LIST OF RELAXATIONS GIVEN BY THE SEBI TO LISTED COMPANIES AND OTHER ENTITIES:-


List Of Relaxations Given by the SEBI to Listed Companies and Other Entities:-
Relaxation 1: Vide Circular No:- SEBI/HO/CFD/CMD1/CIR/P/2020/38  dated March 19,2020

A. Extension of timeline for filings:

The timelines for certain filings as required under the provisions of the LODR are extended, as follows:
Sl. no
Regulation and Associated Filing
                   Filing
Relaxation w.r.t the quarter / financial year ending March 31,2020
Frequency
Due within
Due Date
Extended Period
Period of Relaxation
1.

Regulation 7(3) relating to compliance certificate on share transfer facility
Half Yearly
One month of the end of each half financial year
April 30, 2020
May 31, 2020
1 Month
2.

Regulation 13(3) relating to statement of investors complaints
Quarterly
21 days from the end of each Quarter
April 21, 2020
May 15, 2020
3 weeks (Approx)
3.

Regulation 24A read with circular no. CIR/CFD/CMD1/27/2019
Dated Feb 8, 2029 relating to Secretarial  Compliance Report
Yearly
60 Days from the end of the financial year
May 30, 2020
June 30, 2020
1  Month

4.

Regulation 27(2) related to Corporate Governance Report
Quarterly
15 days from the end of the Quarter
April 15, 2020
May 15, 2020
1 Month
5.

Regulation 31 relating to shareholder pattern
Quarterly
21 Days from the end of each quarter
April 21, 2020
May  15, 2020
3 Weeks (approx)
6.
Regulation 33 relating to Financial Results
Quarterly         







46 days from the end of each quarter for Quarterly Results
May 15, 2020





June 30, 2020






45 Days








Annually

60  Days from end of the financial  year for the  Annual Financial Results


May 30, 2020

June 30, 2020

1 Month

B. Relaxation of time gap between two board / Audit Committee meetings:


Regulatory Provisions
Relaxation
Regulation 17(2): The board of directors shall meet at least four times a year, with a maximum time gap of one hundred and twenty days between any two meetings.
The board of directors and Audit Committee of the listed entity are exempted from observing the maximum stipulated time gap between two meetings for the meetings held or proposed to be held between the period December 1, 2019 and June 30, 2020.

However the board of directors / Audit Committee shall ensure that they meet atleast four times a year, as stipulated under regulations 17(2) and 18(2)(a) of the LODR

Regulation 18(2)(a): The audit committee shall meet at least four times in a year and not more than one hundred and twenty days shall elapse between two meetings





Relaxation 2: Vide Circular No:- SEBI/HO/DDHS/ON/P/2020/41  dated March 23,2020

Extension of timeline for issuance and filings for issuers who have listed /propose to list their Non-Convertible Debentures (NCDs) / Non-Convertible Redeemable Preference Shares (NCRPS)/ Commercial Paper(s)
                                 Earlier
                                       Now
SEBI vide its circular no. CIR/IMD/DF/18/2013 dated October 29, 2013 provides that companies proposing to make public issue of debt securities are required to give the audited financials in the offer document, which are not older than 6 months from the date of prospectus
Listed entities are allowed to disclose unaudited financials with limited review report, instead of audited financials, for the stub period
Similarly, for issuers, which intend to list their CPs, SEBI has vide circular SEBI/HO/DDHS/CIR/P/2019/115 dated October 22, 2019 and SEBI/HO/DDHS/CIR/P/2019/167 dated December 24, 2019 provided that issuer has to submit its latest audited financials which should not be older than six month
Allowed to file unaudited financial with limited review for the stub period in the current financial year

A. In order to enable issuers who intend/propose to list their NCD/NCRPS/CPs, it has been decided to grant the following relaxations in timelines:
Particulars
Available Audited Financials
Date for Issuance
Extended date for issuance
Period of Relaxation
Cutoff date for issuance of NCDs/NCRPS/CPs
As on  September 30,  2019
On or before March 31, 2020
On or before May 31, 2020
60 Days


B. Extension of timeline for filings under SEBI (LODR) Regulation 2015
Sl. no
Regulation and Associated Filing
                   Filing
Relaxation w.r.t the quarter / financial year ending March 31,2020
Frequency
Due within
Due Date
Extended Period
Period of Relaxation
1.

