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Team Studycafe | May 13, 2022 | Views 49455

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

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

The Securities and Exchange Board of India (SEBI) vide Circular No. SEBI/HO/CFD/CMD2/CIR/ P/2022/62 dated 13.05.2022 relaxes requirement to send Hard copies of Annual Reports to Shareholders till December 31, 2022.

The Circular is Given Below:

1. MCA vide Circular dated May 05, 2022 has extended the relaxations from dispatching of physical copies of financial statements for the year 2022 (i.e. till December 31, 2022). In view of the same, SEBI has also been receiving multiple representations from listed companies, seeking dispensation from requirements of sending hard copy of annual reports to shareholders.

2. Considering the above, it has been decided to provide relaxation upto December 31, 2022, from Regulation 36 (1) (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) which requires sending hard copy of annual report containing salient features of all the documents prescribed in Section 136 of the Companies Act, 2013 to the shareholders who have not registered their email addresses. Further, the notice of Annual General Meeting published by advertisement in terms of Regulation 47 of LODR Regulations, shall contain a link to the annual report, so as to enable shareholders to have access to the full annual report.

3. It is however emphasized that in terms of Regulation 36 (1) (c) of LODR Regulations, listed entities are required to send hard copy of full annual report to those shareholders who request for the same.

4. Further, the requirement of sending proxy forms under Regulation 44 (4) of the LODR Regulations is dispensed with upto December 31, 2022, in case of general meetings held through electronic mode only.

5. 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 listed entities and also disseminate on their websites.

6. 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 LODR Regulations.

For Official Circular Download PDF Given Below:

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