The Securities and Exchange Board of India (SEBI) issued an administrative warning to Infosys on August 5, 2023 for delaying the submission of its Statement of Directors’ Responsibility (SDD) for the quarter ended March 31, 2023.
The SDD is a statutory document that is required to be submitted by all listed companies to SEBI. The document contains a declaration by the directors of the company that they have reviewed the financial statements of the company and that they are satisfied that they are a true and fair representation of the company’s financial position.
In the case of Infosys, the company delayed the submission of its SDD by more than two months. This was a violation of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
As a result of the violation, Infosys has been directed to:
- Pay a penalty of Rs 5 lakh.
- Comply with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in future.
Infosys has accepted the findings of the investigation and has agreed to comply with the directions of SEBI.
The warning to Infosys is a reminder to all listed companies to take their compliance obligations seriously. Companies must submit their SDDs on time and in accordance with the SEBI regulations.
Failure to comply with the SEBI regulations can result in penalties and other sanctions. It is important for companies to take steps to ensure that they are compliant with the SEBI regulations.
In addition to the warning to Infosys, SEBI has also taken action against a number of other companies for delaying the submission of their SDDs in recent months. This shows that SEBI is committed to enforcing the SEBI regulations and protecting the interests of investors.
The warning to Infosys is a significant development in the fight against non-compliance with SEBI regulations. It sends a strong message to companies that non-compliance will not be tolerated. It also shows that SEBI is committed to enforcing the SEBI regulations and protecting the interests of investors.thumb_upthumb_downshareGoogle it