The National Commodity & Derivatives Exchange Limited (NCDEX) on November 14, 2024, issued a circular regarding Action/ Penalty for Non-Compliance reported in Internal Audit Report ended September 30, 2024.
The following has been stated: -
•NCDEX has issued guidelines regarding penalties for violations in the Internal Audit Report (IAR) for the half-year ended September 30, 2024.
•The highest penalty for each violation will be levied, with a 50% escalated penalty for repeated violations. The total penalty will be the sum of the highest penalties for each violation.
•Appeals will not be considered if received more than one month after the action letter.
The detailed circular is given in the document below.
[Circular No. NCDEX/COMPLIANCE-084/2024]
