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<h1>SEBI's 2016 Omission: Streamlined Review Process for Form B and Audit Reports for Listed Entities; Enhanced Transparency Ensured</h1> The Securities and Exchange Board of India (SEBI) outlined a process for reviewing Form B and annual audit reports for listed entities, which was later omitted in 2016. The procedure involved preliminary scrutiny by stock exchanges, assessing the materiality of modified opinions, and consulting among exchanges for uniformity. Cases needing further examination were referred to SEBI. A Qualified Audit Report Review Committee, comprising various stakeholders, reviewed cases and made recommendations, potentially involving the Financial Reporting Review Board. The process included timelines for filing reports, scrutiny, and submission of revised financial results, ensuring transparency and accountability in financial disclosures.