Mandatory for top listed companies to provide e-voting; SEBI

Business

oi-Sneha

By Sneha B K

Published: Wednesday, June 27, 2012, 12:58 [IST]

The market regulator the Security and Exchange Board of India (SEBI) on Tuesday made it mandatory for top listed companies to provide for e-voting facilities in respect of those businesses to be transacted through postal ballot. It also said should be implemented in phased manner.

To begin with, it would be mandated for top 500 listed companies at BSE and NSE based on market capitalization. Listed companies may choose any one of the agency which is currently providing the e-voting platform.

In order to enhance the quality of financial reporting done by listed entities, it has been decided to put in place, a mechanism to process qualified annual audit reports filed by the listed entities with stock exchanges and Annual Audit Reports where accounting irregularities have been pointed out by Financial Reporting Review Board of the Institute of Chartered Accountants of India (ICAI-FRRB).

Also to harmonize the SEBI (ICDR) Regulations relating to Infrastructure Sector with the amended Securities Contracts (Regulation) Rules, 1957, it has been decided to carry out consequential amendments to SEBI (ICDR) Regulations pertaining to minimum public shareholding and minimum subscription requirements.

It has also been decided to modify the minimum subscription requirements for companies coming out with IPOs to state that the minimum subscription shall not be less than 90% of the offer, subject to allotment of minimum 25% or 10%, as the case may be, of the securities offered to the public.

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