)
Stock exchanges are stepping up pressure on listed companies to improve shareholder disclosures, as FIIs boost holdings in the Indian equity market to an all-time high.
The National Stock Exchange (NSE) has asked at least 54 companies, including Reliance Industries and Bharti Airtel, to provide more information or explain unusual share-price swings since November 18, when the Securities and Exchange Board of India (Sebi) compelled bourses to tighten oversight and levy fines for lax disclosures. That compares with 42 requests in the previous 11 months, data compiled by Bloomberg show.
Fines can reach Rs 10,000 a day in case of delays in submitting financial results, according to Sebi's website. An additional penalty of 0.1 per cent of the equity capital or Rs 1 crore, whichever is less, will be levied on companies that fail to comply for more than 15 days.
