SEBI gives more time to top 100 listed companies to hold AGM

Easing compliance norms for firms amid ongoing coronavirus pandemic, market regulator SEBI on Friday said the top 100 companies by market capitalisation can delay their annual general meetings (AGM) by a month.

Such listed entities will hold their AGM within six months from the date of closing of the financial year for 2020-21, the Securities and Exchange Board of India (SEBI) said in a circular.

Under the rules, the top 100 listed entities by market capitalisation are required to hold their AGM within five months from the date of closing of the financial year.

The move comes after SEBI received representations from listed entities and the Institute of Chartered Secretary of India (ICSI), requesting an extension of time to such entities for holding their AGM inter-alia due to the COVID-19 pandemic.

The circular comes into force with immediate effect.