Imposition of Penalty by BSE Limited and National Stock Exchange of India Limited in relation to reclassification application filed by the Company
Awaiting price reaction for this filing.
BSE and NSE have imposed a penalty of ₹1,41,600 each on Cigniti Technologies for delay in filing the reclassification application for its outgoing promoters — Mr. C.V. Subramanyam, Mrs. C. Rajeswari, Mr. C. Srikanth, Mr. Sudhakar Pennam, and Mrs. Sapna Pennam — under SEBI's Listing Regulations. This reclassification is linked to the open offer made when Coforge acquired the company. The penalty was imposed under SEBI's Master Circular on penal actions for non-compliance, and the company received the communication on April 17, 2025. Cigniti has stated the intent to reclassify was already disclosed in the open offer documents and is submitting a detailed justification to the exchanges seeking a waiver of the penalty.
The penalty amount is small and the company confirms no material impact on financials, operations, or business activities. This is a routine procedural non-compliance and is unlikely to affect the stock price.