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| Sebi puts out proposals to prevent Satyam repeats |
| BS Reporter / Mumbai Sep 15, 2009, 00:45 IST |
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Market regulator Securities and Exchange Board of India (Sebi) put out for discussion today a series of proposals to prevent Satyam-type accounting scams.
Majorly, it proposes that the audit committee of a listed company, a body mostly of non-staffers and independent of the board of directors, approve the appointment of the Chief Finance Officer (CFO). The independence of the audit company and of its partners is also its charge.
The discussion paper has been put on Sebi’s website and comments asked for by September 25.
Other proposals include presenting of quarterly results within 45 days of each quarter’s end, except for the annual results, which must be done within 60 days after the end of the year.
Also, audited figures of the major heads of the balance sheet should be prepared in accordance with Schedule VI to the Companies Act or its equivalent in other statutes and be disclosed by listed entities on a half-yearly basis.
Another proposal relates to amending the listing agreement to clarify that the details regarding disclosure of pledged shares have not been verified by the auditor and have been drawn from the disclosures made by promoters/promoter group of the listed entity.
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