SEBI Relaxations w.r.t. SEBI (SAST) Regulations, 2011 due to COVID19 By CS Lalit Rajput


Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic. ".

Applicability : with immediate effect.

Relaxations:

  1. The disclosure filings under Regulations 30(1), 30(2) and 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations), require the shareholders to compile, collate, and disseminate information of their consolidated shareholding as on March 31, 2020, to the company and the stock exchanges within seven working days from the end of the financial year. These report as per the 2020 calendar are required to be filed by April 15, 2020.
  2. Temporary relaxations in compliance with certain deadlines in SAST Regulations is warranted due to the prevailing travel restrictions and various other logistical challenges.
  3. It has been decided to extend the due date of filing disclosures, in terms of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for the financial year ending March 31, 2020 to June 01, 2020.
Detailed Press Release is available at: 

https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-from-compliance-with-certain-provisions-of-the-sast-regulations-2011-due-to-the-covid-19-pandemic_46442.html

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