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Team Studycafe | May 14, 2022 | Views 44335

SEBI relaxes requirement to send Hard copies of Annual Reports to holders of non-convertible securities

SEBI relaxes requirement to send Hard copies of Annual Reports to holders of non-convertible securities

The Securities and Exchange Board of India (SEBI) Vide Circular No. SEBI/HO/DDHS/P/CIR/ 2022/0063 Dated 13.05.2022 gives Relaxation to companies from sending hard copy of Annual Report to holders of non-convertible securities.

The Circular is Given Below:

1. SEBI vide Circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 had, inter-alia, relaxed certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) related to dispatch of hard copy of Annual Report to debenture holders, pursuant to relaxations granted by the Ministry of Corporate Affairs (MCA). Thereafter, vide Circular no. SEBI/HO/DDHS/P/CIR/2022/613 dated January 15, 2021, the said relaxations were extended till December 31, 2021.

SEBI relaxes requirement to send Hard copies of Annual Reports to Shareholders till December 31, 2022

2. Subsequently, MCA vide Circular dated May 5, 2022, has extended the relaxations from dispatching of physical copies of financial statements for the year 2022 (i.e. till December 31, 2022).

3. Considering the above, it has been decided to provide relaxation up to December 31, 2022, from the requirements of Regulation 58 (1)(b) of the Listing Regulations which prescribes that an entity with listed non-convertible securities shall send a hard copy of statement containing the salient features of all the documents, as specified in Section 136 of Companies Act, 2013 and rules made thereunder to those holders of non-convertible securities who have not registered their email address(es) either with the listed entity or with any depository.

4. 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 entities with listed non-convertible securities and disseminate on their websites.

5. 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 Regulation 101 of the Listing Regulations.

For Official Circular Download PDF Given Below:

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