Monday, Jul 22 2019 | Time 09:38 Hrs(IST)
  • Road accident claims nine lives in UP
  • Servant of the people winning Ukrainian Election with 42 03 pc as 25 82 pc of votes counted
  • At least Six injured as armed prisoners riot at Australian juvenile justice center
  • Germany, French foreign ministers condemn seizure of UK tanker by Iran – UK foreign office
  • Iran's Zarif slams US sanctions against tehran as 'Economic Terrorism'
  • Abe's ruling coalition wins upper house election
States » East

SEBI LoDR Amendments much needed to uplift Corporate Governance: SEBI

Kolkata, Apr 12 (UNI) Confederation of Indian Industry (CII) in collaboration with National Institute of Securities Markets (NISM) and Bombay Stock Exchange (BSE) Ltd organized a Conference on Corporate Governance for Listed Companies in Kolkata today.
The regulatory environment for listed companies has been undergoing evolution over the last few years with Securities and Exchange Board of India (SEBI) taking the lead in this area.
The latest in the corporate governance space is the amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 notified on May 9, 2018.
Against this backdrop, the Conference came at an opportune time with many amendments coming into effect from 1 April 2019 providing a composite perspective from the regulators including SEBI and BSE.
Addressing the Conference, Mr Jayanta Jash, Chief General Manager, SEBI explained the rationale behind the amendments explaining how they are much needed to uplift the current regulations. The SEBI LoDR Regulations form a major aspect of corporate governance and compliance professionals have a major role to play as conscience keepers to facilitate corporates to be law abiding.
He highlighted some of the highlights of the amendments which are effective from 01 April 2019 like requirement to appoint woman Independent Director; requirement to have minimum 6 directors on the Board; requirement of special resolution for appointing/ continuing the directorship of any person as a non-executive director who has attained the age of 75 years; revised quorum requirement for Board meetings; performance evaluation of independent directors by entire Board; recommendation by the Board to the shareholders for each item of special business; provisions on related party transactions; mandatory requirement to submit consolidated financial results etc.
Dr V R Narasimhan, Dean, NISM while presenting the theme address said how "Business and governance run hand in hand and in order to excel in business, governance must run at a faster pace." and in order to do that regulations need to be taken in the right spirit instead of being looked as stringent rules, then only they can be implemented wholeheartedly.
Discussing the level of compliance, he said we are on the right path with the regulations and amendments.
Mr Pradeep Ramakrishnan,General Manager, SEBI, shared the regulatory perspective of the changes of the SEBI LoDR Regulations. He emphasised on the adherence of regulatory compliances in order to create value for the business.
Mr Khushro Bulsara, Senior General Manager, BSE Ltd, gave an elaborate presentation on the stock exchange experience on compliance with listing norms.
He listed down few common company issues in Standard Operating Procedure for Suspension and Revocation implementation like incorrect filing,freezing of promoter and promoter group holding to be done in case of non-compliance, fine amount has been de-linked from the paid-up capital of the company etc.
Some of the actions that have been taken by the exchange for implementing the new SOP are sending out guidance notes, alerts and inception of XBRL templates. More frequent meetings in Risk Management Committee will help companies to safeguard against cyber attacks and ensure cyber security, he said.
Mr M Krishnamoorthy, AGM, SEBI and Member of Faculty, NISM, discussed how globally companies are evaluated on the basis of their scores on Environment, Social and Governance (ESG) parameters.
Out of the total 88$ trillion assets under management more than one quarter of the investment is based on ESG Principles. He further added that quality of disclosures should substantially improve, audit professionals - internal, statutory and secretarial considerations should raise above commercial considerations and procedure for selection of independent directors is created, preserved and sustained ab initio.
The industry experience was shared by Mr A K Banerjee, Vice Chairman & MD, IFB Agro Industies Ltd, Mr Taposh Roy, Company Secretary, Vesuvius India Ltd, Mr T B Chatterjee, Chief Corporate Officer, Tax Connect Advisory Services LLP and Mr Bijay Murmuria, Director, Sumedha Fiscal Services Ltd.
More News

PMKVY and NBCFDC skilled 160 youths

21 Jul 2019 | 10:27 PM

Ambassa(Tripura), Jul 21(UNI) Under the umbrella of Pradhan Mantri Kaushal Vikas Yojana (PMKVY) the National Backward Class Finance and Development Corporation (NBCFDC) and NITCON in collaboration with AIT skilled 160 youths in three different trades which officially concluded today in the bordering subdivision of Kamalpur in the northern Tripura district of Dhalai here today.

see more..

Fund raising campaign for Assam floods

21 Jul 2019 | 10:08 PM

Gangtok, Jul 21 (UNI) Baba Daangre Film Society, Assam has started fund raising campaign here, from MG Marg.

see more..

Ballots instead of EVMs – Trinamool leaders’ demand at 21 July Shahid Dibas rally

21 Jul 2019 | 10:01 PM

Kolkata, Jul 21 (UNI) From the stage of the July 21 Shahid Dibas rally, senior leaders of Trinamool Congress gave clarion calls to take strong measures to unseat the BJP from power.

see more..

Women are capable to fight all the challenges: Louis

21 Jul 2019 | 9:21 PM

Dumka, Jul 21 (UNI) Women and child development Minister Louis Marandi today said that women are capable to take on all types of challenges whether those presented inside the homes or in the outside world.

see more..

Two poachers with a leopard skin arrested in Darjeeling

21 Jul 2019 | 8:42 PM

Siliguri, Jul 21 (UNI) Two poachers carrying an adult skin of killed leopard have been arrested from
Sukiapokahri in Indo-Nepal border of West Bengal's Darjeeling district, forest department officials said today.

see more..