Sebi provides new format for compliance report on corporate governance

By: |
Published: July 16, 2019 9:04:30 PM

In a circular, the regulator prescribed new format for disclosures to be made on quarterly basis, annual basis for the whole of financial year and within six months from end of financial year that can be submitted along with second quarter report.

sebi, security and exchange board of indiaThe annual compliance report on corporate governance is related to disclosure in terms of listing regulations.

Markets regulator Sebi Tuesday came out with a new format for compliance report on corporate governance to be submitted by listed companies to stock exchanges.

In a circular, the regulator prescribed new format for disclosures to be made on quarterly basis, annual basis for the whole of financial year and within six months from end of financial year that can be submitted along with second quarter report.

“In view of the revised timelines under the amended regulations, the circular shall come into force with effect from the quarter ended September 30, 2019,” Sebi said.

The regulator, in September 2015, had asked listed companies to submit compliance report on corporate governance in a prescribed format with disclosures pertaining to composition of board of directors as well as the committees and their respective meetings, among others.

However, requisite amendments were made in Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 to implement the recommendations of committee on corporate governance.

Thereby, “some of these amendments necessitate changes to the format of the quarterly compliance report,” Securities and Exchange Board of India noted.

As per the new format for quarterly report to be submitted within 15 days from close of each quarter, details related to number of independent directorship and chairperson of the firm will have to be disclosed along with the disclosures about other members of board of directors.

Also read: NSE to exclude DHFL shares from equity derivatives segment from September 27

Additionally, date of appointment and cessation of various committees, details of number of independent directors and directors present at the meeting of board of directors and meeting of committees will have to be given.

In the report to be submitted at the end of six months after the end of financial year, status of presence of chairperson of the stakeholder relationship committee at the annual general meeting needs to be specified besides the existing disclosure requirements.

The annual compliance report on corporate governance is related to disclosure in terms of listing regulations.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.