Mar 26, 2020

Further relaxations from compliance with certain provisions of SEBI (LODR), 2015 and SEBI Circular relating to Standard Operating Procedure (SOP)

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SEBI has granted the following further relaxations from the compliances under the SEBI (LODR), 2015:

S. No. Regulation and associated filing Filing Relaxation w.r.t. the quarter/financial year ending 31st March, 2020
Frequency Due within Due date Extended date Period of relaxation on
1. Regulation 40(9): Certificate from Practicing Company Secretary on timely issue of share certificates Half yearly One month of the end of each half of the financial year 30th April, 2020 31st May, 2020 1 month
2. Regulation 44(5): Holding of AGM by top 100 listed entities by market capitalization for FY 2019-20 Annual Within a period of 5 months from the date of closing of the financial year 31st August, 2020 30th September, 2020 1 month

Relaxation in holding Committee meetings:

S. No. Regulation Requirement Frequency Due date Extended date Period of relaxation
1. Regulation 19(3A) Nomination and Remuneration Committee shall meet at least once in a year Yearly 31st March, 2020 30th June, 2020 3 months
2. Regulation 20(3A) Stakeholders Relationship Committee shall meet at least once in a year
3. Regulation 21(3A) Risk Management Committee shall meet at least once in a year

Relaxation of the operation of the SEBI Circular on SOP:

SEBI vide circular dated 22nd January, 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 30th June, 2020. It may be noted that the SoP circular dated May 03, 2018 would be applicable till such date.

Publication of advertisements in the newspapers:

SEBI has exempted the publication of advertisements in newspapers as required under Regulation 47 of SEBI (LODR), 2015, for all events scheduled till 15th May, 2020.

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