Additional relaxation in compliance with SEBI LODR Regulations, 2015

Additional Relaxations/Clarifications in Relation to Compliance With Certain Provisions of The SEBI LODR Regulations, 2015 Due to The COVID –19 Pandemic:

SEBI vide its circular dated April 17, 2020, in continuation with its circular dated March 19, 2020 and March 26, 2020, has decided to grant the following further additional relaxations regarding provisions of the LODR due to further lockdown:

A. Prior intimation to stock exchanges about board meetings:

As per Regulation 29 (2) of LODR intimation about the Board Meeting shall be given

a) at least 5 days before the meeting if financial results are to be considered

b) at least 2 working days before the meeting in any other case

However now the above requirement of prior intimation of 5 days/2 working days shall be reduced to 2 days, for board meetings held till July 31, 2020.

B. Intimation to  Stock  Exchanges regarding  loss  of  share  certificates  and  issue  of  the duplicate certificates:

Regulation 39(3) of LODR requires listed entities to submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within 2 days of its getting information.

It has been decided that any delay beyond the stipulated time will not attract penal provisions laid down vide SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2018/77 dated May 3, 2018.

However the said relaxation is for intimations to be made between March 1, 2020 to May 31, 2020.

C. Clarification regarding the use of digital signatures:

It is hereby clarified that authentication/certification of any filing/submission made to stock exchanges under LODR may be done using digital signature certifications until  June 30, 2020.

D. Relaxation for NCDs and NCRPS listed entities relating to publication of advertisements in newspapers:

SEBI, vide circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/48 dated March 26, 2020 had relaxed the requirements relating to publication of advertisements in newspapers as required under Regulation 47 of LODR Regulations till May 15, 2020.

A similar requirement that exists in regulation 52(8) and applies to entities which have listed their NCDs and NCRPS’ is also exempt till May 15, 2020.

The link for the said circular is as under:

https://taxguru.in/sebi/sebi-lodr-relaxations-due-lockdown-2-0.html