Over 200 listed companies have been penalised by the stock exchanges for violating various listing agreement norms, involving late or non-submission of mandatory details like financial results and shareholding data and non-compliance to corporate governance regulations.

While National Stock Exchange (NSE) has taken action against 31 companies for such violations, the BSE has imposed penalties on more than 200 companies. There are companies which are common on the lists of non-compliant entities for both the bourses. While the fine amounts as such are not big, with all the companies put together facing a penalty of less than Rs 4 crore, the exchanges can take further penal action such as freezing of trading in shares and eventual delisting in the case of further defaults.

The fines have been imposed as per the new norms that came into place last year and provide for the stock exchanges to take penal action against companies not complying with the provisions of listing agreement in letter and spirit. These provisions require every listed company to submit details like financial results, shareholding patterns and corporate governance compliance reports within prescribed time periods.

Overall, NSE has taken action against 31 companies for various violations. On the other hand, BSE has imposed fine on 212 companies for late or non-disclosure of shareholding data, while 186 companies have been taken to task by the exchange for non-compliance to provisions that require filing of audit report for reconciliation of share capital.

As many as 172 companies have faced action for delayed or no filing of shareholding data and 18 firms have been penalised for late or non-submission of financial results. According to regulatory norms, companies need to submit their Annual Reports at least 21 days in advance of their annual shareholding meeting, which needs to be held within six months from the end of company's financial year. 

Besides, the quarter-end shareholding pattern needs to be submitted in a prescribed format within 21 days from the end of a quarter. The financial results needs to be submitted within 60 days from the end of the quarter (where it is the final quarter) and within 45 days for other quarters. Firms need to submit their corporate governance compliance reports within 15 days from end of every quarter. (PTI)