<p>The new timeline will be applicable to public issues opening on or after May 1, 2010, Sebi said in a circular on Tuesday. The new process would require syndicate members to capture all data relevant for the purposes of finalising the basis of allotment while uploading bid data in the electronic bidding system of the stock exchanges.<br /><br />To ensure that the data captured is accurate, it said, syndicate members would be permitted an additional day to modify some of the data fields entered by them in the electronic bidding system. Registrar to the issue is required to validate the bids and finalise the basis of allotment only on the basis of the final electronic bid file provided by the stock exchanges, it added. <br /><br />The market watchdog also emphasised that the Lead Managers or their agents would be responsible for the accuracy of data entry and for resolving investor grievances. Further, the ASBA process would also undergo suitable modification to make it consistent with these timelines.<br /><br />Timeline for results<br /><br />Similarly, in another circular, Sebi made it mandatory for all listed companies to file financial results within 45 days from the end of every quarter. It has also made it clear that companies must file their audited annual results within 60 days from the end of the financial year, as against the current practice of 90 days. The move is aimed at streamlining the submission of financial results by making it uniform and reduce the timeline for submission of the same to the stock exchanges.<br /><br />Also, companies would have to report their asset-liability position along with their half-year results. Currently, firms disclose their balance sheet position only at the time of annual results. The turnover, profit after tax and profit before tax must be mentioned on a standalone basis at the time of presenting the consolidated results.<br /></p>
<p>The new timeline will be applicable to public issues opening on or after May 1, 2010, Sebi said in a circular on Tuesday. The new process would require syndicate members to capture all data relevant for the purposes of finalising the basis of allotment while uploading bid data in the electronic bidding system of the stock exchanges.<br /><br />To ensure that the data captured is accurate, it said, syndicate members would be permitted an additional day to modify some of the data fields entered by them in the electronic bidding system. Registrar to the issue is required to validate the bids and finalise the basis of allotment only on the basis of the final electronic bid file provided by the stock exchanges, it added. <br /><br />The market watchdog also emphasised that the Lead Managers or their agents would be responsible for the accuracy of data entry and for resolving investor grievances. Further, the ASBA process would also undergo suitable modification to make it consistent with these timelines.<br /><br />Timeline for results<br /><br />Similarly, in another circular, Sebi made it mandatory for all listed companies to file financial results within 45 days from the end of every quarter. It has also made it clear that companies must file their audited annual results within 60 days from the end of the financial year, as against the current practice of 90 days. The move is aimed at streamlining the submission of financial results by making it uniform and reduce the timeline for submission of the same to the stock exchanges.<br /><br />Also, companies would have to report their asset-liability position along with their half-year results. Currently, firms disclose their balance sheet position only at the time of annual results. The turnover, profit after tax and profit before tax must be mentioned on a standalone basis at the time of presenting the consolidated results.<br /></p>
