BUSINESS

SEBI grants temporary relaxation to firms from disclosure norms

Time-frame of 3 weeks to 45 days for certain obligations

The Securities and Exchange Board of India (SEBI) has granted temporary relaxation to companies from certain disclosure requirements on account of the ongoing COVID-19 pandemic.

In a release issued on Thursday, the capital markets regulator said that companies would get relaxation ranging from three weeks to 45 days for certain disclosure obligations like filing quarterly and annual results, corporate governance reports and shareholding patterns among other things.

“Developments arising due to the spread of the virus have warranted the need for temporary relaxations in compliance requirements for listed entities,” the release said.

As per the release, companies have been given a one-month relaxation for filing quarterly corporate governance report.

Further, a relaxation of one month to 45 days has been given for filing quarterly and annual financial results.

Incidentally, this is the second time the watchdog has issued a statement amid the virus concerns in the market that has led to the benchmarks registering their biggest single day losses.

On March 13, SEBI had said that it was closely monitoring the developments in the Indian stock market and, along with the stock exchanges, was prepared to act suitably if required.

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