In an action-packed board meeting, market regulator Securities and Exchange Board of India (SEBI) on Thursday approved several amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Requirement for formulation of dividend distribution policy by the existing, top-500, listed companies has been extended to the top-1,000, listed companies on the basis of market capitalisation.

In case of board meetings held for more than one day, the financial results must be disclosed by the listed entities within 30 minutes of end of the board meeting for the day on which the financial results are considered. The market regulator has also made it mandatory for companies to release audio recording of all analysts’ meetings in 24 hours. The timelines for submission of periodic corporate reports have been harmonised to 21 days from the end of each quarter.

The SEBI board has also approved amendments to delisting regulations with an objective to make the delisting process more transparent and efficient. Under the new regulations, promoters or acquirers will be required to disclose their intention to delist the company by making an initial public announcement. The committee of independent directors will be required to provide their reasoned recommendations on the proposal for delisting.

Further, timelines for completion of various activities forming a part of delisting process have been introduced or revised to make the process more efficient. Promoters will be permitted to specify an indicative price for delisting which shall not be less than the floor price, and they will be bound to accept the price discovered through reverse book building if the same is equal to the floor price.