Background of Non-Compliance
The delay occurred because the company received the Credit of Shares letter from NSDL only on August 19, 2026, despite multiple follow-ups with RTA and NSDL. As per SEBI circular dated November 11, 2024, the trading approval application must be accompanied by confirmation of credit of shares from the depository.
Equity Shares Details
The disclosure involves 100,000 equity shares issued under a preferential issue. These shares are subject to lock-in requirements: 18 months for promoters and 6 months for non-promoters, commencing from the date of grant of trading approval as per Regulation 167 of SEBI (ICDR) Regulations, 2018.
Company Response
The company replied to BSE on August 24, 2026, explaining that the delay was purely procedural and administrative, beyond the company's control. The company emphasized that investor interests were not adversely affected due to the lock-in provisions and requested BSE to consider these facts and grant approval for the trading application.
Key Dates
- Due date for compliance: August 5, 2026
- Actual date of compliance: August 20, 2026
- NSDL credit confirmation received: August 19, 2026
- Company response to BSE: August 24, 2026