SEBI reorganises panel on disclosures, Accounting Standards

Market regulator Securities and Exchange Board of India (Sebi) has revamped its committee on disclosures and accounting standards that advises it 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's CFO and executive director, Suresh Senapaty, and NSE's managing director and CEO, Chitra Ramkrishna, Comptroller & Auditor General of India Director General AB K P Sasidharan, and S Santhanakrishnan of Institute of Chartered Accountants of India (ICAI). 
 

Moreover, the expert panel includes representatives from Sebi, the Finance Ministry as well the Corporate Affairs Ministry.
 

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

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

Other members include senior executives of Kotak Mahindra Capital Company, SBI Capital Markets, Jubilant Life Sciences, Mahindra & Mahindra 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 has to also advise the regulator 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.  (Business Standard)