SEBI- Lost in a maze

http://in.reuters.com/article/businessNews/idINIndia-47455220100405

SEBI has changed the time period for listed companies to file quarterly and annual results, in order to streamline the disclosure of financial results.
Listed companies will now have to submit audited quarterly results within 45 days from the end of the relevant quarter, the Securities and Exchange Board of India (SEBI) said in a statement.

Currently, listed Indian companies submit unaudited results within 30 days from the quarter-end.

However, SEBI has reduced the period to submit audited annual financial results within 60 days from the end of the financial year, in place of 90 days currently.

The changes would encourage companies to submit audited results faster, a SEBI official, who declined to be named, said.

The regulator also said companies would have to report their asset-liability position along with their half-year results. Currently, companies disclose their balance sheet position only at the time of annual results.

The revised rules will be applicable with immediate effect.

This is certainly a good move, though one would have wanted the quarterly to go and the half yearly interval being enough for any investor. Unfortunately, the regulators have fallen prey to the broker demand, who need to create buzz as often as possible, to create trades where none are necessary.
My bigger concern is that now the auditors will have to compulsorily throw their hands up in despair. How many companies can an auditor handle? And how competent is he to do anything at all? Managements should rejoice, because more means less here.
Imagine an auditor certifying the quarterly results of a company like Reliance or a SBI. There is absolutely no way he would have a clue about anything.
The other interesting fall out is that the 45 day window between closure and declaration of results, gives a lovely window for the promoter to rig his shares. He has more time to plan and execute the play.
SEBI is now like a Bull in China shop. Killing the mutual fund industry, losing its grip and issuing a show cause to the insurance industry, missing the IPO grey market, and playing in to the hands of brokers and merchant bankers. Ignorance is bliss.