On Jan. 5, IND SEBI relaxed compliance with listing requirements.
On Jan. 5, 2023, IND SEBI extended relaxations in paragraphs 2 and 4 of SEBI circular no. SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022, until Sep. 30, 2023.
IND SEBI also noted that IND MCA in general circular no. 10/2022 dated Dec. 28, 2022, has provided similar relaxations to companies from certain requirements.
Specifically, from dispatching physical copies of the financial statements (including board’s report, auditor’s report or other documents required to be attached therewith).
That is, to shareholders for the purposes of company annual general meetings (AGMs).
IND SEBI stated that in terms of regulation 36(1)(c) of SEBI (listing obligations and disclosure requirements) regulations, 2015 (LODR), listed entities are required to send hard copy of full annual reports to those shareholders who request for the same.
Said notice of AGM published by advertisement in terms of regulation 47 of LODR shall disclose web-link to annual report so shareholders can access the full annual report.
Other Relaxations
On the same day, IND SEBI relaxed requirement in regulation 58(1)(b) of LODR.
Relaxes, up to Sep. 30, 2023, the requirement for an entity with listed non-convertible securities to send a hard copy of statement containing prescribed salient features.
Namely, of all the documents, as specified in s 136 of Companies act 2013 and rules made thereunder to those holders of non-convertible securities who have not registered their email address(es) either with the listed entity or with any depository.
Effectiveness
IND SEBI said that this circular of (Jan. 5) shall come into force on/from Jan. 5, 2023.
The relaxations are effective until Sep. 30, 2023.
Oct. 2023 Extension
On Oct. 6, 2023, IND SEBI issued a circular extending the relaxed requirement in section 58(1)(b) of LODR, to Sep. 30, 2024.
