Well Done SEBI !
I have been advocating this for years !…that Annual Reports of Listed Companies had to be filed with the Exchange where listed as per the Listing Agreement….What prevents the Exchange from making these available on their website!?…I had asked an ex CEO of BSE this at one of our annual faculty meets…he had kept quiet,mumbling that the matter is being looked into !
In the meantime you had business spring up that sold you these Annual Reports in soft copy or allowed you access to them online for a High Fee….Serious Advisors,Investors,Brokers,Institutions,FIIs….had little option but to subscribe to such services
Thankfully this should now stop with SEBI’s latest Directive of May 7,2010 to all Stock Exchanges to make available the Annual Reports on their websites as the EDIFAR system is being discontinued….At Long Last Now this Long Overdue Directive from SEBI….Very Welcome Step for Promoting Investor Awareness,Education and Protection
Why Pay Now for Something that would Now be Available Free !?
Having procalimed this,I will yet pay Rs 2 to Individuals for an Original Print Copy of the latest Annual Report,that I don’t already have…in fact my best source is the local ‘pastiwala’…this is a cheaper source….most shareholders simply bundle the Annual Reports with their magazines for selling them by weight to the ‘pastiwala’…I pick up hundreds of Annual Reports from such ‘pastiwalas’…buying wholesale by weight it cost be less than a Rupee for each Annual Report !
I shall yet continue doing so,as I have a habit of sleeping and reading late after midnight and marking and scribbling comments on such Annual Reports for further diligence…A Print Copy is easier to read while I twist and turn in bed !…it’s also more personal !…reading from the computer is tres impersonal !