SEBI Provides New Format For Compliance Report On Corporate Governance

Markets regulator SEBI on Tuesday came out with a new format for compliance report on corporate governance to be submitted by listed companies to stock exchanges.

In a circular, the regulator prescribed new format for disclosures to be made on quarterly basis, annual basis for the whole of financial year and within six months from end of financial year that can be submitted along with second quarter report.

“In view of the revised timelines under the amended regulations, the circular shall come into force with effect from the quarter ended September 30, 2019,” SEBI said.

The regulator, in September 2015, had asked listed companies to submit compliance report on corporate governance in a prescribed format with disclosures pertaining to composition of board of directors as well as the committees and their respective meetings, among others.

However, requisite amendments were made in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to implement the recommendations of committee on corporate governance.

Thereby, “some of these amendments necessitate changes to the format of the quarterly compliance report,” Securities and Exchange Board of India noted.