Bourses to act against firms that fail to give proper details

Updated: Jan 18 2014, 05:59am hrs
The countrys leading stock exchanges on Friday announced strict action for firms that do not give proper disclosure of details like financial results, annual reports, shareholding data and corporate governance reports. Now, the initial penal action would be a fine of R1,000-5,000 per day depending on the violation, while repeat offences would lead to transfer to restricted-trade category, freezing of promoter shares and suspension of trading in the companys shares.