sebi capital market regulator took a step this Tuesday to highlight the announcement of the first financial results of the new listed companies. By virtue of this, it is proposed to give said companies an additional 15 days to publish their first financial results. SEBI has received requests from newly listed companies regarding the challenges they face in declaring first financial results soon after listing. Current listing obligation and disclosure requirements (LODRs) require all publicly traded entities to report quarterly financial results within 45 days of the end of each quarter. While in the case of last quarter and annual results, publicly traded companies must announce it within 60 days after the end of the fiscal year.
Term extended due to lack of time
In a consultation paper, the Securities and Exchange Board of India (SEBI) said: “In the event companies are listed close to the deadline for announcing financial results, they have to very little time to announce the first financial results”. “Since financial results are price sensitive, such an announcement immediately after listing may have a material impact on the company’s share price.” first list of financial results publications.
Call for suggestions until March 6
The market regulator has asked the public to give input on the proposal by March 6. In addition, SEBI has suggested deadlines for the appointment of directors, compliance officers, chief executive officers and chief financial officers in publicly traded companies. Deadlines were also proposed for the freezing of the capitalization accounts of managing directors, full-time directors and executive directors for repeated non-compliance or non-payment of penalties by publicly traded companies under the listing obligation and requirements existing disclosure.
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