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

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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.

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