The Securities and Exchange Board of India (Sebi) had formed the 'Committee on Disclosures and Accounting Standards' in 2006 under the chairmanship of noted chartered accountant Y H Malegam.
The expert committee was mandated to suggest ways to Sebi for improving disclosure framework for listed companies and accounting practices of various market entities.
The 17-member panel is presently chaired by Tata Sons' Director-Finance Ishaat Hussain, while other members include NSE Managing Director & CEO Chitra Ramkrishna, HDFC AMC Managing Director Milind Barve, The Bombay Shareholders' Association's A K Bakliwal and IT firm Wipro's CFO and Executive Director Suresh Senapaty.
Moreover, the expert panel includes representatives from Sebi and the finance and corporate affairs ministries.
Other members are senior executives of Kotak Mahindra Capital Company, SBI Capital Markets, Jubilant Life Sciences, Mahindra & Mahindra and Deloitte Haskins and Sells, according to a Sebi notification.
Besides, International Management Institute Director Asish K Bhattacharyya, ICAI Council Member C A Pankaj Jain and K P Saidharan from the Comptroller & Auditor General of India are also part of the committee.
One of the major terms of reference of this committee is to advise Sebi on issues related to disclosure requirements in the offer documents, application forms, advertisements and other mode of mass communication by the issuers.
Besides, it also advises Sebi on issues related to the continuous disclosure requirements pertaining to listing of equity or debt of an issuer and on matters related to disclosure requirements of various market intermediaries.
The panel also has to advise Sebi on issues for addressing the operational and systemic risks, if any, in primary market.
The committee is further mandated to suggest ways that would ensure "smooth implementation of accounting standards, statements, guidance notes and studies evolved by the Institute of Chartered Accountants of India (ICAI) to the extent that it pertains to disclosures in the capital market documents and for disclosures related to intermediaries," among others.


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