Sebi penalises RInfra, others for non-submission of no default statement
Capital markets regulator Sebi on Wednesday imposed penalties on seven entities including Reliance Infrastructure, Reliance Power and Incredible Realcon for non-submission of no default Statement (NDS) to credit rating agencies.
The regulator levied a fine of Rs 1 crore each on Reliance Infrastructure, Reliance Power and Incredible Realcon, Rs 20 lakh on Paranjape Schemes (Construction) Ltd, Rs 14 lakh on PVP Ventures, Rs 5 lakh on Hindustan Cleanenergy and Rs 1 lakh on Ginni Filaments.
These firms have been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its 90-page order.
The matter pertains to the requirement of listed entities who have issued debt securities or other entities who have chosen to list their debt securities, to file No Default Statement (NDS) to the Credit Rating Agencies (CRAs).
Sebi's rule mandates the companies or issuers to submit the NDS information to CRAs on a monthly basis.
"The non-filing of NDS may have