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Our Bureau

Mumbai, July 11 Companies which opt to submit to stock exchanges their consolidated financial results in addition to their standalone results can get two months’ time to submit their financials, instead of the current period of one month; this is one of SEBI’s proposed changes to Clause 41 of the listing agreement.

Companies currently have to publish their results within one month from the end of every quarter (excluding the last one). The rationale is that companies having global operations and a large number of subsidiaries would face practical difficulties in supplying consolidated results.

The proposed changes issued by SEBI on Friday are in response to the comments received by the market regulator from various quarters such as public, corporates and industry associations on Clause 41 of the listing agreement of SEBI. Usually, in practice, the companies give un-audited quarterly results; whereas, the year-end results are generally audited, said a Chartered Accountant.

Those companies publishing only consolidated results must also publish standalone figures for turnover, net profit and EPS, and also indicate where its standalone results are available (stock exchanges, company’s Web site, and so on.)

Similarly, if a company opts to publish only standalone results, it must publish its consolidated turnover, net profit and EPS, and also indicate where its consolidated results will be available for scrutiny.

Another proposal is that the limited review report on un-audited quarterly results need not be placed before the board of directors, unless the variation between un-audited financials and amended financials after limited review exceeds 10 per cent.

SEBI has also proposed that the limited review report be submitted for all quarters, including the last quarter. The markets regulator is inviting public comments from July 11 to July 26 on the proposed changes, a SEBI release said.

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