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SEBI unlikely to extend revised Clause 49 deadline

Our Bureau

New Delhi , Dec. 21

WITH less than a fortnight to go before the deadline for listed companies to comply with the revised Clause 49 of the Listing Agreement expires, the capital market regulator is in no mood to extend the deadline or dilute any of the provisions of revised Clause 49.

"To my way of thinking, life will change for companies (listed companies) after December 31," Mr M. Damodaran, SEBI Chairman, told newspersons on the sidelines of a workshop on capital markets here on Wednesday.

He was responding to a query on whether SEBI would extend the deadline again.

Asked whether any public sector enterprise or the Government has made any representation to SEBI seeking an extension of the deadline, the SEBI Chairman said "none that I know of."

The SEBI Chairman has in the recent months taken the stance that the December 31 deadline would not be extended, even though the chiefs of some of the public sector enterprises expressed some difficulties in adhering to this deadline.

Asked to comment on the recommendations of the Lahiri Panel's report on foreign institutional investors (FII) inflows, Mr Damodaran said that it was a report of the Government and that he did not want to comment on it.

Later, the SEBI Chairman called on the Union Finance Minister, Mr P. Chidambaram.

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