Relaxations Provided By SEBI In View of COVID-19 Pandemic SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 Vide Its Circular Dated May 12, 2020
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Relaxations necessitating out of MCA circulars |
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| Regulation No. | Requirement as per the LODR | Relaxation in view of COVID-19 Pandemic | ||
| Regulation 36 (1)(b) and (c) – Documents & Information to shareholders | To send hard copy of the statement containing salient features of all the documents, as prescribed in Section 136 of the Companies Act, 2013 (Right of Member to Copies of Audited Financial Statement) 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, respectively.
Similar requirements are applicable to entities which have listed their NCDs and NCRPS’ |
Requirement is
dispensed with for listed entities who conduct their AGMs during the calendar year 2020 (i.e. till December 31, 2020).
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| Regulation 58 (1)(b) &(c)
Documents and information to holders of non – convertible debt securities and non-convertible preference shares |
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| Regulation 44(4)- Meetings of shareholders and voting | listed entities are required to send proxy forms to holders of securities in all cases mentioning that a holder may vote either for or against a resolution. | The requirement to send proxy forms is dispensed with temporarily, in case of meetings held through electronic mode only for listed entities who conduct their AGMs during the calendar year 2020 (i.e. till December 31, 2020). | ||
| Regulation12- Payment of dividend or interest or redemption or repayment | The listed entity shall use any of the electronic mode of payment facility approved by the Reserve Bank of India, in the manner specified in Schedule I, for the payment of the following:
(a) dividends; (b) interest; (c) redemption or repayment amounts: Provided that where it is not possible to use electronic mode of payment, ‘payable-at-par’ warrants or cheques may be issued: Provided further that where the amount payable as dividend exceeds one thousand and five hundred rupees, the ‘payable-at-par’ warrants or cheques shall be sent by speed post. |
The requirements of this regulation will apply upon normalization of postal services. However, in cases where email addresses of shareholders are available, listed entities shall endeavour to obtain their bank account details and use the electronic modes of payment specified in Schedule I of the LODR. | ||
| Relaxation from publication of advertisements in the newspapers | ||||
| Regulation 47 (Advertisements in Newspapers) and 52(8)
Regulation 52- Financial Results |
publication of advertisements in newspapers for all events pursuant to regulation 47 and 52(8) was exempted till May 15, 2020 vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/63 dated April 17, 2020 | Exemption extended till June 30, 2020 | ||
| Publishing quarterly consolidated financial results under regulation 33(3)(b) of the LODR for certain categories of listed entities | ||||
| 33(3)(b)
Regulation 33-Financial Results |
As per regulation 33(3)(b) of the LODR, in case a listed entity has subsidiaries, the listed entity shall submit quarterly/year-to-date consolidated financial results. | a) 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.
b) If such listed entities choose to publish only standalone financial results and not consolidated financial results, they shall give reasons for the same. |
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Reference:
SEBI circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020.
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| Ms. Jaya Yadav | Ms. Trishna Choudhary |
| Jayayadav @ whitespan.in | Trishna @ whitespan.in |
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