Capital markets regulator, the Securities and Exchange Board of India (SEBI), has revamped its expert committee on disclosure and accounting standards, which is mandated to suggest ways for improving disclosure framework for listed companies and accounting practices of various market entities.
The SEBI Committee on Disclosures and Accounting Standards (SCODA) was originally set up in 2006 under the chairmanship of noted chartered accountant YH Malegam.
The 17-member panel is now chaired by Tata Sons’ director-finance Ishaat Hussain, while members include NSE chief Ravi Narain, HDFC AMC managing director Milind Barve, Bombay Shareholders’ Association’s AK Bakliwal and IT major Wipro's CFO and executive director Suresh Senapathy.
One of the major terms of reference of this committee is to advise SEBI on issues related to disclosure requirements in the offer documents, application forms, advertisements and other mode of mass communication by the issuers. Besides, the SCODA also advises SEBI on issues related to the continuous disclosure requirements pertaining to listing of equity or debt of an issuer and on matters related to disclosure requirements of various market intermediaries.