SEBI sub-panel proposes integration of disclosures at the time of IPOs

To make disclosures by companies meaningful and avoid repetition, a SEBI appointed sub-panel has proposed integration of such informations at various levels. The sub-committee, appointed to look into integration of disclosures by companies at the time of Initial Public Offers (IPO) and regular informations like annual reports, suggested that various informations could be provided at one place for the issuer, intermediaries and investors. For example, there is a disclosure mandated for all persons acquiring or selling their holdings in a listed company under the insider trading regulation. Simultaneously, an acquisition of a company's shares under takeover regulations by a person also needs to be disclosed. At the same time, the information is submitted to the targeted company, stock exchanges and SEBI.

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The sub-committee recommended an integrated approach by consolidating such disclosures at a single reference point for investors and the regulator simultaneously. The market regulator today sought public comments by March 15 on recommendations of the sub-committee on Integrated Disclosures, appointed by the erstwhile SEBI committee on disclosures in 2005. Also, to integrate various disclosures, the sub-committee underlined the need to examine the Companies Act, SEBI Guidelines and Regulations, and Listing Agreement of the Stock Exchanges, with a focus on the latter two. – www.economictimes.com