SEBI constitutes 'Committee on Disclosures and Accounting Standards'

Mumbai, Sept 13 (UNI) Securities and Exchange Board of India (SEBI) has merged two earlier committees formed to advise SEBI on disclosure requirements and accounting standards to form, 'SEBI Committee on Disclosures and Accounting Standards'(SCODA), under the chairmanship of Shri Y. H. Malegamin, in order to address the overlaps in the areas addressed by them earlier, a SEBI release issued today said.

According to the terms of reference of the committee it would advise SEBI on issues related to the disclosure requirements in the Offer Documents/Application Forms/Advertisements and in any other mode of mass communication, used by the issuer, for protecting the interests of the investors and improving the efficiency.

It would also advise 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 the intermediaries registered with SEBI, the release added.

Apart from advising SEBI on issues for addressing the operational and systemic risks, if any, in the primary securities market it will also ensure smooth implementation of accounting standards, statements, guidance notes and studies evolved by the ICAI, to the extent that it pertains to disclosures in the Capital Market documents and for disclosures related to Intermediaries, said the release.

UNI VS ADG AG2007