SEBI amends Equity Listing Agreement

SEBI vide its circular SEBI/CFD/DIL/LA/1/2009/24/04 dated April 24, 2009 has amended certain clauses in the Equity Listing Agreement. This aims to enhance disclosures regarding shareholding pattern in a listed company and also to bring more transparency and efficiency in the governance. The highlights are as follows: -

• A uniform procedure has been prescribed for dealing with unclaimed shares i.e., shares which could not be allotted to the rightful shareholder due to insufficient/incorrect information or any other reason
• Notice period for Record Date and Board Meeting has been reduced to 7 working days and 2 working days respectively
• Listed companies should declare their dividend on per share basis only
• An additional format for disclosures of voting rights pattern in the company has been provided

More details are available here. www.sebi.gov.in/circulars/2009/circfd04.pdf