Sebi makes dividend distribution policy must for top 1,000 listed companies
PTI
To strengthen corporate governance practices and disclosure requirements, Sebi has notified new rules, including that top 1,000 listed firms will have to formulate a dividend distribution policy.
The regulator has also put in place a framework in relation to applicability, constitution and role of the Risk Management Committee (RMC) and eased norms for re-classification of a promoter as a public shareholder, according to a notification dated May 5.
In addition, the regulator has asked listed firms to make available audio and video recordings of analyst and investor meets on their websites as well as stock exchanges within 24 hours or before the next trading day and also notified rules regarding Business Responsibility and Sustainability Report (BSSR).
A Securities and Exchange Board of India (Sebi) order on a 21-year-old matter has put the spotlight on whether its probe or action should be timebound.
The market regulator on Wednesday imposed a penalty of Rs 25 crore on Reliance Industries Ltd (RIL) chief Mukesh Ambani, his younger brother Anil Ambani and others, including persons acting in concert (PAC), for non-compliance with the regulator’s takeover rules.
However, the case dates back to 2000 when Dhirubhai Ambani was the chairman of undivided Reliance, which split in 2005.
The capital markets regulator also penalised Mukesh’s wife Nita Ambani, Anil’s wife Tina Ambani, K.D. Ambani and some family members.
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