SEBI gives more time to companies for filing financial results

Our Bureau Mumbai | Updated on March 19, 2020 Published on March 19, 2020

Relaxes corporate governance norms for a month

To provide relief to companies, amidst the spread of Covid-19, SEBI has extended the time period for mandatory filing of quarterly and annual financial results for listed entities.

SEBI has given companies 45 more days to file financial results for the quarter ending March 2020 and 30 more days for filing the results for the financial year 2019-20. Under the new provision, companies can now declare both annual and quarterly results by June 30.

Khazat Kotwal, partner, Deloitte India, said, “...SEBI’s extension will be helpful for them to focus on the current business exigencies. Further, it will provide time to financial market regulators and business leaders to assess potential accounting guidance or additional disclosure requirements due to Covid-19.”

Also, the Ministry of Corporate Affairs has notified rules regarding holding of board meetings through video conferencing or other audio visual means. The MCA said it has relaxed the requirements of holding board meetings requiring physical presence of directors till June 30. Such meetings can be conducted through video conferencing for matters involving approval of financial statements as well as books of accounts, approval of the board’s report, and approval of matters relating to mergers and restructuring.

SEBI also has relaxed norms with regard to compliance certificate on share transfer by relaxing it for a month on half-yearly compliance certificates. Other relaxation is for three weeks for companies in resolving investor complaints, relaxation of one month in submission of annual compliance report, and one-month relaxation for filing quarterly corporate governance report.

“...Development arising due to spread of virus has warranted need for temporary relaxations in compliance requirements for listed companies,” SEBI circular said.

Published on March 19, 2020

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.