SEBI relaxes compliance requirement pertaining to disclosure filings under the SAST Regulations, 2011

-

In view of the developments arising due to the spread of the COVID-19 pandemic, and the consequent travel restrictions and various other logistical challenges, a need for temporary relaxations in compliance with certain deadlines in SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SAST Regulations”) was felt.

Therefore, SEBI, vide circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 dated March 27, 2020, issued certain relaxations for compliance with respect to the disclosure filings to be made under the provisions of the SAST Regulations.

The disclosure filings under Regulations 30(1), 30(2) and 31(4) of the SAST Regulations, requires shareholders to compile, collate, and disseminate information of their consolidated shareholding as on March 31, 2020, to the company and the stock exchanges within 7 working days from the end of the financial year. These reports as per the 2020 calendar are required to be filed by April 15, 2020.

It has therefore been decided to extend the due date of filing disclosures, in terms of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for the financial year ending March 31, 2020 to June 01, 2020.  This relaxation has come into effect on and from March 27, 2020.

Popular Posts

Karnataka Lockdown Extension Order

-
Pursuant to the updated order issued by the Ministry of Home Affairs, Government of India dated May 17, 2020 bearing No. 40-3/2020-DM-I(A) (“ Order ”) with the new guidelines on the measures to be taken by Ministries / Department of Government of India / states and state authorities for containing the spread of COVID-19, the Karnataka state government has issued updated guidelines on the measures to be taken for containing the spread of COVID-19 which will come into effect immediately and be valid till May 31, 2020 (“ Karnataka Order ”). The Karnataka Order can be accessed here . Below is a brief overview of the Karnataka Order, in addition to those set out by the Order: 1.           Permitted Activities ·           In all zones areas except containment zones, taxis/autorickshaws (with a maximum of 2 (two) passengers excluding the driver), maxi cabs and aggregators will be permitted to ply with restrict...
Read more

Unlock 5.0: Ministry of Home Affairs Guidelines

-
Lockdown measures to contain the spread of COVID-19 has been in force in the country since 24 March 2020. On 30 May 2020, pursuant to the direction of the National Disaster Management Authority under Section 6(2)(i) of the Disaster Management Act, 2005, the Ministry of Home Affairs ( MHA ) issued an  order  enumerating the guidelines for phased re-opening of activities which were prohibited during the lockdown in areas outside the designated containment zones, as  Unlockdown 1 . This order was to remain in force up to 30 June 2020. On 29 June 2020, with a view to re-open more activities in the country, in a calibrated manner, in areas outside containment zones, the MHA issued detailed  guidelines  on  Unlockdown 2 . The order had also extended the lockdown in containment zones up to 31 July 2020. On 29 July 2020, MHA had issued guidelines on  Unlock 3  which came into effect on 1 August 2020 for further extension of the process of phased re-openin...
Read more

IRDAI – Relaxations for e-Insurance policies and proposal forms

-
The Insurance Regulatory and Development Authority of India (Issuance of e-Insurance Policies) Regulations, 2016 ( e-Insurance Regulations ) governs the issuance of electronic policy and submission of electronic proposal form of insurance policies.   “E-insurance policy” or electronic insurance policy” means a policy document which is an evidence of insurance contract issued by an insurer and digitally signed in accordance with the applicable provisions prescribed by law and issued in an electronic form either directly to the policyholder by the insurer or through the platform of registered Insurance repository.   As per Regulation 3 of the e-Insurance Regulations, every insurer soliciting insurance business through electronic mode shall create an e-proposal form similar to the physical proposal form approved by the Authority. The e-Insurance Regulations mandate that, every such insurer, shall also make available physical version of the e-proposal form. Per Regulation 4(...
Read more