Firms to disclose results in 45 days
Securities and Exchange Board of India (SEBI) has made it mandatory for all listed companies to disclose their financial results within 45 days of the end of every quarter.business Updated: Apr 06, 2010 21:42 IST
Securities and Exchange Board of India (SEBI) has made it mandatory for all listed companies to disclose their financial results within 45 days of the end of every quarter. Companies would also be required to disclose their audited financial statements within 60 days of the end of every financial, said a Sebi circular released on Monday.
“It has been decided that listed entities shall disclose, on standalone or consolidated basis, their quarterly (audited or unaudited with limited review) financial results within 45 days of the end of every quarter,” said a Sebi circular.
Earlier, companies had to disclose their results 30 to 60 days after the end of every quarter.
The market watchdog said the decision is aimed at streamlining submission of financial results by making it uniform and to reduce the timeline for the same to the stock exchanges.
Sebi has also mandated companies to disclose their asset-liability position within 45 days of every six months. At present, shareholders get to know about the assets and liabilities of of a listed entity and its solvency position only on an annual basis.
It has also said that the turnover, profit-after-tax and profit-before-tax should be mentioned on a standalone basis at the time of presenting the consolidated results.
Listed companies would also be required to submit to the stock exchanges an auditor’s certificate that the accounting treatment in merger and amalgamation schemes is in compliance with accounting standards.
Sebi also said audit reports of only those auditors would be accepted who have undergone accounting regulator ICAI’s peer review process.