NORMS FOR LISTED COMPANIES’ LISTING AGREEMENTS ON CARDS: SEBI

NORMS FOR LISTED COMPANIES’ LISTING AGREEMENTS ON CARDS: SEBI

NORMS FOR LISTED COMPANIES’ LISTING AGREEMENTS ON CARDS: SEBI

No.PR-10
April 17, 2014
New Delhi

NORMS FOR LISTED COMPANIES’ LISTING AGREEMENTS ON CARDS: SEBI

Mr. Prashant Saran, Wholetime Member, Securities and Exchange Board of India (SEBI) on Thursday indicated that the corporate regulator is working on detailed guidelines for putting in place new listing agreements for listed companies’ to ensure transparency, fair and equitable disclosure norms in the corporate conduct.

Delivering his keynote address at a National Conference on New Initiatives of SEBI and Ministry of Corporate Affairs (MCA) in Corporate Governance organized by the PHD Chamber of Commerce and Industry here today, Mr. Saran, however, prescribed no particular time limit by when the proposed guidelines would be made public.

“SEBI keeps on evolving guidelines and policy measures to put in place norms for better corporate governance from time and again and it is very much in its radar to evolve guidelines for forging new listings agreements”, he replied while answering one of the queries raised on the subject during the conference.

On the issue of appointment of independent directors for fair corporate governance, without referring to Article 49, Mr. Saran alluded that corporate governance in India is not tangible yet one cannot brush aside the issue of independent directors in view of their participatory importance in the corporate boards.

According to him, transparent corporate governance cannot be performed and talked about in an environment in which the corporate bosses insist on their subordinates to better perform ‘do your number anyway’ (DNA) because in such an atmosphere voice of conscience gets smaller and smaller.  However, the performance of better corporate governance becomes easier in an environment in which corporate bosses speak with smaller voices to enable such a governance get a boost.

Mr. J Joseph, Additional Secretary, Ministry of Corporate Affairs in his observations declared that the department of companies affairs would be able to set up National Company Law Tribunal sometimes in the current fiscal.  He praised the provisions of the new company law enacted 2013 and expressed confidence that the new law would serve with optimum satisfactions all stake holders in corporate affairs in a fair manner.

Among others who spoke on the Occasion seeking norms for good corporate governance included Dr. V R Narasimhan, Chief Regulations, National Stock Exchange of India Ltd.; Mr. Nehal Vora, Chief Regulatory Officer, BSE Ltd.; Mr. M S Sahoo, Secretary, Institute of Company Secretaries of India; Mr. Sharad Jaipuria, President, PHD Chamber; Mr. Alok B Shriram, Sr. Vice President, PHD Chamber and Mr. Pritivi Haldea, Chairman, Capital Market committee, PHD Chamber.
ENDS
Koteshwar Prasad Dobhal
Consultant (PR)