Reliance Industries on Tuesday became the first corporate to sign the revised listing agreement with the BSE as mandated under the newly introduced Listing Regulation notified by Securities and Exchange Board of India.
Earlier, the listing agreement was a bilateral one between the stock exchange and the company and Securities and Exchange Board of India didn't have rules on this.
Thus each company's agreement with stock exchange could be at variance and lacking the full force of SEBI's rigour.
Sebi last month came out with such regulations and a six-month deadline for all companies in which it prescribed the listing agreement.
With the signing of the agreement with BSE, RIL is the first listed company to conform to Sebi norms, a statement said.
Sebi had notified the new Listing Regulations from September 2, 2015, and the same are effective from December 1, 2015.
As part of the Listing Regulations, Sebi has mandated all existing listed entities to execute a fresh and simplified Listing Agreement with the stock exchange where they are listed, within six months of the notification date of September 2.
Bombay Stock Exchange expects that all listed companies will to sign the new Listing Agreement well within the timelines specified by Sebi, the statement added.
