Listed Firms to Disclose Specific Details on Frauds

Under the new norms, companies would have to make disclosures at the time of an occurrence of a fraud, default or an arrest of a Key Managerial Personnel (KMP).The companies would be required to inform the stock exchanges about the nature of fraud or default or arrest. Besides, the companies are expected to inform about the estimated impact of the fraud, time of occurrence, persons involved, estimated amount involved and whether the incident has been reported to the appropriate authorities.