SEBI Relaxation in Compliance Norms w.r.t. SEBI (LODR) Regulations, 2015 due to COVID19 By CS Lalit Rajput


 Overview

Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/48 issued and publish dated 26th March 2020, has published Further relaxations from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and the SEBI circular dated January 22, 2020 relating to Standard Operating Procedure due to the CoVID -19 virus pandemic".

SEBI, vide circular no SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020 had provided relaxation from compliance with certain provisions of the LODR. It has been decided to grant the following further relaxations from the LODR:

  • SEBI Circular dated 19th March, 2020 and 23rd March, 2020 – Relaxation
https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-from-compliance-with-certain-provisions-of-the-sebi-listing-obligations-and-disclosure-requirements-regulations-2015-due-to-the-covid-19-virus-pandemic_46360.html

https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-from-compliance-with-certain-provisions-of-the-sebi-listing-obligations-and-disclosure-requirements-regulations-2015-and-certain-sebi-circulars-due-to-the-covid-19-virus-pandemic-cont-_46395.html

 Applicability:

They shall come into force on the date of their publication, i.e. 26th day of March, 2020.

Relaxation given under various Regulations:

  1. Filings

Sl No.

Compliance Particulars

Due Date

Extended  Due Date

 

1

Half Yearly :

Regulation  40  (9) relating to Certificate from Practicing Company Secretary on timely issue of share certificates

 

 

30.04.2020

 

 

31.05.2020

 

2

Annual:

 

Regulation 44(5) relating to

holding of AGM by top 100

listed entities by market

capitalization for FY 19-20

 

 

31.08.2020

 

 

30.09.2020

  1. Conduct of Committee meetings

Nomination and Remuneration Committee, Stakeholders Relationship Committee and Risk Management Committee:

Yearly Compliance :

Sl. No.

Compliance Particulars

Due Date

Extended Date

1

Regulation 19(3A)

The nomination and remuneration

committee shall meet at least once in

a year

 

 

 

 

 

31.03.2020

 

 

 

 

 

30.06.2020

2

Regulation 20(3A)

 

The Stakeholders Relationship committee

shall meet at least once in a year.

 

3

Regulation 21(3A)

 

The Risk Management Committee shall

meet at least once in a year.

 

  1. Relaxation of the operation of the SEBI circular on Standard Operating Procedure dated January 22, 2020

SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 January 22, 2020 shall now come into force with effect from compliance periods ending on or after June 30, 2020. It may be noted that the SoP circular dated May 03, 2018 would be applicable till such date.

  1. Regulation 47: Publication of advertisements in the newspapers:

It has been decided to exempt publication of advertisements in newspapers as required under regulation 47 for all events scheduled till May 15, 2020

Source:

https://www.sebi.gov.in/legal/circulars/mar-2020/-further-relaxations-from-compliance-with-certain-provisions-of-the-sebi-listing-obligations-and-disclosure-requirements-regulations-2015-lodr-and-the-sebi-circular-dated-january-22-2020-relatin-_46436.html

 

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