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Coronavirus effect: Sebi further eases compliance norms for listed firms

SEBI has announced relaxation in compliance norms for non-convertible debentures (NCDs), non-convertible redeemable preference shares (NCRPS) and commercial papers (CPs) of listed companies

Coronavirus effect: Sebi further eases compliance norms for listed firms

SEBI has extended the deadline to file half-yearly financial results for NCDs, NCRPS and CPs by 45 days till June 3

Days after extending the deadline to file fourth quarter and annual earnings reports, markets regulator Securities and Exchange Board of India (SEBI) on Monday further eased norms for listed companies that have listed their debt securities such as non-convertible debentures and commercial papers. The order will come into force with immediate effect.

The regulator has announced relaxation in compliance norms for non-convertible debentures (NCDs), non-convertible redeemable preference shares (NCRPS) and commercial papers (CPs) of listed companies. It has extended the deadline to file half-yearly financial results for NCDs, NCRPS and CPs by 45 days till June 30, while it has provided an additional time period of 30 days till June 30, for filing annual earnings.

The market regulator has taken this decision in wake of fast-spreading coronavirus which has forced businesses to shutdown offices across the world. It has also factored in the travel restrictions and free movement of people, which is likely to impact businesses and the day-to-day functioning of companies, SEBI notified on Thursday.

Also Read: Coronavirus impact: SEBI extends deadline to file Q4 results till June 30, relaxes disclosure norms

Finance Minister Nirmala Sitharaman also tweeted about Sebi's move to ease the compliance requirement for listed companies.

"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," the finance minister said in a tweet.

The SEBI has also extended deadline for listing debt securities of companies by 60 days till May 31. As per the revised norms, issuer has to submit its latest audited financials, which should not be older than six months.

Also Read: Coronavirus scare: RBI announces OMOs purchase of Rs 1 lakh crore to boost liquidity

Besides, the regulator has extended the deadline by 60 days and 45 days till June 30 for initial and final disclosures, respectively.

In case of municipal bonds, Sebi has given an extra time of 30 days till June 30 for submitting financial results and 45 days each for submitting half-yearly investor grievance report and quarterly report on accounts maintained by issuer.

On Thursday, the SEBI had extended the deadline to file the fourth quarter results till June 30. It had relaxed the listing obligations and disclosure requirements for the listed companies. Among others, it had provided relaxation of one month on half-yearly compliance certificate on share transfer and filing of quarterly corporate governance report; relaxation of three weeks on the quarterly statement of investor complaints and release of quarterly shareholding pattern.

By Chitranjan Kumar

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