Compliance under Regulation 24(A) of SEBI(LODR), Regulations-Submission of Annual Secretarial Compliance Report.
STEELXIND · price
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Steel Exchange India Ltd has submitted its Annual Secretarial Compliance Report for FY 2024-25, issued by BSS & Associates, Practicing Company Secretaries. The report confirms that the company is generally compliant with SEBI regulations, including listing obligations, insider trading, related party transactions, and disclosure norms during the review period. It also discloses several previous-year non-compliances that have since been rectified, including significant delays (163-169 days) in applying for trading approval with NSE and BSE after share allotments related to CCD conversions, attracting penalties totalling approximately Rs. 2.31 crore from NSE and similar amounts from BSE. Another delay of 20 days in applying for listing approval with NSE led to a BSE penalty of Rs. 36,580. Additionally, the September 2023 financial results initially omitted certain line items required under Regulation 52(4) of SEBI LODR, which was later rectified on December 30, 2023. All penalties have been paid and the company has assured stricter compliance going forward.
While the report is largely a routine compliance filing, the disclosed historical penalties of over Rs. 2.3 crore from NSE alone (related to CCD conversion trading approval delays) highlight past governance lapses that have now been resolved. For shareholders, this is a neutral-to-slightly-negative signal — no new violations were found in FY25, but the pattern of delayed regulatory filings raises minor corporate governance concerns.