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
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).
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:
Regulation and associated filing
Relaxation w.r.t. the quarter / financial year ending March 31, 2020
Period ofrelaxati on
Regulation 7(3) relating to compliance certificate on share transfer facility
One month of the end of each half of thefinancial year
Regulation 13(3) relating to Statement of Investor complaints
21 daysfrom theend of each quarter
Regulation 24A read with circular No CIR/CFD/CMD1/27/2019 dated February 8, 2019 relating toSecretarial Compliance report
60 daysfrom the end of the financial year
Regulation 27(2) relating to Corporate Governance report
15 daysfrom the end of thequarter
Regulation 31 relating to Shareholding Pattern
21 daysfrom the end of the quarter
Regulation 33 relating to Financial Results
45 daysfrom the end of the quarter for quarterly results
60 daysfrom theend of Financial Year for AnnualFinancial Results
B. Relaxation of time gap between two board / Audit Committee meetings:
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
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.
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
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
The entire contents of this article are solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation by the Author. Compliance Calendar LLP and the Author of this Article do not constitute any sort of professional advice or a formal recommendation. The author has undertaken utmost care to disseminate the true and correct view and doesn’t accept liability for any errors or omissions. You are kindly requested to verify and confirm the updates from the genuine sources before acting on any of the information’s provided hereinabove. Compliance Calendar LLP shall not be responsible for any loss or damage in any circumstances whatsoever.