To:

The Executive Director/President/Managing Director
of All the Stock Exchanges

Dear Sir,

Please refer to our Circular No. SMD/POLICY/CIR-06/98 dated February 10, 1998, providing that every company shall appoint Senior Officer as Compliance Officer. The Accounting Standards Committee constituted by SEBI under the Chairmanship of Shri Y. H. Malegam has recommended that the Compliance Officer to be appointed in compliance with the aforesaid circular shall be the Company Secretary of the company.

You are advised to amend the listing agreement in order to give effect to the above.

Yours faithfully,
 

M D PATEL
EXECUTIVE DIRECTOR
SECONDARY MARKET DEPARTMENT-II

SECURITIES AND EXCHANGE BOARD OF INDIA

Memorandum to the Board

No. /99

ISSUE RELATED TO CONTINUOUS DISCLOSURE BY THE LISTED COMPANIES

SEBI Board, in its meeting held on March 19, 1999, decided to relax the period of two months for publication of audited results for the last quarter of the financial year to three months in case of Banks for the current year on the advice of Reserve Bank of India.

The Accounting Standards Committee appointed by SEBI under the chairmanship of Shri Y H Malegam, inter-alia, to review the continuous disclosure requirements by the listed companies, in its meeting held on April 26, 1999 considered the views of the representative of Institute of Chartered Accountants of India and other members regarding difficulties in publication/submission of audited results for the last quarter of the financial year within two months. The committee recommended that all the listed companies may be permitted to publish/submit the audited results within three months instead of two months from the end of the last quarter of the financial year to ensure the quality of the audit. It is therefore, proposed to amend the Listing Agreement to the effect that in case, the company prefers to give audited results instead of unaudited results for the last quarter of the financial year of the company, then the company shall publish/submit audited results within three months from the last quarter of the financial year.

The memorandum is submitted for the approval of the Board.
 

Date : May 18, 1999                                                                                                                                     M D PATEL
Place : Mumbai                                                                                                                       EXECUTIVE DIRECTOR