Stock Exchanges Impose Penalty on Go Digit General Insurance for Data Filing Delay Go Digit General Insurance, a leading insurance technology company, faced penalties from the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) for delays in submitting required data in the prescribed format. The company disclosed this information to the stock market on Friday, December 13.

Go Digit General Insurance Faced Penalty 

According to the company's statement, the penalty was imposed due to a one-day delay in filing details related to related-party transactions in the XBRL format. Both NSE and BSE levied a fine of ₹5,000 each, amounting to a total of ₹10,000.

The issue revolves around the requirement for timely disclosure of related-party transactions, a critical compliance measure for listed companies. Such disclosures are necessary to maintain transparency and protect investor interests. The delay in filing these disclosures in the mandated format is cited as the reason for the penalty.

Fine Amount 

While the amount of the fine may seem minor, the incident underscores the importance of adhering to regulatory guidelines. Delays or lapses in compliance can have broader implications, such as impacting investor confidence or attracting regulatory scrutiny.

Go Digit General Insurance is expected to address the issue and ensure that such delays are avoided in the future. The company's quick acknowledgment of the fine and its disclosure to the stock exchanges demonstrate its commitment to transparency and regulatory compliance.

Big Disclosure 

The disclosure of related party transactions for the half year ending September 30, 2024 was submitted along with the company's financial statements within 30 minutes at the conclusion of the board meeting on October 24, 2024, the filing said.

Author Opinion 

Recently a big news has come out under which Go Digit General Insurance Company had to face penalties from National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), this has affected the company.