SEBI extends timeline to submit commentson proposal to facilitates ease of doing biz
MARKETS regulator SEBI on
Monday extended the deadline for submission of public
comments to July 29 on the
proposal of providing additional time for disclosure of litigations or disputes involving
claims against listed firms.
SEBI, on June 26, issued a
consultation paper on recommendations of the expert committee for facilitating ease of
doing business and harmonisation of the provisions of ICDR
(Issue of Capital and Disclosure
Requirement) and LODR
(Listing Obligations and
Disclosure Requirements)
Regulations and had sought
public comments by July 17.
Now, it has been decided to
extend the timeline for submission of comments to July
29, the Securities and Exchange
Board of India (SEBI) said in a
statement.
In its consultation paper, the
regulator proposed allowing
companies to conduct virtual
or hybrid shareholder meetings on a permanent basis.
Also, the markets watchdog
has suggested additional time
for disclosure of the outcome
of the board meeting that concludes after trading hours.
Additionally, the markets
regulator recommended combining pre-issue advertisement
and price band advertisement
as a single advertisement, proposed disclosing certain information with a quick response
(QR) code link and proposed
disclosure of pre-issue shareholding and post-issue shareholding for promoter, promoter group and additional
top 10 shareholders.
Further, SEBI proposed system-driven disclosure of certain filings like shareholding
patterns, revision in credit ratings and suggested that the
requirement of publishing
detailed advertisements in
newspapers for financial
results should be made optional for listed entities.
The proposals, based on the
recommendations of an expert
committee chaired by SK
Mohanty, a former whole-time
Member of SEBI, aimed at facilitating ease of doing business,
bringing in clarity and reducing the overall compliance burden, including the cost of compliance while effectively balancing investor protection.