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SEBI Relaxes Compliance Norms As Covid-19 Disrupts Operations - (19 Mar 2020)

Capital Market

In view of the emerging global scenarios regarding COVID19, Securities and Exchange Board of India has eased compliance requirements for listed companies, including allowing an additional 45 days to file their fourth-quarter results and a further one month for annual results. The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulations 101 and 102 of the(Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’) and the relaxations contained herein are subject to the provisions of the Companies Act, 2013 and rules made thereunder.

Further, 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 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. The outbreak and the rapid spread of COVID-19 have led to the collapse of stock markets around the world.

The CoVID 19 virus has hit populations around the world and has resulted in many restrictions, including free movement of people, thereby hampering businesses and day to day functioning of companies. It has been declared a ‘ pandemic’ by the World Health Organization (WHO). Developments arising due to the spread of the virus warrant the need for temporary relaxations in compliance requirements for listed entities. Accordingly, SEBI has decided to grant relaxations from compliance stipulations. Government is keeping a close watch on the situation and a number of measures have been taken to contain the spread of COVID-19. Union Minister of Health and Family Welfare, Dr Harsh Vardhan is continuously monitoring and reviewing the status, actions taken and future preparedness of States. Also, Secretary (HFW) is reviewing the situation with States/UTs on a regular basis.

Tags : NORMS   RELAXATION   COVID-19  

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