New Delhi | Reliance Industries today became the first corporate to sign the revised listing agreement with the Bombay Stock Exchange (BSE) as mandated under the newly introduced Listing Regulation notified by Security Exchange Board of India (SEBI).
Earlier, the listing agreement was a bilateral agreement between the stock exchange and the company and market regulatory SEBI didn’t have regulations on this. Thus each company’s agreement with stock exchange could be at variance and lacking the full force of SEBI’s rigour.
SEBI last month came out with such regulations and a six-month deadline for all companies in which it prescribed the listing agreement.
With the signing of the agreement with BSE, RIL is the first listed company to conform to SEBI norms, a statement said. SEBI had notified the new Listing Regulations from September 2, 2015, and the same are effective from December 1, 2015.
As part of the Listing Regulations, SEBI has mandated all existing listed entities to execute a fresh and simplified Listing Agreement with the stock exchange where they are listed, within six months of the notification date of September 2.
BSE expects that all listed companies will to sign the new Listing Agreement well within the timelines specified by SEBI, the statement added.
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