Now, it will be mandatory to make a dividend distribution policy for the top 1,000 listed companies in terms of market capitalization.
SEBI
The Securities and Exchange Board of India (SEBI) has decided to make the Dividend Distribution Policy mandatory for the top 1,000 listed companies. The regulator has taken this step with the objective of strengthening the system of company operations and the publication of information. After the Board of Directors meeting, SEBI said, now it will be mandatory to make a dividend distribution policy for the top 1,000 listed companies in terms of market capitalization. Till now this rule was applicable for the top 500 companies.
The regulator said that if the meeting of the company’s board of directors lasts for more than a day, then it will be mandatory for the listed units to declare the financial results within 30 minutes of considering the financial results in the board meeting.
No need for permission of stock exchange for change in name
In addition, the regulator has eliminated the need for permission for the stock exchange to change the name for a listed unit.
At the same time, SEBI has also abolished the imperative to advertise in newspapers on the notice of board meeting and quarterly information on the difference or variation in the use of funds to consider the financial results.
This report will have to be given within 21 days
SEBI has said that the report to be given on a fixed time frame, such as information on investor complaints, report on the mode of operation and shareholding, will now have to be submitted within 21 days of the end of each quarter.
SEBI changes the eligibility to control for market intermediaries
SEBI provided clarity on the change in control norms for market intermediaries and the need to seek its prior approval. Sebi said in a circular, the transfer of shareholding to a close relative would not be considered a change in control.
Close relatives include that person’s spouse, parents, brother, sister or any spouse of the child. In 2011, a circular addressed to stock exchanges / depositories and intermediaries was specified by SEBI to seek prior approval for change of control. Now, the regulator has provided some clarifications.
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