SEBI Cracks Down on Reliance Infrastructure, Power for NDS Non-Submission
The Securities and Exchange Board of India (SEBI) penalized seven entities, including Reliance Infrastructure and Reliance Power, for failing to submit the No Default Statement to Credit Rating Agencies. The fines range from Rs 1 crore to Rs 1 lakh, payable within 45 days, as per SEBI's 90-page order.
- Country:
- India
The Securities and Exchange Board of India (SEBI) has imposed penalties on seven entities, notably including Reliance Infrastructure and Reliance Power, for failing to submit their No Default Statements (NDS) to Credit Rating Agencies (CRAs). These companies face fines ranging from Rs 1 crore to Rs 1 lakh.
According to SEBI's 90-page order, Reliance Infrastructure, Reliance Power, and Incredible Realcon were each fined Rs 1 crore. Other firms such as Paranjape Schemes (Construction) Ltd, PVP Ventures, Hindustan Cleanenergy, and Ginni Filaments also received penalties of varying amounts.
The non-submission of NDS allowed these companies to potentially benefit from the continuation or extension of bank accommodations on loans and reduced borrowing costs. SEBI emphasized that the larger penalties were levied on entities with substantial debt, far exceeding Rs 500 crore.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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