Securities and Exchange Board of India (SEBI) issued the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 for listed entities whose securities (i.e. Equity Shares, Debentures and Preference Shares etc.) are listed on the Stock Exchange.
The Companies which have securities listed on the Designated Stock Exchange i.e. NSE & BSE shall have to make certain disclosures and compliances under the LODR Regulations, 2015.
The Compliances are either Quarterly, Half Yearly, Yearly or Event based. These Compliances are to be filed with SEBI within the due dates prescribed.
LODR COMPLIANCES :-
Quarterly Compliance
- Statement of Investor complaints.
- Corporate Governance.
- Shareholding Pattern.
- Statement of deviation or variation
- Financial Results.
Half Yearly Compliance
- Compliance Certificate for maintaining physical & electronic transfer facility
- Certificate from Practicing Company Secretary.
Annual Compliance
- Listing Fees
- Financial Results.
- Annual Report
Event Based Compliance
- Intimation of appointment of Share Transfer Agent
- In-Principal Approval
- Prior Intimations of Board Meeting for financial Result
- Prior Intimations of Board Meeting for Buyback, voluntary delisting etc.
- Prior Intimations of Board Meeting for alteration in nature of securities
- Disclosure of Disclosure of Price Sensitive Information
- Shareholding Pattern prior to listing of securities
- Record date or Date of closure of transfer books
- Record date for declaring dividend and / or cash bonus
- Voting results by shareholders
Penalties for Default
SEBI has directed the stock exchanges to impose penalties ranging from Rs 1,000-5,000 per day, freezing of shares and securities, moving of script to ‘Z’ category holding of promoters, suspension of trading of securities and compulsory delisting. Violation of certain clauses of the listing agreement like non-submission or delay in submission of document related to the company’s financial and shareholding details, failure to appoint women director on the board. The exchanges can levy a fine of Rs 10,000 per instance for delay in furnishing prior intimation about the company’s board meeting and delay in non-disclosure of record date or dividend declaration.