, SEBI Regulation 24A LODR ~ CS GAURAV SHARMA

February 8, 2019

SEBI Regulation 24A LODR

SEBI LODR Amendment dated 08/02/2019

SEBI has introduced new Regulation i.e. Regulation 24A in LODR

1) Annual Secretarial Audit Report in Form MR-3 will form part of Annual Report of Every listed entity and its material unlisted subsidiaries incorporated in India.

2) Annual Secretarial Compliance Report to be submitted by every listed entity to the stock exchanges within 60 days of the end of the financial year.

Analysis:
1) Respective Report to be issued for Financial year ended 31/03/2019

2) “material subsidiary” shall mean a subsidiary, whose income or net worth exceeds twenty percent of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year.
Explanation.- The listed entity shall formulate a policy for determining ‗material‘ subsidiary.

3) Applicable to All Listed Entities (whose EQUITY shares are listed) and their material subsidiaries

Reference:
https://www.sebi.gov.in/legal/circulars/feb-2019/format-for-annual-secretarial-audit-report-and-annual-secretarial-compliance-report-for-listed-entities-and-their-material-subsidiaries_42015.html