Securities and Exchange Board of India (SEBI) has reportedly imposed a penalty of Rs 1 lakh on 63 moons Technologies, formerly known as Financial Technologies (India). The market regulator imposed the same for failing to comply with the regulatory requirement to get prior approval from the exchanges before fresh name change, under the Listing Obligations and Disclosure Requirements (LODR) regulations.
The allegation was that the company while changing its name from Financial Technologies to 63 moons Technologies, was first required to seek prior approval from the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) for the same, but instead first obtained the fresh certificate of incorporation and then informed the exchanges.
SEBI regulator observed that the company obtained a certificate of incorporation of change of name on May 27, 2016, from the Registrar of Companies, Chennai and applied to the stock exchanges to update the same in their records through letters on May 27, 2016, and May 31, 2016.
Company Name | CMP |
---|---|
TCS | 3830.70 |
Infosys | 1472.50 |
HCL Tech. | 1397.75 |
Wipro | 461.00 |
Tech Mahindra | 1318.15 |
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