CMDA fines MTCC MVR 30,000 for late financial disclosures
The CMDA said the penalty was imposed under the regulations governing the disclosure obligations of securities issuers.
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The Capital Market Development Authority (CMDA) has fined the Maldives Transport and Contracting Company (MTCC) MVR 30,000 for failing to submit and publish its financial reports within the required timeframe.
In a statement issued on Monday, the CMDA said the administrative action was taken on Sunday.
According to the authority, MTCC failed to submit its financial report for the fourth quarter of last year and its audited financial statements for the same financial year within the deadlines set under the applicable regulations.
The CMDA said the penalty was imposed under the regulations governing the disclosure obligations of securities issuers.
Under those regulations, the authority has the power to take administrative action against companies that fail to comply with disclosure requirements, including the timely submission and publication of financial reports.
