Relaxations during COVID-19
Summary of Various Relaxations during COVID-19 Virus Pandemic
A - Relaxations by SEBI
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure requirements) Regulation, 2015 (LODR)
Regulation | Particulars | Existing due date | Extended Date |
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33 | Financial Results (Quarterly) | May 15, 2020 | June 30, 2020 |
33 | Financial Results (Annual) | May 30, 2020 | June 30, 2020 |
31 | Shareholding Pattern | April 21, 2020 | May 15, 2020 |
27(2) | Corporate Governance Report | April 15, 2020 | May 15, 2020 |
24A | Secretarial Compliance Report | May 30, 2020 | June 30, 2020 |
13(3) | Statement of Investor Complaint | April 21, 2020 | May 15, 2020 |
7(3) | Compliance certificate on share transfer facility | April 30, 2020 | May 31, 2020 |
Circular Date- March 23,2020 | |||
52(1) and (2) | Financial Results Relating to issue of Non-Convertible Debentures (NCDs), Non-Convertible Redeemable Preference Shares (NCRPS) and Commercial Papers (CPs) |
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Half-yearly | May 15, 2020 | June 30, 2020 | |
Annual | May 30, 2020 | June 30, 2020 | |
Circular Date- March 26, 2020 | |||
40 (9) | Certificate from Practicing Company Secretary on timely issue of share certificate | August 31, 2020 | September 30, 2020 |
44(5) | Holding of AGM by top 100 Listed Entities by Market Capitalization of 2019-20 | May 15, 2020 | June 30, 2020 |
Circular Date- March 23,2020 | |||
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SEBI Circular HO/ DDHS /CIR /P/2018/144 dated November 26, 2018 for Large Corporate (LC) |
Initial Disclosure that they are identified as LC | April 30, 2020 | June 30, 2020 |
Annual Disclosure of incremental borrowing during the financial year | May 15, 2020 | June 30, 2020 |
Circular Date | Particulars | Regulatory Provision | Relaxation |
---|---|---|---|
March 19, 2020 | Relaxation of time gap between two Board meetings/Audit Committee | The Board of Directors / Audit Committee shall meet at least four times a year with a maximum time gap of 120 days between two meetings. | The current restriction of a maximum time gap of 120 days between two meetings shall not apply for the meetings held or proposed to be held between the period from 1-12-2019 and 30-06-2020. However there should be 4 meeting in a year. |
March 23, 2020 | Cut- off Date for Issuance of NCDs, NCRPS and CPs based on available audited financial as on September 30, 2019 | Date for Issuance- On or before March 31, 2020 | Issuance of NCDs , NCRPS and CPs based on available audited financial as on September 30, 2019 |
March 23, 2020 | Companies proposing to make public issue of Debt Securities. | Required to give audited financials in the offer document which should not be older than 6 months from the date of prospectus. | These companies are allowed to disclose unaudited financials with limited review report. |
March 23, 2020 | Companies proposing to make public issue of Debt Securities. | Required to give audited financials in the offer document which should not be older than 6 months from the date of prospectus. | These companies are allowed to disclose unaudited financials with limited review report. |
March 23, 2020 | Issuers who intend to list their CPs | Required to submit audited financials which should not be older than 6 month | These companies are allowed to file unaudited financials with limited review report. |
March 26, 2020 | Nomination and Remuneration Committee- Regulation 19(3A) | These Committees shall meet at least once in a year. The Due date being March 31, 2020 | The due date has been extended to June 30, 2020 |
The Stakeholders Relationship Committee-Regulation 20(3A) | |||
The Risk Management Committee- Regulation 21(3A) | |||
March 26, 2020 | Standard Operating procedure(SOP) dated January 22, 2020- Imposition of fines and other enforcements actions for noncompliance with the provisions of LODR | Effective date of operations is for compliance period ending on or after March 31, 2020 | Effective date of operations shall be for compliance period ending on or after June 30, 2020 |
