SEBI compliances Relaxation w.r.t. the quarter / financial year ending March 31, 2020 due to the CoVID -19 virus pandemic


CIRCULAR
 
SEBI/HO/CFD/CMD1/CIR/P/2020/38                                                                                                                             March 19, 2020
 
To,
 
All listed entities that have listed their specified securities All Recognized Stock Exchanges
All Depositories
 
Madam / Sir,
 
Sub: Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the CoVID -19 virus pandemic
  1. The CoVID 19 virus has hit populations around the world and has resulted in many restrictions, including free movement of people, thereby hampering businesses and day to day functioning of companies. It has been declared a ‘pandemic’ by the World Health Organization (WHO).
  1. Developments arising due to the spread of the virus warrant the need for temporary relaxations in compliance requirements for listed entities. Accordingly, SEBI has decided to grant the following relaxations from compliance stipulations specified under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’) to listed entities.
A.     Extension of the timeline for filings:
 
The timelines for certain filings as required under the provisions of the LODR are extended, as follows:
 
Sl no. Regulation                                and associated filing Filing Relaxation w.r.t. the quarter / financial year ending March 31, 2020
Frequency Due within Due Date Extended date Period ofrelaxati on
1. Regulation 7(3) relating to                 compliance certificate on share transfer facility Half yearly One month of the end of each half of        thefinancial year April 30,2020 May      31,2020 1 month
2. Regulation             13(3) relating to Statement of Investor complaints Quarterly 21     daysfrom    theend       of each quarter April 21,2020 May      15,2020 3weeks (appx.)
3. Regulation 24A read with circular No CIR/CFD/CMD1/27/2019 dated February 8, 2019        relating                toSecretarial Compliance report Yearly 60     daysfrom    the end of the financial year May 30,2020 June     30,2020 1 month
 
4. Regulation                      27(2) relating to Corporate Governance report Quarterly 15     daysfrom    the end of thequarter April 15,2020 May 2020 15, 1 month
5. Regulation 31 relating to Shareholding Pattern Quarterly 21 daysfrom the end of the quarter April 21,2020 May 2020 15, 3weeks (appx.)
6. Regulation 33 relating to Financial Results Quarterly Annual / 45     daysfrom    the end of the quarter for quarterly results May 15,2020 June 2020 30, 45 days
        60     daysfrom    theend       of Financial Year    for AnnualFinancial Results May 30,2020 June 2020 30, 1 month
 
B.     Relaxation of time gap between two board / Audit Committee meetings:
 
Regulatory provision Relaxation
Regulation 17(2): The board of directors shall meet at least four times a year, with a maximum time gap of one hundred and twenty days between any two meetings. The board of directors and Audit Committee of the listed entity are exempted from observing the maximum stipulated time gap between two meetings for the meetings held or proposed to be held between the period December 1, 2019 and June 30, 2020. However the board of directors / Audit Committee shall ensure that they meet atleast four times a year, as stipulated underregulations 17(2) and 18(2)(a) of the LODR
Regulation 18(2)(a): The audit committee shall meet at least four times in a year and not more than one hundred and twenty days shall elapse between two meetings
 
  1. This Circular shall come into force with immediate The Stock Exchanges are advised to bring the provisions of this circular to the notice of all listed entities that have issued specified securities and their material subsidiaries and also disseminate on their websites.
  1. The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with regulations 101 and 102 of the LODR and the relaxations contained herein are subject to the provisions of the Companies Act, 2013 and rules made
  1. The circular is available on SEBI website at w
Circulars'.
ww.sebi.gov.in under the category -
'Legal -

 
Pradeep Ramakrishnan General Manager
Compliance and Monitoring Division-1 Corporation Finance Department
+91-22-26449246

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