‘True and full account’: Sebi to follow new format for its annual report




regulator 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.


Under the new rules notified by the finance ministry, source of income and expenditure would be part of the annual report as against the existing provision of presenting annual account statements separately.



“The Board (Sebi) shall submit a report to the Central Government giving atrue and full account of its activities, policies and programmes during the previous financial year,” according to the notification uploaded on 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 (Mutual Funds, Alternative Investment Funds, Collective Investment Schemes, Real Estate Investment Trusts and Infrastructure Investment Trusts) 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, 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.


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 — polices 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link