November 06,2020
The Company Secretary / Compliance Officer
(To all Companies who have not paid Annual Listing Fees)
Sub: Action(s) to be initiated against listed companies for non-payment of outstanding Annual Listing Fees (hereinafter referred to as “ALF”)
All listed companies are requested to take note that the following action shall be taken if a listed company fail to pay the outstanding ALF (including the listing fee for Financial Year 2020-21) (hereinafter referred to as “defaulting companies”) on or before November 20, 2020, in the manner mentioned below:
Action w.e.f. November 23, 2020:
a) The names of the defaulting companies shall be displayed on the website of BSE Limited (hereinafter referred to as “Exchange”) on a separate page to highlight the Companies' failure to pay the ALF.
b) On the defaulting companies’ individual stock reach page on the website of the Exchange, a message shall be displayed stating that, “Company has not paid Annual Listing Fees and is in violation of SEBI Regulations & Exchange Requirements.”
c) A similar message will also be displayed as a running ticker on the electronic portal of the Exchange, whenever the defaulting companies will log in for submitting disclosures.
d) The equity shares of the defaulting companies shall be moved from Normal Trading to Trade to Trade segment (i.e. gross settlement) for which a 7 days’ notice will also be issued to all the market participants.
It may be noted that the aforesaid action(s) are initial in nature and same does not preclude the Exchange from taking further stringent action(s) against the defaulting companies as notified by the Exchange from time to time.
It may be noted that the above action would also apply to Small and Medium Enterprises (SME) companies listed on the Exchange who have defaulted in paying ALF for Financial Year 2020-21.
NOTE: The measures listed above, would not apply to the following:
· Public Sector Undertakings (PSU) Companies
· Companies who have been admitted by the Hon’ble National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code.
· Companies that have only Debt/Mutual Funds listed with the Exchange.
It may also be noted that for computation of the total outstanding ALF, Tax Deducted at Source (TDS) would be excluded.
In case the companies are commonly listed i.e. on more than one stock exchange, the above action of transfer to Trade to Trade segment and reversal of these action shall be done in coordination with the respective stock exchanges where the Companies are listed.
Yours faithfully
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Bhushan Mokashi
Additional General Manager
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Tushar Kamath
Dy. General Manager
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