Amendments to Equity Listing Agreement
Summary
This circular amends the Equity Listing Agreement to enhance governance transparency and efficiency for listed companies. Key changes include reducing notice periods for rights issues, mandating fairness opinions for mergers, and modifying financial result submission and publication requirements. These amendments apply with immediate effect, except for specific consolidated result provisions which take effect from the second quarter of the current financial year. This section substitutes Annexure I with a detailed format for quarterly financial results for non-bank companies. It also replaces Annexure V and Annexure VI with specific limited review report formats for non-bank companies and banks, respectively. Additionally, it mandates textual substitutions in the notes of Annexure IV regarding accounting standards rules. This section provides the template for an Auditor's Report on Quarterly Financial Results when an unqualified opinion is expressed. It further details the specific requirements for reporting on Quarterly Consolidated Financial Results under similar conditions. Both templates mandate verification of shareholdings pursuant to clause 35 of the Listing Agreement. This
Text
In exercise of powers under Section 11(1) of SEBI Act, 1992, Equity Listing Agreement is amended to bring transparency and efficiency in governance.
Company agrees to close transfer books and give Stock Exchange a notice in advance of at least 7 working days stating the date of closure.
Company agrees to give prior intimation to the exchange about the Board Meeting regarding rights issue proposal at least 2 days in advance.
Listed and unlisted companies getting merged shall each appoint an independent merchant banker for a fairness opinion on valuation.
Un-audited financial results for the last quarter shall be subjected to limited review by statutory auditors or practicing CA.
Entity may submit quarterly and year-to-date consolidated financial results within two months from the end of the quarter.
Limited review report shall be placed before Board/Committee if variation between un-audited financials and reviewed financials exceeds 10%.
Manufacturing, trading, and service companies may furnish quarterly results in alternative format given in Annexure III.
Where consolidated results are submitted, the company shall publish only consolidated financial results in newspapers.
Changes in Clauses 16, 19, 24, and 41 are applicable with immediate effect.
Annexure I shall be substituted with the following, namely:- ANNEXURE I TO CLAUSE 41 Format for submitting the quarterly financial results by companies other than banks.
in Annexure IV, in notes, in clause (a), towards the end, the stroke and words “/Company (Accounting Standards) Rules, 2006” shall be substituted.
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Source: SecMarx — Amendments to Equity Listing Agreement. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.