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June 24, 2020

SEBI extended the submission of Financial results to 31st July, 2020

by Mahesh Mara in Compliance Law, MCA Circular, SEBI

SEBI extended the submission of Financial results to 31st July, 2020

SEBI Further extension of time for submission of financial results for the quarter/half year/financial year ending 31st March 2020 due to the continuing impact of the COVID-19 pandemic.

SEBI extended the submission of Financial results to 31st July, 2020
SEBI extended the submission of Financial results to 31st July, 2020

1. SEBI, vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020 and circular No. SEBI/HO/DDHS/ON/P/2020/41 dated March 23, 2020, had extended the timeline for submission of financial results under regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’) to June 30, 2020 (extension of one month) due to the impact of the CoVID-19 pandemic.

2. SEBI has received representations from listed entities, Chartered Accountant firms, and industry bodies/associations seeking further extension of time for preparation, finalization and submission of financial results for listed entities for the quarter/half year/financial year ending 31′ March 2020, due to many reasons, like the continuing lockdown, subsidiaries and associates situated in containment zones making the audit process challenging and other operational challenges due to the CoVID-19 pandemic.

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3. After taking into consideration the aforementioned issues, it has been decided to further extend the timeline for submission of financial results under Regulation 33 of the LODR Regulations, by a month, to July 31, 2020, for the quarter and the year ending 31st March 2020. Similarly, the timeline under Regulation 52 of the LODR for submission of half yearly and/or annual financial results for the period ending March 31, 2020 for entities that have listed NCDs, NCRPS’, CPs, MDS’ is also extended to July 31, 2020.

4. The circular come into force with immediate effect. Stock Exchanges are advice to bring the provisions of the circular to the notice of all listed entities and also disseminate on their websites.

5. The circular is issued in exercise of the power conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 33, 52 and 101 of the LODER Regulation.

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