SEBI Relaxation in Compliance Norms w.r.t. SEBI (LODR) Regulations, 2015


SEBI Relaxation in Compliance Norms w.r.t. SEBI (LODR) Regulations, 2015

OVERVIEW

Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/48 issued and publish dated 26th March 2020, has published Further relaxations from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and the SEBI circular dated January 22, 2020 relating to Standard Operating Procedure due to the CoVID -19 virus pandemic”.

SEBI, vide circular no SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020 had provided relaxation from compliance with certain provisions of the LODR. It has been decided to grant the following further relaxations from the LODR:

SEBI Relaxation in Compliance Norms w.r.t. SEBI (LODR) Regulations, 2015
SEBI Relaxation in Compliance Norms w.r.t. SEBI (LODR) Regulations, 2015

 

  • SEBI Circular dated 19th March, 2020 and 23rd March, 2020 – Relaxation

Circular 1

Circular 2

  • Applicability:

They shall come into force on the date of their publication, i.e. 26th day of March, 2020.
Relaxation given under various Regulations:

1. Filings

Sl No. Compliance Particulars Due Date Extended Due Date
1 Half Yearly : Regulation  40  (9) relating to Certificate from Practicing Company Secretary on timely issue of share certificates 30.04.2020 31.05.2020
2 Annual: Regulation 44(5) relating to holding of AGM by top 100 listed entities by market  capitalization for FY 19-20 31.08.2020 30.09.2020

2. Conduct of Committee meetings

Nomination and Remuneration Committee, Stakeholders Relationship Committee and Risk Management Committee:

Yearly Compliance:

Sl. No. Compliance Particulars Due Date Extended Date
1 Regulation 19(3A)
The nomination and remuneration  committee shall meet at least once in  a year
31.03.2020 30.06.2020
2 Regulation 20(3A)
The Stakeholders Relationship committee shall meet at least once in a year.
3 Regulation 21(3A)
The Risk Management Committee shall meet at least once in a year.

3. Relaxation of the operation of the SEBI circular on Standard Operating Procedure dated January 22, 2020

SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 January 22, 2020 shall now come into force with effect from compliance periods ending on or after June 30, 2020. It may be noted that the SoP circular dated May 03, 2018 would be applicable till such date.

4. Regulation 47: Publication of advertisements in the newspapers:

It has been decided to exempt publication of advertisements in newspapers as required under regulation 47 for all events scheduled till May 15, 2020

Referance

Disclaimer:
IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.


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cslalitrajput

Lalit Rajput is a qualified Company Secretary and graduate with 5+ years’ experience in handling Secretarial and Compliance management. Working as Proprietor at Lalit Rajput &Associates, Company Secretaries and Compliance Head at EDUXGURU. Key areas include handling Compliances related to Secretarial, Start-ups, SEBI, FEMA, Labour Laws, GST, NCLT, IPR, MCA/ROC, RTA etc. He has started his career in Adventz Group with one of leading EPC Company, Kalindee Rail Nirman - A Div. Of Texmaco Rail & Engineering Limited (erstwhile known as Kalindee Rail Nirman (Engrs.) Ltd.) and after that worked with Outcome Solutions & Services LLP, a Risk Advisory firm and S. Srinivasan & Co.,Leading Company Secretaries firm in Mumbai and Chennai. He is also an active blogger/Author at many platform and has written various articles on: Taxguru, Compliance Calendar LLP, Studycafe, Caclubindia, Casansaar, theTaxTalk, Lawyer’s Connect, IPleaders, Governance Professionals, Lawyers club India, Dealout Professionals and many more. He has also blogger at ENLIGHTEN GOVERNANCE and contributed articles in ICSI E-Corporate Manager published by ICSI Ahmadabad Chapter.

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