Companies get 45 days to file results

To streamline the disclosure of financial results,the Securities and Exchange Board of India (SEBI) has changed the period for listed companies to file quarterly and annual results. Listed companies will now have to submit quarterly results — audited or unaudited with limited review — within 45 days from the end of the relevant quarter. Currently,listed Indian companies submit unaudited results within 30 days from the quarter-end.

However,SEBI has reduced the period to submit audited annual financial results within 60 days from the end of the financial year,in place of 90 days currently. The changes would encourage companies to submit audited results faster. The regulator also said companies would have to report their asset-liability position along with their half-year results. Currently,companies disclose their balance sheet position only at the time of annual results.

To ensure that the CFO has adequate accounting and financial expertise to review and certify the financial statements as required under Clause 49 of the Listing Agreement,the appointment of the CFO will be approved by the audit committee before finalisation of the same by the management.