Large Corporate Initial Disclosure and Annual Disclosure (SEBI Circular HO/DDHS/CIR/P/2 018/144 dated November 26, 2018)
Yearly
Initial Disclosure -  within 30 days from the beginning of Financial year
April 30, 2020





June 30, 2020






60 Days






Annual Disclosure - within 45 days from the end of Financial year
April
May 15, 2020
June 30, 2020
45 Days
        Non-Convertible Debentures (NCDs) / Non-Convertible Redeemable Preference                                                                            Shares (NCRPS)
2.

Regulation 52 (1) and (2) relating to Financial Results
Half yearly/
Yearly
45 days from the end of the Half Year

60 days from the end of Financial Year for Annual Financial Results
May 15, 2020



May 30, 2020
June 30, 2020



June 30, 2020
45 days




30 Days
3.

Common obligations prescribed under Chapter-III of SEBI (LODR) Regulations, 2015
Timelines as prescribed in SEBI Circular no. SEBI/HO/CD/CMD1/ CIR/P/2020/38 dated March 19, 2020
                                                       Commercial Papers (CPs)
4.
Financial Results
Half
 yearly


45 days from the end of the Half Year
May 15, 2020

June 30, 2020


45 Days



Yearly
60 days from the end of Financial Year for Annual Financial Results
May
 May 30, 2020

 June 30, 2020
 30 Days

C. Extension of timeline for filings prescribed for Issuers of Municipal Debt Securities
Sl. no
Regulation and Associated Filing
                   Filing
Relaxation w.r.t the quarter / financial year ending March 31,2020
Frequency
Due within
Due Date
Extended Period
Period of Relaxation
1.

Investor Grievance Report as per Municipal Bond- 
Half Yearly
within 30 working days from end of Half Year
June 30, 2020
45 Days
2.

Financial Results 
Half Yearly
60 days from the end of Financial Year for Annual Financial Results
May 30, 2020
June 30, 2020
30 Days
3.

Accounts maintained by Issuers under ILDM Regulations

Quarterly
45 days from end of quarter
May 15, 2020
June 30, 2020
45 Days

Relaxation 3: Vide Circular No:- SEBI/HO/DDHS/CIR/P/2020/42 dated March 23,2020                                   
Relaxation from compliance to REITs and InvITs due to the CoVID -19 virus pandemic:-
It has been decided to extend the due date for regulatory filings and compliances for REIT and InvIT for the period ending March 31, 2020 by one month over and above the timelines, prescribed under SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) and SEBI (Real estate Investment Trusts) Regulations, 2014 (REIT Regulations) and circulars issued thereunder.
Relaxation 4: Vide Circular No:- SEBI/HO/IMD/DF3/CIR/P/2020/47 dated March 23,2020                                   
Relaxation in compliance with requirements pertaining to Mutual Funds
All schemes (NFO) where observation letter was issued by SEBI and yet to be launched shall have a validity period of one year from the date of SEBI letter. All new schemes (NFO) where final observation letter will be issued shall have validity period of one year from the date of SEBI letter

Sl. no
Regulation / Circular and associated disclosure
                   Filing
Relaxation w.r.t the quarter / financial year ending March 31,2020
Frequency
Due within
Due Date
Extended Period
1.

Half yearly disclosures of unaudited financial results as required under Regulation 59 of SEBI (Mutual Funds) Regulations, 1996
Half Yearly
One month of the end of each half financial year
April 30, 2020
May 31, 2020
2.

Disclosure of commission paid to distributors as required under Point 2 (a) of SEBI circular No. SEBI/HO/IMD/DF2/CIR/P/2016/ 42 dated March 18, 2016
Half yearly
Within ten days from the half year end i.e March 31, 2020.
April 10, 2020
May 10, 2020
3.

