ARTC1034 - Taxpublishers.in

SUBSCRIBE FOR FULL CONTENT


The Tax Publishers SEBI SEBI (LODR) Regulation, 2015--Obligations of Entity Having its Equity Shares Listed--Some Aspects Pragya Bhandari 1. Introduction SEBI through the Listing Obligation and Disclosure Requirement Regulations, consolidated and restructured the provisions of the various listing agreements in the operation for different sectors of the capital markets. The SEBI (LODR) Regulations, 2015 replaced the Listing Agreements. It also seeks to bring uniform disclosures and proper compliances by listed entities through a better enforceability. The regulations are divided into twelve chapters and nine schedules. Regulations 15 to 48 of Chapter IV deals with Obligations of Listed Entity which has listed its specified securities. Specified Securities means equity shares and convertible securities as defined under clause (zj) of regulation 2(1) of the SEBI (Issue of Capital Disclosure Requirements) Regulations, 2009. Provisions of clause 49 of listing agreements had been brought under Regulations 17 to 27, which were related with the equities. Some of the key aspects of listed equities as prescribed in the SEBI (LODR) Regulations, 2015 are mentioned hereunder. 2. Applicability The provisions of Chapter IV would be applied to a listed entity which has listed its equity shares and convertible securities on any recognised stock exchange(s) either on the main board or on SME Exchange or on institutional trading platform. 3. Board of Directors (i) There should be optimum combination of executive and non-executive directors with atleast one woman director in the composition of Board of Directors. Non-executive directors should not be less than fifty per cent of the Board of Directors. (ii) Every company is required to hold atleast four meetings of its board of Directors every year. The time gap between two consecutive Board meetings should not exceed from one hundred and twenty days. (iii) Compliance reports would be reviewed priodically by Board of Directors. (iv) The Board of Directors would lay down a code of conduct. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

SEBI

SEBI (LODR) Regulation, 2015--Obligations of Entity Having its Equity Shares Listed--Some Aspects

Pragya Bhandari

1. Introduction

SEBI through the Listing Obligation and Disclosure Requirement Regulations, consolidated and restructured the provisions of the various listing agreements in the operation for different sectors of the capital markets. The SEBI (LODR) Regulations, 2015 replaced the Listing Agreements. It also seeks to bring uniform disclosures and proper compliances by listed entities through a better enforceability.

The regulations are divided into twelve chapters and nine schedules. Regulations 15 to 48 of Chapter IV deals with Obligations of Listed Entity which has listed its specified securities.

Specified Securities means equity shares and convertible securities as defined under clause (zj) of regulation 2(1) of the SEBI (Issue of Capital Disclosure Requirements) Regulations, 2009.

Provisions of clause 49 of listing agreements had been brought under Regulations 17 to 27, which were related with the equities. Some of the key aspects of listed equities as prescribed in the SEBI (LODR) Regulations, 2015 are mentioned hereunder.

2. Applicability

The provisions of Chapter IV would be applied to a listed entity which has listed its equity shares and convertible securities on any recognised stock exchange(s) either on the main board or on SME Exchange or on institutional trading platform.

3. Board of Directors

(i) There should be optimum combination of executive and non-executive directors with atleast one woman director in the composition of Board of Directors. Non-executive directors should not be less than fifty per cent of the Board of Directors.

(ii) Every company is required to hold atleast four meetings of its board of Directors every year. The time gap between two consecutive Board meetings should not exceed from one hundred and twenty days.

(iii) Compliance reports would be reviewed priodically by Board of Directors.

(iv) The Board of Directors would lay down a code of conduct.