SEBI recently released a consultation paper on final recommendations made by an expert committee for ensuring ease of doing business and harmonization of various provisions of ICDR and LODR regulations.
Pursuant to the Budget Announcement (FY 2023-24), an Expert Committee chaired by Shri S.K. Mohanty, ex-Whole Time Member, SEBI was set up to inter-alia review the LODR and ICDR Regulations.
The recommendations include Enabling a single filing system through API-based integration between stock exchanges, Integration of periodic filings done by listed entities, System driven disclosure of certain filings like shareholding pattern, revision in credit ratings etc., Permitting disclosure of information on the website of a listed entity through curated links to the Stock Exchanges, Streamlining the requirements on newspaper advertisements, Providing a timeline of 3 months to fill up vacancies in Board Committees, Time taken for regulatory, statutory or government approvals to be excluded from the timeline specified for obtaining shareholder approval for appointment or reappointment of director of a listed entity, Streamlining the process of reclassification of promoter or promoter group entities of a listed entity, Introducing an obligation on promoter, promoter group, directors and key managerial personnel to disclose relevant information to the listed entity for ensuring compliance with LODR and other applicable laws, Exempting payment of remuneration and sitting fees to director, key managerial personnel or senior management, except those who are part of promoter or promoter group, from the requirement of audit committee approval and half-yearly disclosures, Permitting ratification of RPTs by the audit committee subject to certain conditions, The provision of omnibus approval to be made applicable for RPTs of subsidiaries as well, Exempting transactions like payment of statutory dues, fees or charges to the Government, transactions between two public sector companies etc. from approval requirements for RPTs, among other important recommendations.
The comments/feedback may be submitted by 17th July, 2024.
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