Clarification on submission of Audit report under Regulation 55A of SEBI (Depositories and Participants) Regulations, 1996
Summary
This circular clarifies the terminology for audit submissions under Regulation 55A of the SEBI (Depositories and Participants) Regulations, 1996. It mandates that issuers submit quarterly reports specifically for the reconciliation of share capital held in depositories versus physical form. The document instructs Stock Exchanges and Depositories to amend their bye-laws and disseminate these provisions to relevant stakeholders.
Text
every issuer to submit audit report on a quarterly basis to the stock exchanges audited by a qualified chartered accountant or a practicing company secretary, for the purpose of reconciliation of share capital held in depositories and in physical form with the issued / listed capital.
modify the terminology ‘Secretarial Audit’ as mentioned in the circular No. D&CC/FITTC/Cir- 16/2002 dated December 31, 2002 to ‘Reconciliation of Share Capital Audit’.
make necessary amendments, if required, to the relevant bye-laws/ rules and regulations/circulars for the implementation of the above decision immediately.
bring the provisions of this circular to the notice of the Issuers of the Exchange and also to disseminate the same on the website.
make necessary amendments, if required, to the relevant bye- laws/rules and regulations/circulars for the implementation of the above decision immediately.
bring the provisions of this circular to the notice of the Registrar and Share Transfer Agents and also to disseminate the same on the website.
This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Section 19 of the Depositories Act, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Clarification on submission of Audit report under Regulation 55A of SEBI (Depositories and Participants) Regulations, 1996. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.