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Mumbai April 26 Listed companies will now have to submit only the salient features of their balance sheets to shareholders instead of the complete report, according to a SEBI circular.

The amendment will come into effect immediately.

The SEBI has decided to amend Clause 32 of the equity listing agreement to align it with the provisions of Section 219 of the Companies Act, allowing a company to send a statement containing important features of the balance sheet, profit and loss account and the auditor's report in place of the full balance sheet and annual report.

Other provisions of Clause 32 pertaining to turnover and income from new activities, along with the cash flow statement tagged to the profit and loss account, shall remain unchanged.

The SEBI move should trim the rising cost of compliance. Also, in today's day and age, most of the information is available in the public domain, including the Web sites of the company and stock exchanges, the circular said.

The requirement to send the complete report was stipulated at a time when information flow was at the barest minimum and the annual report was the lone source of information for shareholders.

The SEBI has directed all stock exchanges to appropriately amend Clause 32 of the listing agreement.

However, a company will be required to send the complete balance sheet, profit and loss account and the auditors' report at the written request of any shareholder.

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