March 26, 2020 | Information such as Notice of Board meeting, Financial Results etc– Regulation 47 of LODR | Publications of advertisements in newspapers | Exemptions of publication for all events scheduled till May 15, 2020 |
Relaxations from Compliance with certain provisions of the SEBI [Substantial Acquisitions of Shares and Takeovers (SAST)] Regulations, 2011(Circular Date- March 27, 2020)
Regulations | Particulars | Existing due date | Extended Date |
---|---|---|---|
30(1) and 30(2) | Disclosure of aggregate shareholding as on March 31, 2020 to the company and stock exchange by every person who together with Person Acting in Concert (PAC) holds voting rights of 25% or more / promoters together with PAC. | April 15, 2020 | June 01, 2020 |
31(4) | Annual declaration by Promoter of the Companythat he along with PAC has not made any encumbrances, directly or indirectly, other than those already disclosed. | April 15, 2020 | June 01, 2020 |
Relaxations to RTA, Intermediaries & Market participants (Circular Date April 13, 2020)
Relaxations from Compliance with certain provisions of the SEBI (Buy-back of Securities) Regulations,2018 (Circular Date- April 23, 2020)
Regulations | Particulars | Regulatory Provision | Relaxation |
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24(1)(f) | Further issue of capitalafter buy back | Restriction on further raising of capital for a period of one year from the buy back period | The period of one year has been reduced to six months |
Relaxations from Compliance with certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (Circular Date- April 21, 2020)
Regulations | Particulars | Regulatory Provision | Relaxation |
---|---|---|---|
44(1), 85 and 140 | Time period within which a public / right issue may be opened from the date of observation from SEBI | A public issue / rights issue may be opened within twelve months from the date of issuance of observations by SEBI | In case where the validity of SEBI observation is expiring between 01- 03-2020 and 30-09-2020, the validity of SEBI observation has been extended by 6 months |
B – Relaxations by Ministry of Corporate Affairs
C – Relaxations by Ministry of Ministry of Commerce & Industries – Foreign Trade Policy (FTP)
D – Relaxations by RBI - Extension of realization period of export proceeds
E- Relaxations under Goods & Services Tax (GST)
Category of tax payers having aggregate turnover in the preceding financial year of | Tax Period | Rate of interest | Condition of furnishing return in Form GSTR-3B on or before |
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More than Rs.5 crores | February 2020, March 2020, April 2020 | Nil for first 15 days from the existing due date, and 9% thereafter (Refer illustration below) | 24-06-2020 |
More than Rs.1.5 crores and up to Rs.5 crores | February 2020, March 2020 | Nil | 29-06-2020 |
April, 2020 | Nil | 30-06-2020 | |
Up to Rs.1.5 crores | February 2020 | Nil | 30-06-2020 |
March 2020 | Nil | 03-07-2020 | |
April 2020 | Nil | 06-07-2020 |
Illustration of levy of interest and late fee for filing of FORM GSTR-3B for the months of February, March and April, 2020 for tax payers having turnover of more than Rs.5 crores in previous financial year
Period | Furnished before or between | Interest rate p.a. | Late fee |
---|---|---|---|
February 2020 | 20-03-2020 to 04-04-2020 | Nil | Nil |
05-04-2020 to 24-06-2020 | 9% | Nil | |
25-06-2020 onwards | 18% from 20-03-2020 | At the applicable rate of Rs.20 or Rs.50 per day | |
March 2020 | 20-04-2020 to 05-05-2020 | Nil | Nil |
06-05-2020 to 24-06-2020 | 9% | Nil | |
25-06-2020 onwards | 18% from 20-04-2020 | At the applicable rate of Rs.20 or Rs.50 per day | |
April 2020 | 20-05-2020 to 04-06-2020 | Nil | Nil |
05-06-2020 to 24-06-2020 | 9% | Nil | |
25-06-2020 onwards | 18% from 20-05-2020 | At the applicable rate of Rs.20 or Rs.50 per day |
F- Relaxations under Income Tax
G – Relaxations under Insolvency & Bankruptcy Code
DISCLAIMER | |||
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This summary lists some of the important relaxations announced by the Government from time to time due to Covid-19. While care has been taken in the preparation of this document it might contain errors for which we should not be held responsible. |
