"If going public is a complex process, being public is all the more complex as it assumes tremendous responsibilities on the managements and promoters of the company once listed" Comment on the statement and the responsi

The statement is accurate. If going public is a complex process, being public is all the more complex as it assumes tremendous responsibilities on the managements and promoters of the Company once listed. The reason being, that the new set of shareholders would have acquired the ownership in the Company and the management has more responsibility towards outside shareholders as well as Regulators. Further, being publicly listed ownership of shareholding can change any time without the knowledge of the promoters & Company. In fact once the Companies are listed, responsibility of the management towards the shareholders enhance manifold and managements shall continue to strive for maintaining good governance standards, implementing ethical business practices and continue to comply with applicable Regulations in a sustained manner. Some of the important functions in the organization after listing can be enumerated as follows: Board Procedure: On listing, Companies will have additional responsibility of complying with various disclosure and other requirements as specified by SEBI (Listing Obligations and Disclosure Requirements), 2015 besides those required under Companies Act, 2013. The stock exchanges will have a standard list of compliances to be followed by listed Companies at predetermined schedules. Notice of every proposed Board meeting which is likely to consider any decision which is considered as "price sensitive", must be given in advance as prescribed. The outcome of the Board Meeting must be intimated to the stock exchanges within 30 minutes of conclusion of the Board Meeting. Every listed Company must have a qualified Company Secretary holding a certificate from ICSI who besides being Key Managerial Personnel as defined under Companies Act is also a designated 'Compliance Officer'. The Board process should be such streamlined that the calendar of proposed dates of Board Meeting in the financial year is required to be prepared in advance and intimated. Provisions related to Corporate Governance becomes applicable to the listed company which includes the requirement of having independent directors and women directors. The exchanges have developed robust disclosure systems wherein even the time of dissemination of information is mentioned on the stock exchanges. Compliance Requirements: The listed Companies are required to comply with continuous listing norms and have to adhere to periodic disclosures to the stock exchanges. The listed Companies basically will have to comply (besides provisions of Companies Act 2013) with applicable requirements of: SEBI (Listing Obligation & Disclosure Requirements) Regulations 2015 (Listing Regulations) SEBI (SAST) Regulations 2011 (Takeover Regulations) SEBI (Prohibition of Insider Trading) Regulations 2015 (Insider Trading Regulations) The stock exchanges have standard 'Compliance Calendar' to be followed by the Company Secretaries/ Management of the listed Companies.