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India's securities regulator fines IL&FS for disclosure failures

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India's securities regulator fines IL&FS for disclosure failures

The Securities and Exchange Board of India fined Infrastructure Leasing & Financial Services Ltd. 1 million rupees for failing to disclose price-sensitive information to the Bombay Stock Exchange, according to a Sept. 18 order from the regulator.

The debt securities of IL&FS are listed on the BSE.

The regulator said IL&FS violated rules by failing to disclose its board of directors' decisions in July and August 2018 regarding a 45 billion rupees rights issue and a plan to cut the company's debt by 300 billion rupees via asset sales, respectively.

The securities regulator noted that IL&FS disclosed information about the proposed rights issue to credit rating agencies in July 2018 but only notified the stock exchange in August 2018 once its board had approved the plan.

IL&FS is required to pay the penalty within 45 days, according to the report.

As of Sept. 18, US$1 was equivalent to 71.17 Indian rupees.