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SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

  1. Establishment of Connectivity with both depositories NSDL and CDSL –Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement:

    SEBI vide CIR/MRD/DP/ 13 /2012 dated April 23, 2012to has instructed the stock exchanges  consider shifting the trading in these securities to normal Rolling Settlement subject to the following: 

    1. At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to Normal Rolling Settlement
    2. There are no other grounds/reasons for continuation of the trading in TFTS

  2. Amendments to the Equity Listing Agreement – Formats for Disclosure of Financial Results:

    SEBI vide CIR/CFD/DIL/4/2012 dated April 16, 2012 has decided to carry out amendments to Clause 41 of the Listing Agreement regarding interim disclosure of financial results by listed entities to the stock exchanges, which has been drawn from the format under Schedule VI of the Companies Act, 1956. The above shall be applicable for financial year ended on March 31, 2012.

    The changes have been done pursuant tothe notification by MCA dated 28th February, 2011 revising the format for disclosure of Balance Sheet under Schedule VI of the Companies Act.

  3. Processing of investor complaints against companies applying for listing of debt securities in SEBI SCORES system:

    Securities and Exchange Board of India (SEBI) vide CIR/IMD-DoF-1/11/2012 dated April 16, 2012 has mandated the companies which apply to the stock exchanges for listing of debt securities in accordance with SEBI (Issue and Listing of Debt Securities), 2008, to apply for authentication for SCORES when they file for approval for listing of debt securities.

  4. Processing of investor complaints against companies applying for listingProcessing of investor complaints against listed companies in SEBI Complaints Redress System (SCORES)

    SEBI has commenced processing of investor complaints in a centralized web based complaints redress system ‘SCORES’. Pursuant to SEBI Circular no. CIR/OIAE/2/2011 dated June 03, 2011, all listed companies are required to obtain authentication on SCORES. SEBI has now with a view to facilitate the online movement of complaints, decided to mandate that companies desirous of getting their equity shares listed on the stock exchanges should also obtain authentication on SCORES, before Listing Approval is granted by the respective stock exchange. This has been intimated to all the stock exchanges vide SEBI circular CIR/CFD/DIL/3/ 2012 dated 13th April, 2012.

  5. Timeline for submission of Annual Audited Financial Results for Financial Year 2011-12:

    Pursuant to representations received from the listed entities and the auditing fraternity regarding difficulties, faced in submission of annual financial results along with Q4 results, more specifically owing to the first time adoption of the revised Schedule VI format recently notified by the MCA for FY 2011-12 results, SEBI has as a one-time measure, for the purpose of submission of FY 2011-12 financial results, decided to restore, the earlier provision for the time being and review the situation at a later stage. This has been intimated to all the stock exchanges by SEBI vide Circular No CFD/DIL/LA/SK/AT/8278/ 2012 dated April 11, 2012.
    Accordingly, the timeline for submission of financial results for FY 2011-12 shall be as under:- For the quarter ended FY 2011-12 and in respect of annual audited results for FY 2011-12, listed entities have an option to either.

    • Submit limited reviewed Q4 results within 45 days from end of the quarter and thereafter submit annual audited results as soon as they are approved by the Board.
    • (or)
    • Submit annual audited results within 60 days from the end of fourth quarter along with Q4 results which would be a balancing figure.
 

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