Tightening norms for changing of names by listed companies, the Securities and Exchange Board of India on Friday said corporates will be allowed to change their name only after a gap of one year from date of last name change.
At least 50 per cent of total revenues in the preceding year should come from the new activities suggested by new names, Sebi said in a communication to the stock exchanges.
The new name along with the old name should be disclosed through the Web sites of the respective stock exchanges where the company is listed for one year from the date of the last name change, it said.
These new norms were in addition to existing rules making its necessary to disclose the turnover and income from such new activities separately in the quarterly and annual results.
