MFS - Latest News Update, Information, Photos & Videos on MFS at Lokmat Times

The security market regulator at its board meeting took key decisions on the framework for issuance of differential voting rights (DVR) shares, the valuation of money market and debt securities by MFs, disclosure of encumbrances, among others.The board also decided that payments made to related parties towards "brand usage or royalty" might be considered material, if the transaction exceeded 5 per cent of the annual consolidated turnover of the listed entity during a financial year and "would require approval of shareholders, with no related party having a vote to approve such resolutions".In terms of increase in cases of promoters pledging shares to raise funds, which has recently caused wild movements in scrip of companies like Emami and Apollo Hospitals, the regulator said: "Promoters shall be required to disclose separately detailed reasons for encumbrance whenever the combined encumbrance by the promoters and persons acting in concert crosses 20 per cent of the total share capital in the company or 50 per cent of their shareholding in the company."Additionally, the regulator mandated stock exchanges to maintain details of such encumbrance along with purpose of encumbrance, on their websites."The promoters shall be required to declare to the audit committee of the company and to the stock exchanges on a yearly basis, that they along with PACs, have not made any encumbrance directly or indirectly, other than already disclosed, during the financial year," SEBI said in a statement.( With inputs from IANS )

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