SC quashes Bombay HC order penalising SEBI, BSE, NSE in ‘account freezing’ case
The penalty was imposed for the 'erroneous freezing' of the demat accounts of two Mumbai residents who were 'erroneously' classified as promoters.
Leading stock exchange BSE today asked brokers to submit net worth certificate, auditor’s report and annual report for the past fiscal in electronic format by October 31.
“Submissions of net worth certificate, computation of net worth, auditor’s report and audited annual accounts (for the financial year ended March 31, 2017) are required to be made online in electronic format by October 31,” the BSE said in a circular.
In case a member fails to submit the details within the prescribed timeline, the exchange will impose fine and can also deactivate the trading terminals.
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A fine of Rs 100 per day will be slapped till the first month from the due date and Rs 200 each day from the second month after the due date and Rs 300 per day till the date of submission or date of discontinuation of margin trading facility, whichever is earlier, it said.
“If a member fails to submit the above till March 31, 2018, then in addition to fines… terminals of the defaulting members will be deactivated with effect from April 1, 2018,” it added.
Trading members following the accounting year other than the one ending on March 31 will have to submit the information for the respective year ending within six months from the end of the respective fiscal.
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