| SEBI – Regulatory Updates |
| Securities & Exchange Board of India (SEBI) has issued two circulars on 16th April, 2012 with respect to amendment in format of Quarterly Results and SCORES authentication for prospective Debt Listed Companies. |
| The highlights of the Circulars are as follows: |
| 1. Amendment in Format for the Disclosure of Financial Results under Clause 41 of the Listing Agreement |
| SEBI vide its circular number CIR/CFD/DIL/4/2012 dated April 16, 2012 have notified an amendment in the format of disclosures of the Financial Results to be made by the listed entities under Clause 41 of the Listing Agreement to bring the same in line with the new Schedule VI of the Companies Act, 1956. |
| The amended format of disclosure is applicable for financial year ended on March 31, 2012 for all filings made after the date of this circular. |
| 2. Processing of Investor Complaints against companies applying for listing of debt securities |
| SEBI earlier vide Circular No. CIR/OIAE/2/2011 dated 3rd June, 2011 had prescribed that all the complaints pertaining to listed companies will be electronically sent through SCROES and all the listed companies are required to obtain SCORES user id and password for processing complaints. Now, SEBI has vide circular No. CIR/IMD-DoF-1/11/2012 directed companies who are desirous of getting their debt securities listed on stock exchanges in accordance with SEBI (Issue and Listing of Debt Securities) Regulations, 2008 to obtain authentication on SCORES as and when they file for approval for listing of debt securities. Further, stock exchanges were directed to ensure that companies has SCORES authentication before they grant listing approval to them. |
| The format for applying for SCORES authentication is specified in Circular No. CIR/OIAE/2/2011 dated 3rd June, 2011. Further, it is also clarified by SEBI that a company can use same SCORES authentication for all its subsequent issues of debt securities listed with any of the Stock Exchanges. |
| The detailed circulars issued by SEBI are enclosed. |
