The Hindu Business Line : SEBI’s new norm makes cos disclose results within 1 month of each qtr

Mumbai, July 10 Securities and Exchange Board of India via its circular dated July 10, 2007, has replaced the existing Clause 41 of the Equity Listing Agreement with a revised clause which aims to rationalise and modify the process and formats for submission of financial results to the stock exchanges.

Among the modifications, the revised clause requires listed companies to furnish either un-audited or audited quarterly and year to date financial results to the stock exchanges within one month after the end of each quarter. If un-audited results are furnished, the same are required to be followed with a limited review report to help investors to know the performance of listed companies as early as possible.

The revised clause also mentions that companies should provide explanation for the variation occurred between items of un-audited and audited results in respect of net profit or loss after tax and for exceptional/extraordinary items. The percentage of variation for the purpose has been revised from “20 per cent or more” to “10 per cent or Rs10 lakh, whichever is higher.”

As regards the publication of financial results, companies having subsidiaries who file both stand-alone and consolidated results to the stock exchange will now have an option to publish stand-alone or consolidated results, subject to the condition that a choice once exercised cannot be changed during the year.

In case the company changes its option in any subsequent financial year, it would be required to furnish comparative figures for the previous financial year in accordance with the option exercised for the current year.

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