Notification No./Circular No. – NSE Circular No. – NSE/CML/2025/35 dated August 26, 2025
BSE Notice No. – 20250826-47 dated August 26, 2025
Ref No: Master Circular No. -SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024
SEBI Circular No. – SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020
Applicable Act/Rule – SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Effective Date – September 1, 2025
SEBI’s SOP framework requires stock exchanges to monitor compliance filings and impose penalties or restrictions on companies that fail to comply. Exchanges were permitted to consider waiver applications but had to record reasons for any relaxation. Internal Committees were set up by Exchanges to review such waiver requests.
NSE and BSE, after consultation with SEBI, have agreed on a common mechanism to process waiver applications for companies listed on multiple Exchanges. Under this framework, only one designated Exchange will handle each waiver application, and its decision will be binding on all other Exchanges. A non-refundable processing fee will apply for such requests.
Selection of Designated Stock Exchange will depend upon Company’s name as follows:-
The same rule applies to newly listed companies. Exclusively listed companies will continue to apply to their listing Exchange, which will follow the same procedure as per Annexure I. Annexure II provides examples of situations where waiver requests may be rejected.
Companies are advised to carefully refer to the Policy for Exemption of Fines along with the illustrative rejection scenarios before submitting waiver applications.
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