The capital markets regulator Sebi fined Reliance Commercial Finance Ltd (RCFL) 10 lakh on Wednesday for breaking disclosure rules. Due to the fact that Reliance Commercial Finance’s debt securities are listed on stock markets, the penalties must be paid within 45 days.
In accordance with Sebi’s decision, RCFL failed to inform the stock exchange at least 11 working days before some non-convertible debentures (NCDs)’ interest payment due date and submitted the record date beyond the deadline.
Furthermore, within two days of the interest, principal, or both being due, it failed to deliver to the stock market a certificate attesting to timely fulfilment of its duties pertaining to the NCDs.
This news is written by Ms. Amrita Singh, Research Assistant, All India Legal Forum.