SEBI TO FOLLOW NEW FORMAT FOR ITS ANNUAL REPORT WITH SOURCE OF INCOME, EXPENDITURE INCLUDED
Markets regulator Sebi 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.
Markets regulator Sebi 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 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 (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. 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.
Team – Intellex Strategic Consulting Private Limited