The Securities and Exchange Board of India (Sebi) has notified a raft of changes to the listing obligation and disclosure requirements (LODR) regulations in areas such as related-party transactions (RPTs), promoter reclassification, and secretarial audits.
The amendments to LODR also include several ease-of-doing-business measures, such as an extended timeline for certain disclosures and the disclosure of tax disputes based on materiality and thresholds.
"Fraud by senior management, other than those who are promoters, directors, or key managerial personnel, shall be required to be disclosed only if it is in relation to the listed entity," says the notification dated December 12.
Sebi has also provided certain exemptions in the definition of RPT, such as corporate actions by subsidiaries of a listed entity and corporate actions received by the listed entity or its subsidiaries, which are uniformly applicable or offered to all shareholders in proportion to their shareholding.
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