NSE bans Pyramid Saimira from trading from June 1 for non - Filling of quarterly corporate governance report

National stock exchange bans Pyramid Saimira from trading from June 1 for non - Filling of quarterly corporate governance report.

Clause 49 of the listing agreement, which is an umbrella regulation on corporate governance norms, mandates companies to submit a quarterly report, signed either by the compliance officer or the CEO, to the stock exchange within 15 days from the close of a quarter.

According to the Exchange public announcement, the company failed to respond to its notice for non-compliance with provisions of listing agreement.

SEBI issued Model Listing Agreement for listing on SME Exchange

Securities Exchange Board of India issued model listing agreement for listing securities on SME exchange 

In recognition of the need for making finance available to small and medium enterprises, SEBI has decided to encourage promotion of dedicated exchanges and/or dedicated platforms of the exchanges for listing and trading of securities issued by Small and Medium Enterprises (“SME”). Consequently, SEBI amended SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (“SEBI (ICDR) Regulations”) by inserting a Chapter XA on “Issue of specified securities by small and medium enterprises”, through notification dated April 13, 2010. In continuation of the same and to facilitate listing of specified securities in the SME exchange

Certain relaxations are provided to the issuers whose securities are listed on SME exchange in comparison to the listing requirements in Main Board, which inter-alia include the following:

a)Companies listed on the SME exchange may send to their shareholders, a statement containing the salient features of all the documents, as prescribed in sub-clause (iv) of clause (b) of proviso to section 219 of the Companies Act, 1956, instead of sending a full Annual Report;

b. Periodical financial results may be submitted on “half yearly basis”, instead of “quarterly basis” and

c. SMEs need not publish their financial results, as required in the Main Board and can make it available on their website.

draft of SME listing available at http://www.sebi.gov.in/circulars/2010/circfddil062010.pdf

83 companies listed in BSE and 47 companies listed in NSE which have not fully complied with clause 49 of the Listing Agreement.

The Government has said that the Companies Act, 1956 does not provide for appointment of Independent Directors. But, as per clause 49 of the Listing Agreement, all the listed companies are required to appoint Independent Directors.

Giving this information in written reply to a question in the Lok Sabha today, the Minsiter for Corporate Affairs, Shri Salman Khurshid told the House that as per the information received from Securities Exchange Board of India (SEBI), there are 83 companies listed in BSE and 47 companies listed in NSE which have not fully complied with clause 49 of the Listing Agreement. 

New SEBI rule treat small and institutional investors on par in initial public offerings

A new directive from the market regulator Sebi is coming to effect from  Monday 3rd may 2010 as per which institutional investors will have to pay upfront 100 per cent money in primary issues, just like the retail investors. Earlier, QIBs were required to put only 10 per cent as margin money in public issues, while retail investors were putting the entire 100 per cent along with the applications.

Another move of the regulator coming into effect 3rd may is that the listing time for companies after the completion the initial public offer has been halved to 12 days.

This will help investors to get there refund faster. 

Questionnaire for small/retail investor survey http://bcomquest.0fees.net/

This survey is part of my  research on Corporate Governance disclosure practices in India.

With this survey i intend to find out awareness of small/retail investor on corporate governance and disclosure  practices of listed companies  in India  (clause 49 of Listing agreement )

my request to  investors to click on the following link and answer my small  questionnaire.

thank you

http://bcomquest.0fees.net/