Financial Daily from THE HINDU group of publications
Saturday, May 01, 2004
Financial Daily from THE HINDU group of publications Saturday, May 01, 2004 |
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Regulatory Bodies & Rulings Markets - Regulatory Bodies & Rulings What's in a name? Lots, says SEBI Our Bureau
Mumbai , April 30 THE Securities and Exchange Board of India on Friday further tightened the norms for changing names of companies. The market regulator in a notice to stock exchanges said corporates will be allowed to change their name only after a gap of one year from the date of last name change. In addition, at least 50 per cent of total revenues in the preceding year should come from the new activities suggested by the new name. It also said the new name along with the old name should be disclosed through the web sites of the respective stock exchanges where the company is listed for one year from the date of the last name change. Earlier companies that had changed their name had to disclose the turnover and income from the new activities separately in their quarterly and annual results. These disclosures had to be made by these companies for a period of three years from the date of change in the name.
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