SEBI AMENDS DEBENTURELISTING AGREEMENT

The Securities and Exchange Board of India (SEBI) has amended the listing agreement for debentures in order to rationalize the provisions of continous disclosures made by issuers who have only securities listed and not their equity shares. Issuers whose debentures have been issued on private placement basis shall submit unaudited half-yearly results subject to a limited review instead of half-yearly audited results, as required at present. Issuers whose debentures have been issued on public or rights issue basis shall be required to submit unaudited quarterly results subject to a limited review, instead a unaudited quarterly results without limited review required at present. The results are to be submitted to the exchange within one month from the end of the reporting period and a copy of the limited review report prepared by the Statutory Auditors of the company (or in the case of public sector undertaking, by any practicing Chartered Accountants) is to be submitted within two months from the end of the period.