Minimum of Rs 50,000 fine for firms failing to comply with women director norms

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Mumbai | Published: April 9, 2015 2:34:35 AM

Sebi announced a minimum Rs 50,000 penalty on companies for failure to appoint a woman director till June 30, 2015, the regulator said in a circular.

Sebi announced a minimum Rs 50,000 penalty on companies for failure to appoint a woman director till June 30, 2015, the regulator said in a circular.

Sebi has asked stock exchanges to levy fines on non-compliant firms. Companies non-compliant after July 1, 2015 but before September 30 will be required to pay fine of R50,000 and additional R1,000 per day till the date of compliance. Any company failing to appoint a woman director even after October 1 will be liable to pay R1.42 lakh plus R5,000 per day till the date of compliance. In addition, Sebi take further action against such companies, their promoters and/or directors or issue such directions in accordance with law as considered appropriate, the regulator said in a circular. As many as 180 companies out of a total 1,456 NSE- listed firms failed to appoint a woman director, showed data compiled by Prime Database.

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