: Sebi relaxes compliance requirements for companies amid coronavirus outbreak #FinanceIndia #StockMarketNEWS #Business New Delhi: Easing compliance requirements amid coronavirus outbreak, regulator

@StockMarketNEWS Sat 21 Mar, 2020

Posted in: #Business #FinanceIndia #StockMarketNEWS

Sebi relaxes compliance requirements for companies amid coronavirus outbreak #FinanceIndia #StockMarketNEWS #Business
New Delhi: Easing compliance requirements amid coronavirus outbreak, regulator Sebi on Thursday gave a 45-day relaxation for companies to file their fourth quarter results as well as an additional one-month time to submit their annual results.

Besides, the market watchdog has relaxed the time-gap
required between two board meetings of a company.

Companies have
also been provided one-month relaxation till May 15 for filing their quarterly
governance reports.

â€œDevelopment
arising due to the spread of the virus warrant the need for temporary
relaxation in compliance requirement of listed entities,â€? Sebi said in a
circular.

With respect to quarterly
financial results, companies have been given 45 days till June 30, 2020 to file
their March quarter results.

Under the rules,
firms are required to file their financial results within 45 days from the end
of a quarter. As per that time frame, the deadline is May 15.

In the case of
submitting results for the year ending March 31, the watchdog has extended the
time till June 30. Normally, listed companies are required to file their annual
results within 60 days from the end of a financial year.

â€œThe board of
directors and the audit committee of the listed entity are exempted from
observing the stipulated time gap between two meetings for the meeting held or
proposed to be held between the period December 1, 2019 and June 30, 2020,â€?
Sebi said.

However, the board
of directors and audit committees would have to ensure that they meet at least
four times a year as stipulated under listing regulations.

As per the norms,
board of directors or audit committee need to meet at least four times a year,
with a maximum gap of 128 days between any two meetings.

Among others, the
deadline has been extended by three weeks till May 15 for submission of
quarterly shareholding pattern and statement of investor complaint report.

In addition, a
relaxation of one month has been given with regard to filing of half-yearly
compliance certificate on share transfer facility and yearly secretarial
compliance report.

Companies can file
compliance certificate on share transfer facility till May 31 and secretarial
compliance report by June 30.

These decisions
have been taken in the wake of coronavirus pandemic, which has also resulted in
imposition of certain restrictions, including those related to

travel.

The circular would
be in force with immediate effect.
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