Capital markets regulator Sebi on Wednesday imposed a penalty of Rs 10 lakh on Reliance Commercial Finance Ltd (RCFL) for flouting disclosure norms.
Reliance Commercial Finance, whose debt securities are listed on the stock exchanges, has been directed to pay the fine within 45 days.
In its order, Sebi found that RCFL did not give prior intimation to the stock exchange (at least 11 working days before the date) with respect to the due date of payment of interest on certain non-convertible debentures (NCDs) and also made a delay in submission of the record date.
Also, it did not submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of such obligations in respect of the NCDs.
“I note that from the qualified opinion of the statutory auditor in the audited financial result of RCFL for the half year ended March 31, 2020, it appeared that proceeds raised from issue of debt securities/ NCDs may have bee
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