The Security and Exchange Board of India (SEBI) on Monday notified the format of the compliance report on Corporate Governance by Listed Entities.
The Board issued the circular under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 101 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
As per the provisions of Regulation 27(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), a listed entity is required to submit a quarterly compliance report on corporate governance in the format specified by the Board from time to time to recognized Stock Exchange(s).
The format for compliance report on Corporate Governance by listed entities has been specified, as per the following annexures, vide Circular No. CIR/CFD/CMD/5/2015 dated September 24, 2015 and modified vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019/78 dated July 16, 2019.
The Board with the objective to bring about transparency and to strengthen the disclosures around loans/ guarantees/comfort letters/ security provided by the listed entity, directly or indirectly to promoter/ promoter group entities or any other entity controlled by them, it has been decided to mandate such disclosures on a half yearly basis, in the Compliance Report on Corporate Governance.
The SEBI has notified the format for compliance report on Corporate Governance on quarterly basis; at the end of a financial year, at the end of 6 months from the close of the financial year and on a half yearly basis with effect from first half year of the Financial Year 21-22).
The format of disclosure in this regard shall be effective from financial year 2021-22.
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