Sebi revamps key standards panel

Aims to improve disclosure framework

Market regulator Sebi has revamped its committee on disclosures and accounting standards that advices the market regulator on matters related to disclosure requirements and accounting practices for various market participants.

The 17-member expert panel is been chaired by Tata Sons’ Director-Finance Ishaat Hussain, while other members include Wipro CFO and Executive Director Suresh Senapaty and NSE Managing Director & CEO Chitra Ramkrishna, Comptroller & Auditor General of India Director General AB K P Sasidharan and ICAI’s S Santhanakrishnan.

Moreover, the expert panel includes representatives from Sebi, finance ministry as well corporate affairs ministry.

The committee was set up in 2006, under the chairmanship of noted chartered accountant Y H Malegam.

The expert committee was mandated to suggest ways to Sebi for improving disclosure framework for listed companies and accounting practices of various market entities.

Other members are senior executives of Kotak Mahindra Capital Company, SBI Capital Markets, Jubilant Life Sciences, Mahindra & Mahindra and Deloitte Haskins and Sells and the Bombay Shareholders’ Association.

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, it 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.

The panel also has to advise Sebi on issues for addressing the operational and systemic risks, if any, in primary market.

The committee is further mandated to ensure “smooth implementation of accounting standards, statements, guidance notes and studies evolved by the Institute of Chartered Accountants of India (ICAI) to the extent that it pertains to disclosures in the capital market documents and for disclosures related to intermediaries,” among others.