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Freeze demat accounts of MDs and CEOs for non-compliance, says Sebi

Regulator proposes to beef up listing obligations and disclosure norms

Khushboo Tiwari Mumbai

Premium

Illustration: Binay Sinha

3 min read Last Updated : Feb 21 2023 | 10:28 PM IST

The Securities and Exchange Board of India (Sebi) has proposed beefing up listing obligations and disclosure norms in areas such as result-filing by newly-listed companies, expediting appointments of key managerial positions (KMPs) and action on key people in case of non-compliance.

In a consultation paper, the market regulator proposed that the demat accounts of the whole-time directors, including the managing directors and chief executive officers (MD & CEOs) should be frozen, in addition to the demat accounts of the promoters, for continued non-compliance.

At present, regulations require freezing of demat accounts only of the promoters in case of non-compliance or non-payment of fines. The proposed rule change will address cases where listed companies are professionally-managed and do not have an identifiable promoter.