Discussion Paper on “Revision of Clause 41 of Equity Listing Agreement”
Background:
1. Clause-41 of Equity Listing Agreement provides the framework for preparation, authentication and submission of Financial Results by listed companies.
2. Though sub-clauses of Clause-41 have been regularly updated as and when the need arose, revision of entire Clause-41 is proposed to be
undertaken due to the following:
a) As the focus of the present Clause-41 is on manufacturing companies, the non-manufacturing companies are required to make disclosures in line with that of manufacturing companies which may not be appropriate.
b) Piece-meal updation of sub-clauses within the Clause-41 has led to inconsistencies and ambiguities in interpretation of the policy intent.
c) Receipt of various representations requesting for modifications.
d) Recent adoption of Revised Schedule-VI of Companies Act, 1956, revision in Accounting/ Auditing Standards, etc
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