(MENAFN- Khaleej Times) BSE Ltd, India's oldest bourse, plans to double its compliance budget to ensure companies disclose market-moving information to investors. The exchange is imposing penalties if listed firms don't report earnings and events such as strikes and disruptions to operations in real time, chief executive officer Ashishkumar Chauhan said on Monday.
Bigger rival National Stock Exchange of India Ltd has hired more staff to enforce shareholder disclosure rules, the exchange's spokeswoman Divya Malik Lahiri said.
"Our compliance budget has increased by more than 75 per cent from past year and it will double next year," Chauhan said. "Quality disclosures will help attract more investors and funds."
India's securities regulator in November granted the bourses legal powers to enforce stricter disclosure standards and improve transparency in a market that has attracted $15.9 billion from overseas investors this year, the most among the eight Asian markets tracked by Bloomberg.
The NSE has imposed fines totalling $1.2 million on companies this year for not complying with its listing agreement, data show.
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