In this session of the Voices on Reporting webinar, some of the key updates that were discussed are as follows:

  • Recent SEBI changes relating to Related Party Transactions (RPTs): On 28 September 2021, the Securities and Exchange Board of India (SEBI) had approved certain amendments to the Listing Regulations on provisions relating to RPTs.  Recently, on 9 November 2021 the SEBI notified these amendments through Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2021. The amendments mainly pertain to the following areas:
    • ­ Revised definitions of related parties and RPTs
    • ­ Changes to the audit committees approval
    • ­ Revised materiality threshold and shareholders' approvals for RPTs
    • Enhanced disclosure requirements for companies
  • Quarter and year-end reminders: During the year, there have been important updates in the areas of financial reporting and regulatory space from the Ministry of Corporate Affairs, SEBI, the Reserve Bank of India and the Institute of Chartered Accountants of India. We discussed some key changes applicable for the quarter ended 31 December 2021 and financial year ended 31 March 2022 as year-end reminders.