Update website within 2 days for any new info: Sebi to cos

NEW DELHI: To ensure greater transparency, market regulator Sebi has asked all listed companies to update their website within two working days for any change in the information provided on this platform.

The information to be updated include details of agreements with the media companies and their associates.

The move will help investors get latest information about the companies, including about their businesses.

"The listed entity shall update any change in the content of its website within two working days from the date of such change in content," the Securities and Exchange Board of India (Sebi) said.

The listed firms also need to ensure that the contents of the website are correct.

The directive is a part of Sebi's new listing regulations, which have replaced the provisions contained in the erstwhile listing agreement. The earlier agreement required the listed companies to keep their websites updated, but was silent on periodicity of the updation of content.

While almost all listed companies have got websites, the information contained therein gets updated with a lag effect in many cases.

In case of change in name of a company, Sebi has mandated that both the new and old names would need to be mentioned on the website for a continuous period of one year.

The listed entity will have to maintain a functional website containing basic information like details of its business, terms and conditions of appointment of independent directors, composition of various committees of board of directors and code of conduct of board of directors and senior management personnel.

In addition, they have to disseminate information related to details of establishment of vigil mechanism/ whistle blower policy, criteria on dealing with related party transactions, policy for determining 'material' subsidiaries, number of programmes attended by independent directors and number of hours spent by these directors in such programmes.

Besides, Sebi has asked listed companies to put details of agreements entered into with the media companies and their associates, schedule of analyst or institutional investor meet and presentations made by these entities to them and complete copy of the annual report including balance sheet, profit and loss account, directors and corporate governance report and shareholding pattern.

In addition, listed entities will have to publish the information, in at least one English newspaper, circulating in substantially whole India and in one daily newspaper in the vernacular language, pertaining to notice of the board meeting where financial results would be considered.

Further, the listed firms will have to publish financial earnings along with the opinion if any, expressed by the auditor within 48 hours of conclusion of the meeting and statements of deviations/ variations.

However, the provisions pertaining to advertisements in newspapers are not applicable for the entities listed on small and medium enterprise (SME) Exchange.