Go Digit has been fined INR 5,000 each by NSE and BSE for filing information pertaining to related party transactions in “XBRL” format a day late
While the company did file its financial results and RPT data within 30 minutes of board meeting on October 24, XBRL submission of the RPTs was done the next day
Shares of Go Digit General Insurance closed Friday’s trading session 1.9% lower at INR 324.50 on the BSE
Insurtech major Go Digit General Insurance has been fined by stock exchanges NSE and BSE for delays in furnishing certain data in a specified format.
In a filing with the bourses on Friday (December 13), the company said that it has been fined INR 5,000 each by the two stock exchanges for filing information pertaining to related party transactions (RPTs) in “XBRL” format a day late.
“… We hereby inform that the BSE vide their letter dated 13th December 2024, imposed a fine of INR 5,000/- for delay in disclosure of related party transactions under Regulation 23(9) of SEBI Listing Regulations in XBRL Format,” said the insurtech startup.
“The disclosure of related party transactions… for (the) half year ended 30th September 2024 was submitted along with the financials of the Company on 24th October 2024 within 30 minutes of (the) conclusion of (the) board meeting. However, XBRL submission of the same was made on 25th October 2024 i.e. within 24 hours of (the) conclusion of (the) board meeting,” read the filing.
Under SEBI rules, all RPT disclosures have to be filed with stock exchanges on the same day of the conclusion of the board meeting. Thereby, the company flouted certain rules, necessitating the fines.
The fines come at a time when the company’s stock has been on a downward spiral this week and has tanked as much as 9% in the last five trading sessions on the BSE.
Founded in 2017 by Kamesh Goyal, Go Digit offers insurance policies across verticals such as health, motor vehicle, travel, and property. Backed by the likes of Fairfax, Peak XV Partners, A91 Partners, among others, the startup went public in May this year.
Go Digit General Insurance reported a 221% increase in its net profits to INR 89.47 Cr in the second quarter (Q2) of the fiscal year 2024-25 (FY25) as against INR 27.69 Cr in the year-ago quarter.
Meanwhile, total gross written premium (GWP) jumped 14.2% to INR 2,368.57 Cr in the quarter under review from INR 2,073.84 Cr in Q2 FY24.
Shares of Go Digit General Insurance closed Friday’s trading session 1.9% lower at INR 324.50 on the BSE.