Today, the monitoring agency reports to the issuer, the Audit Committee reviews it, and the company files it with the exchanges. SEBI's consultation paper of October 13, 2026 proposes to take the issuer out of that chain. 𝗧𝗵𝗲 𝗕𝗮𝗰𝗸𝗴𝗿𝗼𝘂𝗻𝗱: The LODR Working Group (chaired by Shri V S Sundaresan) found that some listed entities withheld or delayed information to monitoring agencies or delayed filing their reports. Investors were left without an answer to one basic qu