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Market regulator SEBI has mandated the appointment of Company Secretary as compliance officer for the purpose of the newly-framed listing regulations.
“This is a welcome move by SEBI as it will strengthen the compliance ecosystem in listed companies,” SN Ananthasubramannian, former President of the Company Secretaries Institute, said.
Besides fixing responsibility of compliance of listing regulations on the Company Secretary, the secretarial audit report requiring verification and reporting compliance/non-compliance of listing regulations by practicing Company Secretaries under the Company Law, will over time, facilitate better regulatory oversight and enhance improved compliance, he said.
The latest SEBI requirement widens the area of responsibilities of a Company Secretary and makes him solely responsible for compliance of listing regulations, according to capital market observers.
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