Summary of notification and circular in the SEBI(LODR), Regulations, 2015 and SEBI (PIT) Regulations, 2015 respectively issued on 19/07/2019 are listed below:
- SEBI Circular on Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity:
In order to align the independent auditor’s report format with the revised Standards of Auditing (SA) 700 issued by ICAI, SEBI has provided the illustrative formats to be used by listed entities (separate formats for banks have also been provided for) on a quarterly/yearly basis, as the case may be. This circular shall be applicable with respect to the financial results for the quarter ending September 30, 2019 and after.
2. Standardizing Reporting of violations related to Code of Conduct under SEBI (Prohibition of Insider Trading)Regulations, 2015 by Listed Entities’ with immediate effect:
Through this circular SEBI aims to standardize the process relating to the code of conduct violations by the listed companies, their intermediaries and fiduciaries by
a. Reporting of such violations by designated person and their immediate relatives in the format prescribed;
b. Maintaining a database of the violations of code of conduct by designated person and their immediate relatives that would help in initiating appropriate actions against them.