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Securities and Exchange Board of India (SEBI)

  1. DCS /COMP / 28 / 2016-17 - March 30, 2017 :- MANDATORY FILING OF FINANCIAL RESULTS IN XBRL MODE

    BSE has vide its Circulars dated November 30, 2015, March 11, 2016, March 16, 2016 and January 18, 2017 intimated the listed companies regarding mandatory filing of information with the exchange in electronic mode.  BSE has now with a view to make the disclosure more accurate and efficient mandated the filing of the following regulations in XBRL:-

    1. Corporate Governance (Regulation 27)
    2. Shareholding Pattern (Regulation 31)
    3. Voting Results (Regulation 44)

    It has also been decided that with effect from April 01, 2017 onwards, all listed entities with BSE, would be required to make their filings in respect of financial results (Regulation 33 and Regulation 52) in XBRL mode within 24 hours of submission of results in PDF mode. This requirement however, would not apply to insurance companies which can continue to make their filings for financial results in PDF mode only.

    Financial Results are required to be submitted along with the Limited Review Report / Audit Report first, in PDF mode through the Listing Centre website – Corporate Announcement Filing System (CAFS) within 30 minutes of the conclusion of the Board Meeting.

    This is required to be followed by filing of the result in XBRL mode within 24 hours from the conclusion of the Board Meeting.

    It has been clarified that filing of Financial Results (Regulation 33 and Regulation 52) in other mode would be treated as non-submission and may attract penalties as prescribed by SEBI in the SOP circular dated November 30, 2016.

  2. Listing of  Non - Convertible  Redeemable  Preference  Shares  (NCRPS) /  Non - Convertible Debentures (NCDs) through a Scheme of Arrangement

    1. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 places obligations  with  respect  to  Scheme  of Arrangement on Listed Entities and Stock Exchange(s).

    2. Sub - rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957 gives power to Securities and Exchange Board of India (SEBI) to relax provisions and lay down the detailed requirement to be complied with by listed entities while undertaking schemes of arrangement for listing of Equity or Warrants pursuant to the Scheme.

    3. In cases where NCRPS/NCDs are issued, in lieu of specified securities, vide a scheme of arrangement; and where such NCRPS/NCDs are proposed to be listed on recognised Stock Exchanges, the listed entity shall comply with the some additional requirements.

    However additional conditions have to be complied before the Scheme of arrangement  is submitted for sanction by the National Company Law Tribunal (NCLT) as per the said circular.

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