Write short notes on the following: Book Closure and Record Date

Book closure is the periodic closer of the Register of Members and Transfer Books of the company, to take a record of the shareholders to determine their entitlement to dividend or to bonus or right shares or any other rights pertaining to shares. Record date is the date on which the records of a company are closed for the purpose of determining the stockholders to whom dividends, proxies rights etc. are to be sent. In accordance with Section 91 of the Companies Act, 2013 a company may close the register of members for a maximum of 45 days in a year and for not more than 30 days at any one time. Book closure/record date is necessary for the purpose of paying dividend, rights issue, bonus issue, etc. For the companies whose securities are listed on the Stock Exchange are required to comply with the SEBI Listing Regulations, 2015. As per the SEBI Listing Regulations, 2015, the companies are required to give 7 working days advance notice of book closure or record date to stock exchange where the securities of the companies are listed.