SEBI has, through circular dated July 19, 2019, prescribed a standardized format for reporting violations of codes of conduct under the PIT Regulations. Under this format, SEBI requires reporting of details such as (i) the designation and functional role of the designated person involved; (ii) whether the designated person is a part of the promoter / promoter group; (iii) details of the violation and action taken (including reasons for such action); (iv) details of previous violations since the last financial year. SEBI has further directed all listed companies, fiduciaries and intermediaries to maintain a database of violations of the code of conduct and reiterated that the relevant organizations are empowered to, and must, take appropriate action in respect of such violations.
Originally published September 30, 2019.
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