1. Regulatory Framework under SEBI (LODR) Regulations, 2015

• Public Limited Companies listed on recognized stock exchanges in India must comply with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  
• These regulations govern the continuous disclosure, governance practices, and investor protection standards.
  
• Companies must comply with both general obligations (like timely filings) and event-based obligations (like board changes or material events).
  
• Failure to comply can result in penalties, trading suspension, or delisting.
  
• The aim is to promote transparency, accountability, and investor confidence.
  

2. Corporate Governance Requirements

• Listed Public Limited Companies must maintain a balanced board, including independent directors (minimum 1/3 or 50%, depending on chairperson’s nature).
  
• They must constitute key committees:
  
  • Audit Committee
    
  • Nomination and Remuneration Committee (NRC)
    
  • Stakeholders Relationship Committee
    
  • Risk Management Committee (for top 1000 listed entities by market cap)
    
• Companies must conduct board evaluations, maintain a code of conduct, and comply with insider trading norms.
  
• Policies such as the whistleblower policy and the related party transactions framework are also mandatory.
  

3. Disclosure and Reporting Obligations

• Periodic disclosures include:
  
  • Quarterly and annual financial results
    
  • Shareholding patterns
    
  • Corporate governance reports
    
  • Statement of investor complaints
    
• Event-based disclosures include:
  
  • Board meetings and resolutions
    
  • Change in directors, auditors, or key managerial personnel (KMP)
    
  • Mergers, acquisitions, or corporate actions
    
• All disclosures must be made to the stock exchanges and published on the company’s website.
  

4. Financial Results and Auditor Reporting

• Listed companies must file quarterly financial results within 45 days of the end of the quarter and annual results within 60 days.
  
• The financial statements must be audited or reviewed by statutory auditors.
  
• Results must be accompanied by the limited review report or the auditor’s opinion.
  
• The Board and Audit Committee must approve results before disclosure.
  
• Any qualifications or adverse remarks in the audit must be explained.
  

5. Other Key Listing Obligations

• Prompt redressal of investor grievances and disclosure of pending complaints.
  
• Maintenance of a functional website with updated company policies, announcements, and compliance information.
  
• Intimation of record dates, book closure, dividend declarations, and bonus issues.
  
• Preservation of sensitive information and compliance with insider trading norms under SEBI PIT Regulations.
  
• Companies must certify compliance through filings like the Annual Secretarial Compliance Report and the Compliance Certificate from the CEO/CFO.