Relaxation from compliance with certain provisions of the SEBI (LODR) Regulations, 2015....Contd

Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the CoVID -19 virus pandemic …….Contd. [SEBI Circular SEBI/HO/DDHS/ON/P/2020/41 dated March 23, 2020]

In continuation of relaxation given in certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated 19/03/2020, SEBI has decided to clarify with regards to certain timelines for listed entities and grant relaxations to listed entities which have listed their Non-Convertible Debentures (NCDs), Non-Convertible Redeemable Preference Shares (NCRPS), Municipal Debt Securities (MDS) and Commercial Papers (CPs). 

A. 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)

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.

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.

In both the cases, compliant listed companies, are allowed to file unaudited financial with limited review for the stub period in the current financial year.

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/C Ps	As on September 30, 2019	On     or    before March 31, 2020	On or before May 31, 2020	60   ays

B. Extension of timeline for filings under SEBI (LODR) Regulation 2015

The timelines for certain filings as required under the provisions of the LODR and aforesaid circulars are extended, as follows:

S. no.	Regulation and associated filing	Filing		Relaxation w.r.t. the Half Year / Financial Year ending March 31, 2020
		Frequency	Due within	Due Date	Extende d date	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 Annual Disclosure         - within 45 days from the end of Financial year	April 30, 2020 May 15, 2020	June 30, 2020 June 30, 2020	60 Days 45 Days
Non-Convertible Debentures (NCDs) / Non-Convertible Redeemable Preference Shares (NCRPS)
2.	Regulation 52 (1) and (2) relating to Financial Results	Half yearly/Yearl y	45 days from the end of the Half Year	May 15, 2020	June 30, 2020	45 days
			60 days from the end of Financial Year for Annual Financial Results	May 30, 2020	June 30, 2020	30 Days
3.	Common	Timelines as prescribed in SEBI Circular no. SEBI/HO/CD/CMD1/
	obligations	CIR/P/2020/38 dated March 19, 2020
	prescribed     under
	Chapter-III of SEBI
	(LODR)
	Regulations, 2015
	Commercial Papers (CPs)
4.	Financial Results	Half yearly/Yearl y	45 days from the end of the Half Year	May 15, 2020	June 30, 2020	45 Days
			60 days from the end of Financial Year for Annual Financial Results	May 30, 2020	June 30, 2020	30 Days

 C. Extension of timeline for filings prescribed for Issuers of Municipal Debt Securities

The timelines for certain filings as required under the provisions of the ILDM Regulations and SEBI circular nos. CIR/IMD/DF1/ 60 /2017 dated June 19, 2017 and SEBI/HO/DDHS/CIR/P/134/2019 dated November 13, 2019 are extended, as follows:

Sl no.	Regulation and associated filing	Filing		Relaxation w.r.t. the Half Year / Financial Year ending March 31, 2020
		Frequency	Due within	Due Date	Extended date	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

• Applicability of the Circular

       This circular shall come into force with immediate effect i.e. w.e.f.March 23, 2020.

Source: https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-from-compliance-with-certain-provisions-of-the-sebi-listing-obligations-and-disclosure-requirements-regulations-2015-and-certain-sebi-circulars-due-to-the-covid-19-virus-pandemic-cont-_46395.html