SEBI Issues Format For Disclosing Voting Results Under New Listing Norms

Pursuant to the issue of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the SEBI issued the prescribed format for submitting the details of voting results, by a listed entity, to the relevant stock exchange, within 48 (forty-eight) hours of the conclusion of a General Meeting. The circular issued on November 4, 2015 by SEBI will come into effect along with the Listing Regulations from December 1, 2015. The distinguishing factor in the reporting is that it will be mandatory to inform the relevant stock exchanges whether the promoter or the promoter group is interested in the agenda/resolution that is put to vote.

This is a step towards greater transparency and protecting investor's rights in listed entities by requiring full disclosure on items that are put to vote.