In a communication to SEBI, the chamber has suggested that the revised stipulation of publication of quarterly results of a company while listing with a stock exchange should at best be optional and left to the corporates concerned.

It has argued that publication of quarterly results, apart from additional cost and time involved, may turn out to be counter-productive and even lead to window-dressing, which is not in the interest of either the investor or the corporates.

As per SEBI's guidelines, companies will have to promptly notify the stock exchanges of any material change in the general character or nature of its business where change is brought about by the company by entering into any new arrangement or tie-ups.

In this context, the chamber is of viewthat this clause will create practical difficulties for corporates since at the time of any negotiations, regarding such tie-up, it is essential to maintain confidentiality and secrecy for the benefit of the deal and for the company. It may be in the company's interest to keep the negotiations confidential until the deal is struck.

The chamber, therefore, suggests that the words `proposing to enter' in the relevant clause may be deleted. Also, SEBI has specified to stock exchanges that the issuer will promptly inform the stock exchange of any event like litigation and arbitration proceedings which can have a material impact on present or future operations or profitability of the company.

The chamber's has pointed out that conciliation proceedings, litigations, adjudication/arbitration are processes which take quite some time to come to final end. The company may go in appeal against the verdict and may finally win. If shareholders in the interim phase are to be informed about these things, it may sendwrong messages. This provision should be deleted or in the alternative, reworded in a fashion that the information may be furnished to the stock exchanges only if the matter has been ultimately decided.