NEW DELHI: Markets regulator
Sebi
on Friday proposed amendments to ease the
compliance requirements
for
entities
with listed non-convertible securities. This move will ease the cost of compliance for participants in the
financial sector
, as announced by govt in FY24 Budget.
In its consultation paper, Sebi proposed aligning the approval and authentication process for financial results of entities with listed non-convertible securities to that of
equity-listed entities
.
This will streamline the procedures, ensuring that financial results are approved by board of directors and signed by a designated official, similar to the requirements for equity-listed entities.
Sebi also proposed to align the provisions of disclosure rules for fraud and default by key managerial personnel in entities with listed non-convertible securities with those applicable to equity-listed entities. According to the consultation paper, Sebi said it will also streamline the timeline for notifying the exchanges of record date by entities with listed non-convertible securities may be reduced from 7 to 3 working days. This proposal will provide ample time for market participants to respond.
