Listed firms asked to report defaults beyond 30 days

Mumbai, Nov 20 (IANS) Listed companies will have to disclose loan defaults beyond 30 days to the stock exchanges, Securities and Exchange Board of India Chairman Ajay Tyagi said after the SEBI board meeting, here on Wednesday.

According to new provisions, in case of a default in repayment of "principal or interest on loans" from banks or other financial institutions beyond 30 days, it will have to be disclosed within 24 hours.

The SEBI also reduced timeline for "rights issue" to existing shareholders of listed companies.