SEBI relaxes compliance under SEBI-LODR and under SEBI circular relating to Standard Operating Procedure

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The Securities and Exchange Board of India (“SEBI”), vide its circular dated 26 March 2020 (Circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/48) has granted the following relaxations from compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI-LODR”) and the SEBI circular dated 22 January 2020 relating to Standard Operating Procedure (Circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12).

1.          Relaxations with respect to filings and committee meetings under SEBI-LODR:

Reg.
Particulars
Frequency
Original Due Date
Relaxation Period
Extended Date
19(3A)
The nomination and remuneration committee shall meet at least once in a year
Annual
31 March 2020
3 months
30 June 2020
20(3A)
The Stakeholders Relationship committee shall meet at least once in a year.
Annual
31 March 2020
3 months
30 June 2020
21(3A)
The Risk Management Committee shall meet at least once in a year.
Annual
31 March 2020
3 months
30 June 2020
40(9)
Filing relating to certificate from Practicing Company Secretary on timely issue of share certificates
Half yearly

Due within 1 month of the end of each half of the financial year
30 April 2020
1 month
31 May 2020
44(5)
Filing relating to holding of AGM by top 100 listed entities by market capitalization for FY 2019-20
Annual

Due within a period of 5 months from the date of closing of the financial year
31 August 2020
1 month
30 September 2020

2.      The circular of SEBI dated 22 January 2020 relating to Standard Operating Procedure, which was originally intended to come into effect for the compliance periods ending on or after 31 March 2020 shall now come into effect from the compliance periods ending on or after 30 June 2020. Until then the SOP circular dated 3 May 2018 shall be applicable.

3.      Exemption from publication of advertisements in newspapers, as required under Regulation 47, for all events till 15 May 2020.

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