Sebi reorganises panel on disclosures, accounting standards

Apr 04 2014, 04:07 IST
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SummarySebi has revamped its committee on disclosures and accounting standards that advices the market regulator on matters related to disclosure requirements and accounting practices for various market participants.

Sebi has revamped its committee on disclosures and accounting standards that advices the market regulator on matters related to disclosure requirements and accounting practices for various market participants.

The 17-member expert panel is been chaired by Tata Sons' director-finance Ishaat Hussain, while other members include Wipro CFO and executive director Suresh Senapaty and NSE managing director & CEO Chitra Ramkrishna, Comptroller & Auditor General of India director general AB K P Sasidharan and ICAI's S Santhanakrishnan.

Moreover, the expert panel includes representatives from Sebi, finance ministry as well corporate affairs ministry. The committee was set up in 2006, under the chairmanship of noted chartered accountant Y H Malegam.

The expert committee was mandated to suggest ways to Sebi for improving disclosure framework for listed companies and accounting practices of various market entities.

Other members are senior executives of Kotak Mahindra Capital Company, SBI Capital Markets, Jubilant Life Sciences, Mahindra & Mahindra and Deloitte Haskins and Sells and the Bombay Shareholders' Association.

One of the major terms of reference of this committee is to advise Sebi on issues related to disclosure requirements in the offer documents, application forms, advertisements and other mode of mass communication by the issuers.

The panel also has to advise Sebi on issues for addressing the operational and systemic risks, if any, in primary market.

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