Sebi to amend norms in line with new companies law

Amendments are being proposed to align the norms with that in the Companies Act, 2013

The board of capital market watchdog Sebi is expected to discuss changes in certain norms for listed firms to make them in line with the rules in the new Companies Act, during its meeting tomorrow.

Securities and Exchange Board of India (Sebi) would seek board approval for revision in illustrative format of statements of assets and liabilities as well as profit and loss to be furnished by listed companies, sources said.

The proposal is expected to come up for discussion during the Sebi board meeting tomorrow in Mumbai.

Amendments are being proposed to the Sebi (ICDR) regulations, 2009, to align the norms with that in the Companies Act, 2013.

The changes would be in tune with the revised schedule VI of the Companies Act 1956/Schedule III of Companies Act 2013.

It mainly relates to general instructions for preparation of balance sheet and statement of profit and loss of a company.

The proposed illustrative format include disclosure of equity and liabilities, current and non-current liabilities as well as current and non-current assets.

Besides, the board would discuss Action Taken Reports (ATRs) on various decisions, including those related to primary market reforms, taken by the board in the last two years, sources said.

Meanwhile, Sebi is expected to soon announce more measures to improve the country's investment climate, including for foreign investors.