On account of the COVID19 pandemic SEBI in its earlier circular dated 24th June, 2020, extended the timelines for submission of financial results for the quarter/half-year/annual financial year for the period ending 31st March, 2020 till 31st July, 2020.
In addition to this, SEBI has now vide its circular dated 15th July, 2020, decided to permit listed Issuers who have issued NCDs/NCRPS/CPs, on or after 1st July, 2020 and intend/propose to list such issued NCDs/NCRPS/CPs, on or before 31st July, 2020, to use available financials as on 31st December, 2019.
Pertinently, SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (ILDS Regulation), SEBI (Non- Convertible Redeemable Preference Shares) Regulations, 2013 (NCRPS Regulation), and Circulars related to Listing of Commercial Papers (CPs) required an Issuer to inter-alia submit its latest audited financials not being older than six months.
Compliant listed entities were permitted to use unaudited financials with limited review in lieu of the audited financials for the stub period, subject to these unaudited financials not being older than six months.
Thus the relaxation of these compliances will aid entities in listing their Non- Convertible Debentures (NCDs) / Non-Convertible Redeemable Preference Shares (NCRPS)/ Commercial Paper(s) (CPs), pending finalization of their annual accounts for the financial year which ended on 31st March 2020.
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