The Securities Exchange Board of India vide Circular dated 12.05.2020 has provided Additional relaxations in relation to compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 to reduce the burden of Covid-19 pandemic and subsequent lockdown. The following are the major relaxations:
- Relaxation of requirement to send proxy forms to holders of securities, to issue ‘payable at par’ warrants or cheques in case it is not possible to use electronic modes of payment, to send a hard copy of the statement containing salient features of all the documents, as prescribed in Section 136 of the Companies Act, 2013 to the shareholders who have not registered their email addresses and hard copies of full annual reports to those shareholders, who request for the same for listed entities who conduct their AGMs during the calendar year 2020(i.e. till December 31, 2020)
- Relaxation of requirement to publication of advertisements in newspapers, as required under regulation 47, for all events scheduled till May 15, 2020.
- Listed entities which are banking and / or insurance companies or having subsidiaries which are banking and / or insurance companies may submit consolidated financial results under regulation 33(3)(b) for the quarter ending June 30, 2020 on a voluntary basis. However, they shall continue to submit the standalone financial results as required under regulation 33(3)(a) of the LODR. If such listed entities choose to publish only standalone financial results and not consolidated financial results, they shall give reasons for the same.
Click here to read the Circular.
