Categories: News

BSE & NSE Fine Go Digit For Delay In Furnishing Data

SUMMARY

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.



Source link

DF Manager

Recent Posts

CureAble’s ₹2 Crore Investment Fuels Hope for Neurodiverse Children Across India

Raising special needs children or slow learners comes with unique challenges, but many parents in…

4 weeks ago

How to Nail the Perfect Value Proposition

What is a Value Proposition (VP)? Have you ever looked at a company’s website or…

1 month ago

Indian Union Budget 2025: Big Highlights

February 01, 2025 marks the presentation of Indian Union Budget for 2025, and we have…

1 month ago

GST Compliance: 5 Crucial Steps For Strong Foundation Of Early-Stage Startups

What is GST Compliance? Have you heard about the recent Golgappa Vendor Notice which had…

2 months ago

Cookzy: Helping You Discover Your Perfect Home Cook

Have you ever got back home from work tired and exhausted, craving for a steamy…

2 months ago

Brutal Truth: A Good Product Isn’t Enough For Startups

Is having a Good Product enough? An entrepreneurial journey usually begins with a unique idea.…

2 months ago

This website uses cookies.