17 Mar 2005

Fiji's stock exchange increases penalties

2:57 pm on 17 March 2005

The Suva-based South Pacific Stock Exchange is increasing fines and penalties for listed companies which fail to comply with its rules.

The Stock Exchange chief executive, Sanjay Sharma, says the listing rules have been amended to increase the existing fines and introduce new ones for non-compliance.

The new set of rules, which come into effect from April the 1st , have been brought in to bring about better compliance and effective implementation of the listing rules.

They will result in fines of 150 US dollars a day for delays in payment of dividends, failure to submit market announcements in an electronic format and delays in submitting agendas for annual general meetings.