Yearly disclosure of investor complaints with respect to Mutual Funds as required under Point 4 (b) of SEBI circular No. Cir / IMD / DF / 2 / 2010 dated May 13, 2010
Yearly
Within 2 months of the close of the financial year i.e March 31, 2020
May 31, 2020
June 30, 2020

The effective date of implementation of certain policy initiatives have been extended as under:
Sr. No.
Circular Name
Particulars
Due Date
Extended Date
1.
Risk  management framework for liquid and  overnight funds and norms governing investment in short term deposits dated Sept. 20, 2019
Liquid funds shall hold at  least  20%  of  its  net  assets  in liquid  assets
April 1, 2020
May 1, 2020
2.
Review  of  investment  norms for  mutual  funds  for  investment  in  Debt and Money Market Instruments dated October 1, 2019
Existing open ended mutual fund schemes shall comply with the revised limits for sector exposure
April 1, 2020
May 1, 2020
3.
Review  of  investment  norms for  mutual  funds  for  investment  in  Debt and Money Market Instruments dated October 1, 2019
Maximum  investment  in  unlisted  NCDs as % of the debt portfolio of the scheme
15% - March 31, 2020
15% - April 30, 2020
4.
Valuation of money market and debt securities dated September 24, 2019
Amortization based valuation   shall   be   dispensed with   and irrespective   of   residual maturity,  all money  market and  debt  securities  shall  be  valued in terms of paragraph 1.1.2.2 of the Circular
April 1, 2020
May 1, 2020

Further, in light of difficulties expressed by AMCs, the access control presently exercised in the AMC’s dealing room including call recording of deals is temporarily relaxed subject to checks and balances including electronic confirmation by way of email or other system having audit trail are in place

Relaxation 5: Vide Circular No: - SEBI/HO/CFD/CMD1/CIR/P/2020/48 dated March 26, 2020                                   
  
Further relaxations from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and the SEBI circular dated January 22, 2020 relating to Standard Operating Procedure due to the CoVID -19 virus pandemic
A. Filings:          
Sl. no
Regulation and Associated Filing
                   Filing
Relaxation w.r.t the quarter / financial year ending March 31,2020
Frequency
Due within
Due Date
Extended Period
Period of Relaxation
1.

Regulation 40(9) relating to  Certificate from Practicing Company Secretary on timely issue of share certificates
Half Yearly
1 month of the end of each half of the financial year  
April 30, 2020
May 31, 2020
1 Month
2.

Regulation 44(5) relating to holding of AGM by top 100 listed entities by market capitalization for FY 19-2
Annual
Within a period of 5 months from the date of closing of the financial year
August 31, 2020
September 30, 2020
1Month
      
B. Conduct of Committee meetings – Nomination and Remuneration Committee, Stakeholders Relationship Committee and Risk Management Committee:-
Sl .No
Regulation
Requirement
Frequency
Due Date
Extended Date
Period of Relaxation
a
Regulation 19(3A)
The nomination and remuneration committee shall meet at least once in a year.
Yearly
March 31, 2020
June 30, 2020
3 months
b
Regulation 20(3A)
The Stakeholders Relationship committee shall meet at least once in a year.
c
Regulation 21(3A)
The Risk Management Committee shall meet at least once in a year
 
C. Relaxation of the operation of the SEBI circular on Standard Operating Procedure dated January 22, 2020
SEBI vide circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020 issued the Standard Operating Procedure (SoP) on imposition of fines and other enforcement actions for non-compliances with provisions of the LODR, the effective date of operation of which is for compliance periods ending on or after March 31, 2020. The said circular dated January 22, 2020 shall now come into force with effect from compliance periods ending on or after June 30, 2020. It may be noted that the SoP circular dated May 03, 2018 would be applicable till such date.
D. Publication of advertisements in the newspapers:
Regulation 47 of the LODR requires publishing, in the newspapers, information such as notice of the board meeting, financial results etc. It has been brought to the notice of SEBI that some newspapers are not bringing their print versions for a limited period; some newspapers that are still printing are not accepting a ‘e-copy’ of the information to be published which acts as a challenge in ensuring compliance with this regulation. Hence it has been decided to exempt publication of advertisements in newspapers as required under regulation 47 for all events scheduled till May 15, 2020.

Relaxation 5: Vide Circular No: - SEBI/HO/CFD/DCR1/CIR/P/2020/49 dated March 27, 2020                                                                                                    
Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Sr. no
Filings
Earlier
Now
1.

Regulation 30(1)
April 15, 2020
June 1, 2020
2.

Regulation  30(2)
3.
Regulation 31(4)


Comments

  1. Dear Sir,


    As per SEBI(Takeover) Regulation, the requirements to do the Compliance of regulation 30(1) &(2) is 7th April.


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