Financial Daily from THE HINDU group of publications
Tuesday, Jun 25, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jun 25, 2002 |
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Markets
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Regulatory Bodies & Rulings 200 listed cos move into e-filing — SEs told to amend listing agreement K.R. Srivats
NEW DELHI, June 24 THE Securities and Exchange Board of India (SEBI) has directed the stock exchanges to amend their listing agreement to incorporate a new clause which requires companies to electronically file certain documents/statements in the electronic data information filing and retrieval (Edifar) system. The Edifar system, which has been set up by SEBI in association with the National Informatics Centre (NIC), would initially phase in about 200 listed companies. This has a semblance of a system currently operational in the US in the form of electronic data gathering, analysis and retrieval (EDGAR) system. One of the primary purposes of EDGAR system in the US is to increase the efficiency and fairness of securities market for the benefit of investors, corporates and the economy by accelerating the receipt, acceptance and dissemination of time-sensitive corporate information filed with the regulatory agency. The 200 companies under Edifar would be required to initially file, with effect from July 15, a full version of annual report including the balance sheet, profit and loss account, director's report, cash flow statements, half yearly financial statements and quarterly financial statements. They would also be required to file their corporate governance reports, shareholding pattern statement and also the statement of action taken against the company by any regulatory agency, a SEBI official said. The companies would have to appoint compliance officer who would be responsible for filing the required information in the Edifar system. The information filed under Edifar would be in addition to any statements, reports and information that would have to be filed by the companies in either physical or other forms with the exchange.
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