Appointment of Compliance Officer Under Listing Agreement


 Appointment of Compliance Officer Under Listing Agreement

Under clause 47(a) of the equity listing agreement, a listed company has to appoint the Company Secretary to act as a Compliance Officer who will be responsible for monitoring the share transfer process and reporting to the company’s Board in its every meeting. The compliance officer will directly liaise with the authorities such as SEBI, Stock Exchanges, Registrar of Companies etc. and investors with respect to the implementation of various clauses, rules, regulations and other directives of such authorities and investor service and complaints of related matters.

Under clause 47(f) of the equity listing agreement, the company has to designate an e-mail ID of the grievance redressal division/compliance officer exclusively for the purpose of registering complaints by investors. The company shall display the e-mail ID and other relevant details prominently on their websites and in the various materials/pamphlets/ advertisement campaigns initiated by them for creating investor awareness.

Further under clause 49 (X) (B) of equity listing agreement relating to Corporate Governance, the companies shall have to submit a quarterly compliance report to the stock exchanges within 15 days from the close of quarter as per the format given in Annexure -XI of the listing agreement. The report shall be signed either by the Compliance Officer or the Chief Executive Officer of the company.

The appointment of a compliance officer is to be made by the Board and the same is to be intimated to the stock exchanges where the securities are listed, together with certified copy of the Board resolution, telephone number, E-mail address etc. of the compliance officer.

(i)    Under clause 23(a) of the Model Listing Agreement for Indian Depository Receipts and clause 26 (a) of the Listing agreement for Indian Depository Receipts who are signatories to IOSCO MOU, Company Secretary is authorized to act as Compliance Officer.
(ii)   Under clause 50 (a) of SME listing agreement, the company is required to appoint a company secretary as Compliance officer and the responsibilities of a compliance officer is defined under clause 54 (ii) of the SME listing agreement.
(iii) Clause 22 of the Debt listing agreement provides that the Issuer agrees and undertakes to designate the Company Secretary or any other person as Compliance Officer of the company.

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