SEBI proposes new set of listing, disclosure requirement norms

India Infoline News Service | Mumbai |

The stock exchange shall revoke suspension, unfreeze promoter shareholding etc of the listed entity in the manner as directed by the board from time to time

The Securities and Exchange Board of India (SEBI) has proposed a new set of listing obligations and disclosure requirement norms.
The proposed norms, to be called SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2014, would need to be followed by all listed companies, as also for listing of debentures, bonds and mutual funds on stock exchanges.
There is a need to enhance the enforceability of the regulatory provisions contained in the Listing Agreement and also to comply with the mandate of the Parliament given in section 12A of SCRA and section 11A of SEBI Act, SEBI said in its approach paper on Monday.
The report recommended that Enforcement of compliance with listing obligations by RSEs should be strengthened and SEBI along with the RSEs should review whether current arrangements to review material events should be strengthened.
“The stock exchange shall, in case of non-compliance with provisions of these regulations, initiate appropriate action against the listed entity including levying of fines, suspension, freezing of promoter shareholding and the like as specified by the board through circulars or guidelines issued in this regard from time to time,” the draft norms said.
“The stock exchange shall revoke suspension, unfreeze promoter shareholding etc of the listed entity in the manner as directed by the board from time to time,” it added.
“In order to ensure uniformity in disclosure requirements, the provisions of various clauses of equity listing agreement have also been made applicable to SMEs,” SEBI said. Moreover, the proposed rules may also be made applicable to non-convertible debt securities and non-convertible redeemable preference shares.
 

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