SEBI permits submission of unaudited financial results subject to limited review for companies whose debentures are listed
SEBI vide circular dated March 20, 2007, has amended the listing agreement for debentures in order to rationalize the provisions of continuous disclosures made by issuers who have listed their debt securities and not their equity shares; and to introduce submission of unaudited financial results with a limited review.
Pursuant to the amendment, 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/ rights issue basis shall be required to submit unaudited quarterly results subject to a limited review instead of 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 case of public sector undertakings, by any practicing Chartered Accountant) is to be submitted within two months from the end of the period. The circular also provides a format for the limited review report.
The full text of the above circular is available on the website: www.sebi.gov.in
Mumbai
March 20, 2007
