SEBI further relaxes from various compliances due to the CoVID-19 virus pandemic

Mar 27, 2020 | by Avantis RegTech Legal Research Team

Secretarial Compliance

The Securities and Exchange Board of India (SEBI) on March 26, 2020, has provided further relaxations from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020.

The timelines for certain filings are extended, as follows:

1. “Regulation 40(9) relating to Certificate from Practicing Company Secretary on timely issue of share certificates” has been extended from April 30, 2020 to May 31, 2020.

2. “Regulation 44(5) relating to holding of AGM by top 100 listed entities by market capitalization for FY 19-20” has been extended from August 31, 2020 to September 30, 2020.

SEBI relaxes the operation of the SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/12 on Standard Operating Procedure dated January 22, 2020 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.

SEBI has also decided to exempt publication of advertisements in newspapers as required under Regulation 47 which requires publishing, in the newspapers, information such as notice of the board meeting, financial results etc., for all events scheduled till May 15, 2020.

This Circular shall come into force with immediate effect. The Stock Exchanges are advised to bring the provisions of this circular to the notice of all listed entities that have issued specified securities and their material subsidiaries and also disseminate on their websites.  

[SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/48] 


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