SEBI relaxes compliance norms for listed security issuers
The Securities and Exchange Board of India (SEBI) on Monday relaxed compliance regulations for listed entities which have listed their non-convertible debentures (NCD), commercial papers (CP), non-convertible redeemable preference shares (NCRPS) and municipal debt securities.
 
The development comes on the backdrop of the coronavirus scare and is a part of the regulators' efforts to ease compliance burden during the crisis period.
 
The security market regulator has extended the issuance date for debt securities by 60 days to May 31, and the timeline for filing of large corporate initial and annual disclosures till June 30.
 
Sharing the SEBI circular, Finance Minister Nirmala Sitharaman said: "In an ongoing exercise to ease the compliance burden during the #CoronavirusOutbreak, @SEBI_India has decided to relax some compliance provisions with regard to listed entities that have listed their NCDs, NCRPS, CPs and municipal debt securities. #IndiaFightsCorona."
 
Last week, SEBI allowed listed companies to file their fourth quarter and annual financial results by June 30. In general, companies have to report their earnings within one month of a quarter-end and if results get delayed, the companies have to inform the exchanges.
 
The regulator also extended the date of filing quarterly corporate governance reports by one month and for releasing quarterly shareholding pattern by three weeks.
 
Government regulators have sprung into action to pacify the markets and companies.
 
The Reserve Bank of India (RBI) also has come up with several steps, including open market purchase of government securities and variable rate term repos.
 
On Monday, the central bank announced to conduct variable rate term repos of Rs 1 lakh crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COVID-19: SEBI Extends Dates for Company Result Submission till 30th June
    Taking cognisance of the corona virus (COVID-19) pandemic, market regulator Securities and Exchange Board of India (SEBI) on Thursday relaxed certain listing disclosure obligations, including submitting quarterly and FY2020 results.
     
    In a release, SEBI says, "Developments arising due to the spread of the virus have warranted the need for temporary relaxations in compliance requirements for listed entities...(SEBI) has decided to grant temporary relaxations from certain compliance stipulations specified under the SEBI (listing obligations and disclosure requirements) regulations, 2015 (LODR) to listed entities for the quarter and financial year ending 31 March 2020."
     
    Listed companies can now file their quarterly and yearly results for March 2020 by 30th June instead of 15 May 2020. SEBI also relaxed by three weeks, the period of filing shareholding pattern while easing the time for filing quarterly corporate governance report by a month.
     
     
    The COVID-19 has hit populations around the world and has restricted 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).  
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    MCA To Allow Company Board Meetings via Video Conference for 3 Months: Report
    The ministry of corporate affairs (MCA) is set to allow companies to hold board meetings dealing with matters of high importance—including decisions on mergers, amalgamation and takeovers—through video conferencing for a period of three months, in the wake of the coronavirus outbreak, says a report from Indian Express.
     
    A senior government official told the newspaper that the move was a response to representations by industry associations and major corporates that board members may not be able to travel due to travel restrictions.
     
    "Post the announcement, which is expected in the next few days, companies will be able to hold meetings via video conferencing for matters dealing with 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," the report says.
     
    At present, company directors are required to be physically present for discussing above issues during a board meeting.  
     
    “Mergers, demergers and any restructuring are major issues for which a physical meeting is a must, but given the situation where a lot of people are reluctant to travel and the end of the financial year fast approaching, we feel it is necessary to give a relaxation in this regard,” the government official told the newspaper, adding that the three-month relaxation would help businesses remain compliant with rules on board meetings under the Companies Act.
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