SEBI To Follow New Format For Its Annual Report
The Securities and Exchange will follow a new format for its annual report as part of efforts to have a "true and full account" of its activities, policies and programmes during a financial year, according to a notification.
"The Board shall submit a report to the Central Government giving a true and full account of its activities, policies and programmes during the previous financial year," according to the notification uploaded on SEBI website on Tuesday.
The report has to be submitted within 90 days after the end of a financial year, it added.
The new format comprises 13 chapters on different topics, including equity markets, commodity derivatives markets, fund management activity and corporate governance and corporate restructuring.
In addition, there will be a chapter on the aims and objectives of new regulations and progress or impact assessment of the new rules introduced during the just concluded financial year.
In the corporate governance and corporate restructuring section, SEBI has to disclose details of merger and acquisition deals, regulatory action taken by it for enhancing transparency and improving governance, open offers and issuance of observations on offer documents, as per the notification.
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Further, SEBI needs to provide details of listed companies being wound up, details of defaulter companies, regulatory co-ordination with Ministry of Corporate Affairs and consequent steps taken by the regulator under the corporate governance chapter.
In the old annual report format, SEBI used to divide the entire content into four parts -- policies and programmes, trends and operations in the securities market, functions of the regulator in respect to matters assigned under the law and regulatory actions as well as organisational matters.