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Informist, Friday, Aug 16, 2024

 

MUMBAI – The Securities and Exchange Board of India today proposed in a public consultation paper that listing norms on financial results, disclosure of price sensitive information, and other areas, of companies having listed non-convertible securities be aligned with those of companies whose equity shares are listed.

 

Currently, the boards of listed companies having non-convertible securities are only required to take on record their quarterly and annual financial results. The SEBI paper has proposed that this norm be aligned with that applied to companies with listed equity where the board of directors has to specifically approve the financial results and the chairman or the managing director to sign off on them.

 

The SEBI paper has also proposed extending the definition of fraud and default by equity listed companies and their promoters, directors, and senior management, to that for companies having listed non-convertible securities. Currently, the norms for the latter do not define fraud or default. Both the types of companies, however, have to currently disclose price sensitive information with regard to fraud or default.

 

It has also been proposed that the timeline for intimation to stock exchanges of record date prior to due date by companies having listed non-convertible securities be reduced to at least three working days from at least seven working days.

 

In the consultation paper, SEBI has also proposed that companies having listed non-convertible securities file disclosures in XBRL, or extensible business reporting language, format like equity listed companies are currently required to do. The paper has proposed that companies having listed non-convertible securities be permitted to list unlisted securities across more than 14 ISINs (international securities identification number). Current norms restrict this to 14 ISINs in any financial year.  End

 

Reported by Rajesh Gajra

Edited by Ashish Shirke

 

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