Almondz Global Securities Submits Revised Annual Secretarial Compliance Report
By ScanX News Team
Almondz Global Securities Limited has submitted a revised Annual Secretarial Compliance Report, revealing a compliance deviation regarding the appointment of Mr. Surinder Singh Kohli as an independent director. This appointment violated SEBI regulations on appointing directors over 75 years old. As a result, both NSE and BSE imposed fines of Rs. 92,040.00 each. The company has paid the NSE fine and awaits a response from BSE on their waiver request. Despite this issue, the report indicates general compliance with other SEBI regulations and statutory provisions.
*this image is generated using AI for illustrative purposes only.
Almondz Global Securities Limited , a prominent player in the financial services sector, has submitted a revised Annual Secretarial Compliance Report as required under SEBI Listing Regulations. The report, certified by practicing company secretary Ashu Gupta & Co., indicates that the company has generally complied with applicable SEBI regulations and statutory provisions. However, it also highlights a significant compliance deviation that has resulted in financial penalties.
Compliance Deviation and Penalties
The primary issue highlighted in the report concerns the appointment of Mr. Surinder Singh Kohli as an independent director in August. This appointment violated SEBI regulations regarding the appointment of directors beyond the age of 75 years.
As a consequence of this non-compliance:
- Both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) imposed fines of Rs. 92,040.00 each (inclusive of GST) on Almondz Global Securities.
- The NSE rejected the company's request for a waiver of the fine.
- Almondz Global Securities paid the fine to NSE on July 4.
- The company's request for a waiver from BSE is still pending a response.
Other Compliance Aspects
Despite this significant deviation, the report indicates that Almondz Global Securities has generally complied with other applicable SEBI regulations and statutory provisions. The company has demonstrated compliance in several key areas, including:
- Adherence to secretarial standards
- Adoption and timely updating of required policies
- Proper maintenance of the company website
- Ensuring no disqualification of directors under the Companies Act, 2013
- Appropriate handling of related party transactions
- Compliance with insider trading regulations
- Proper disclosures related to subsidiaries
- Document preservation
- Performance evaluation
- Timely event disclosures
Looking Ahead
This incident underscores the importance of strict adherence to regulatory requirements, particularly in matters of corporate governance and board composition. As Almondz Global Securities navigates this regulatory challenge, investors and stakeholders will be keenly watching how the company addresses this issue and strengthens its compliance mechanisms to prevent similar occurrences in the future.
The outcome of the pending waiver request with BSE will be crucial in determining the final impact of this compliance deviation on Almondz Global Securities' regulatory standing and reputation in the financial markets.
Historical Stock Returns for Almondz Global Securities
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.95% | -0.78% | +3.15% | -30.99% | -26.12% | +1,079.23% |
15
