-
- Quick Contact:
- +91 22 2167 8100
October 2, 2024
SEBI Board Meeting 30 September, 2024 – Amendment relevant for entities having their Non-Convertible Securities Listed - MMJC
Amendment in SEBI LODR relevant for entities having their non-convertible securities listed.
- Single Filing system: SEBI Board has given an in-principle approval for introduction of single filing system for listed entities to file relevant reports, documents etc. on one exchange which will be automatically disseminated at the other exchange(s).
- Actionable: BSE and NSE vide its circular of September 30, 2024[i] has introduced the first phase for the single filing system for “equity” listed and “equity and debt” listed companies for disclosure of Grievance Redressal Mechanism falling under Regulation 13(3) of SEBI LODR from October 01, 2024, onwards. Once the aforesaid disclosure is filed on one Exchange it should be ensured that the acknowledgment is received from both the Exchanges
- Approval and authentication of quarterly financial results shall be done by the board of directors. Further, the financial results submitted to the stock exchange shall be signed by the chairperson or managing director, or a whole-time director or in the absence of all of them; it shall be signed by any other director of the listed entity who is duly authorized by the board of directors to sign the financial results. Till now quarterly results were required to be taken on record by the board of directors and signed by the managing director/ executive director in case of entities having their non-convertible securities listed.
- Disclosure of fraud / default in respect of price sensitive information: The definition of fraud / default under Schedule III, Part A, Para A, point 6 is now made applicable to entities having their non-convertible securities listed. Once notified this would require change in policy for determining materiality of disclosures framed under SEBI LODR and would also require awareness amongst promoters, directors, KMPs, SMPs of listed entity as well as subsidiary company with respect to revised definition of fraud.
- Disclosure in XBRL format: Whatever is applicable in XBRL format for equity listed entities would in same manner be applicable for entities having their non-convertible securities listed. This reduces pdf. disclosures that were required to be done till now in addition to XBRL by entities having their non-convertible securities listed.
- Timeline for intimation record date to Stock exchange reduced to 3 working days from 7 working days.
- Relaxation of limits on maximum number of ISINs for issuers desirous of listing originally unlisted ISINs (outstanding as on December 31, 2023.
- System driven disclosure of event-based disclosure of new credit rating or revised credit rating.
[i] https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20240930-60