Suzlon Energy faces NSE warning for analyst meeting disclosure lapse

Suzlon Energy NSE Warning: Suzlon Energy has been formally warned by the National Stock Exchange (NSE) for failing to adhere to disclosure regulations concerning an analyst meeting. The warning comes after the company did not provide advance notice of the meeting, which was held on November 6, 2023.

As per Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR), companies are required to notify the exchange of analyst or institutional investor meetings at least two working days before the event. This rule is outlined in sub-para 15(a) of Para A Part A of Schedule III of the SEBI LODR framework. However, Suzlon Energy only disclosed the meeting on the same day it occurred, in violation of these requirements.

The NSE's warning letter stressed the seriousness of this non-compliance and instructed Suzlon Energy to take corrective measures to prevent future occurrences. "The aforesaid non-compliance on your part is viewed seriously. You are hereby warned and advised to be careful in future, exercise due caution and initiate corrective steps to avoid the recurrence of such lapses to ensure due compliance with the applicable provisions of SEBI LODR. Any aberration in future will be viewed seriously and appropriate action will be initiated," the notice stated.

Shares of Suzlon Energy settled 5 per cent higher at Rs 68.22 apiece on the National Stock Exchange on Tuesday, July 30, 2024. Suzlon Energy shares have risen 28.89 per cent in the past month outperforming benchmark Nifty50 index that has risen 2.96 per cent in the same period.