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COVID-19 second wave | Sebi gives listed companies more time to report results

The market regulator has also extended the time period for filing annual secretarial compliance report to June 30.

April 29, 2021 / 09:45 PM IST
Sebi has extended the timeline for filing annual results of listed companies for a month.

Sebi has extended the timeline for filing annual results of listed companies for a month.

In the wake of the surging COVID-19 cases in the country. the Securities and Exchange Board of India (Sebi) on April 29 decided to extend the time limit for the listed companies to submit their quarterly and annual results.

The market regulator has also relaxed compliance requirements for market intermediaries and debt funds.

Sebi has decided to relax the timelines for filing statutory requirements following requests received from various industry associations, professional bodies and market participants. The regulator had announced similar relaxations last year also when the pandemic broke out in the country.

Sebi has extended the timeline for filing annual results of listed companies for a month. As per Regulation 33 (3), annual audited financial results shall be filed in 60 days from the end of the year, which means before May 30. This time limit is now extended to June 30. Similarly, quarterly financial results shall be filed in 45 days from the end of the year. This has been extended to June 30 from the due date of May 15.

Sebi has also increased the time period for filing annual secretarial compliance report till June 30.

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COVID-19 Vaccine

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

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What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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The market watchdog has given relaxations in timelines for compliance with regulatory requirements to market intermediaries, and has approved the demands of the Association of National Exchange Members of India. The time limit to upload KYC applications forms and supporting documents of clients on the KRA system has been increased from 10 days to 15 days. It has also given time till July 31 for internal audit report, net worth certificate of clearing members and reporting of risk-based supervision.

Sebi has increased the timeline till July 31 for carrying out various shareholder request and other regulatory filings including the processing of remat request and processing of request for duplicate share certificates.
Tarun Sharma
first published: Apr 29, 2021 09:45 pm

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