THE Securities and Exchange Board of India Chairman, Mr M. Damodaran, on Saturday warned of stern measures against companies that do not comply with Clause 49 of Stock Exchange Listing Agreement, which, he said, would definitely come into force on January 1, 2006.
He said SEBI was working towards introducing a provision in the Listing Agreement that would make non-compliance of Clause 49 as a "continuing offence"— the violators would have to pay a fine for each day the offence continued.
"The bigger the company, the bigger the fine and our coffers will be enriched," Mr Damodaran said, while delivering the keynote address at a seminar on corporate governance, organised here by the Madras Chamber of Commerce and Industry.
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