TMI BlogAmendments to Equity Listing AgreementX X X X Extracts X X X X X X X X Extracts X X X X ..... ing: 2.0 Monitoring of utilisation of Issue Proceeds: 2.1 As per SEBI (Disclosure and Investor Protector) (DIP) Guidelines, 2000, every issuer company making a public or rights issue of more than ₹ 500 crores is required to appoint an agency to monitor the utilisation of issue proceeds. SEBI has, vide circular dated November 29, 2007 amending the SEBI (DIP) Guidelines, mandated that a monitoring agency shall henceforth be required to file its report with the issuer company instead of with SEBI. 2.2 Presently, clause 49 of Equity Listing Agreement requires the Audit Committee of an issuer company to monitor the utilisation of issue proceeds and to make appropriate recommendations to the Board of the issuer company. It is the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d also a common place for investors to view information related to listed companies. 3.2 Accordingly, it has been decided to introduce a new clause viz., Clause 52 in Equity Listing Agreement, requiring listed companies to file information with the stock exchange only through CFDS. Over period, other modes of sending public information to stock Exchanges for compliance with clauses of Equity Listing Agreement shall be dispensed with. The companies, which are mandated to file information through CFDS or have been registered on CFDS on their own volition though not so mandated, need not file information through the EDIFAR system. The companies which have commenced filing through CFDS shall continue to do so through CFDS only. 3.3 BSE an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Participating Stock Exchanges, shall make all their submissions through CFDS from the period starting from January 1, 2008. Initially, these companies shall be required to make their submissions to the respective stock exchanges through CFDS, in addition to the modes provided in Equity Listing Agreement, i.e., through fax/courier, etc. 6.2 Users are requested to give their feedback on the CFDS at cfdsfeedback@nse.co.in and corp.relations@bseindia.com so as to improve the efficiency and effectiveness of the portal. 6.3 All other amendments to Equity Listing Agreement shall come into force with effect from the date of amendment. 7.0 This circular is issued in exercise of powers conferred by sub-section (1) of Section 11, read w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the Audit Committee in terms of clause 49. (4) The information mentioned in sub-clause (2) shall, after review by the Audit Committee, be furnished to the stock exchange as and when received and shall simultaneously be published in the newspapers. 2. In clause 49 (a) in sub-clause (II)(D), after item (5), the following new item shall be inserted, namely:- 5A. Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such information is in conformity with the applicable laws and the listing agreement. (c) to ensure that the electronic filing of information through CFDS, pursuant to compliance with any clause of the listing agreement, shall be done within the time limit specified in the respective clause of the listing agreement. (d) to put in place such infrastructure as may be required to comply with the clause. Explanation: For the purposes of this clause (i) The term Corporate Filing and Dissemination System (CFDS) shall mean the portal at the URL www.corpfiling.co.in or such other website as may be specified by the participating stock exchanges from time to time to take care of exigencies, if any. (ii) The term Participating St ..... X X X X Extracts X X X X X X X X Extracts X X X X
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