Category: Corporate

The Securities and Exchange Board of India (SEBI) has unveiled a new compliance framework aimed at listed entities, introducing an integrated filing system for governance and financial disclosures. This system will be applicable for filings related to the quarter ending December 31, 2024, according to media reports.

The initiative is designed to ease compliance burdens by consolidating various periodic filing requirements into a single process. 

This change follows recommendations from an expert committee tasked with reviewing SEBI’s Listing Obligations and Disclosure Requirements (LODR) norms. 

Under the new framework, governance filings such as investor grievance redressal statements and corporate governance compliance must be submitted within 30 days after the quarter ends. However, financial filings, including disclosures on related-party transactions and quarterly results, are required within 45 days and year-end submissions will have a 60-day deadline. 

SEBI mandates the quarterly disclosure of material events, including updates on tax litigation, minor penalties, and acquisitions surpassing certain thresholds. These disclosures will be incorporated into the integrated filing format, which will replace the previous fragmented reporting system. 

SEBI has also introduced stricter eligibility criteria for secretarial auditors of listed entities to improve accountability. Only peer-reviewed company secretaries, who meet specific qualifications, can now take on these roles. 

Restrictions are also placed on auditors performing certain services, such as internal audits and compliance management, to ensure impartiality. 

The Institute of Company Secretaries of India (ICSI) has been tasked with communicating the new provisions to its members and ensuring adherence to the updated guidelines. Listed entities must also disclose details of employee benefit schemes and obtain board approval before redacting commercially sensitive information. 

The new framework also sets timelines for disclosures on shareholding patterns, credit ratings, and reclassifications, with penalties for non-compliance. 

To streamline the process further, SEBI is facilitating single filings through the BSE and NSE portals. Stock exchanges are instructed to develop systems and infrastructure to monitor and enforce the framework. 

In his New Year address to the over 46,000-strong workforce, Adani Group Chairman Gautam Adani emphasised the company's focus on unlocking the full potential of every individual, bt.com has reported. He stressed that moments of transformation require vision, courage, and the will to act. 

Adani described the previous year, 2024, as extraordinary, according to Business Today. He highlighted how the company shattered financial records, faced significant challenges, and emerged stronger, more united, and resilient. “As I’ve often said, the journey to success is rarely a straight line. Our transformation is shaped by the challenges we face, which define us. At our core, we are fearless fighters, and through these battles, we continue to evolve and excel. The storms of 2024 only strengthened our resolve. Today, we stand taller thanks to your unwavering dedication and passion. True resilience is not about surviving chaos but transforming it into a force that propels us forward,” he wrote.

He emphasised that his focus is not on numbers but on laying the foundation for the future. He discussed two key factors — technology and talent — that he believes will be the most sustainable differentiators in today’s world. He noted that capital is no longer a constraint, but the challenge lies in using it effectively. 

Adani conveyed optimism for the remarkable journey ahead. "Together, we will not merely face the challenges of tomorrow but transform them into milestones of success," he added.