Capital markets regulator, Securities Exchange Board of India (SEBI), issued a circular dated September 24, 2015, in pursuance of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (hereinafter referred to as 'Listing Regulations').
The new Listing Regulations as issued on September 2, 2015, requires disclosures to be submitted at different periods of time:
a) To be submitted by listed entity on quarterly basis;
b) To be submitted by listed entity at the end of the financial year (for the whole of financial year);
c) To be submitted by listed entity at the end of 6 months after end of financial year along-with second quarter report of next financial year;
This Circular lays out the formats for such periodical disclosures to be made by the listed entities within the prescribed time frame.
Apart from that, the circular had also obliged the listed companies to submit quarterly compliance report on corporate governance in a prescribed format within 15 days from close of every quarter. This report will have disclosures pertaining to composition of board of directors, board meetings, committee meetings, related party transactions as well as the affirmation on formation of various committees as required by the Listing Regulations.
This circular would come into force with effect from 90 days of notifications of Listing Regulations i.e. September 2, 2015.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
