Relaxation of time gap between two board/Audit Committee meetings of listed entities

Relaxation of time gap between two board/Audit Committee meetings of listed entities owing to the CoVID-19 pandemic

Securities and Exchange Board of India

CIRCULAR

SEBI/HO/CFD/CMD1/CIR/P/2020/110

June 26, 2020

To
All listed entities that have listed specified securities
All Recognized Stock Exchanges

Madam / Sir,

Sub: Relaxation of time gap between two board/ Audit Committee meetings of listed entities owing to the CoVID-19 pandemic

1. SEBI,vide  circular  No.  SEBI/HO/CFD/CMD1/CIR/P/2020/38  dated  March  19,  2020,had relaxed  the  requirement  of  the  maximum stipulated  time  gap  of  120  days  between  two meetings of the board and Audit Committees of listed entities, as is required under Regulation 17(2) and 18(2)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’). This relaxation was provided for the meetings held/proposed to be held between the period December 1, 2019 and June 30, 2020.

2. SEBI vide  circular  No. SEBI/HO/CFD/CMD1/CIR/P/2020/106  dated  June  24,  2020  had extended the timeline for submission of financial results under Regulation 33 and 52 of the LODR Regulations,  to  July  31,  2020. SEBI  is  in  receipt  of  requests  from  listed  entities to extend the relaxation mentioned at para 1 above, till July 31, 2020.

3. After consideration, the relaxation of maximum time gap between two board/Audit Committee meetings as provided by circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020 is  further  extended  till July  31,  2020.  However, the  board  of  directors  and  audit committees of  listed entities shall  ensure  that  they  meet  at least  four  times  a  year,  as stipulated under Regulations 17(2) and 18(2)(a) of the LODR Regulations. 

4. This Circular shall come into force with immediate effect. The Stock Exchanges are advised to  bring  the  provisions  of  this  circular  to  the  notice  of  all  listed  entities  that  have  issued specified securities and also disseminate on their websites.

5. The  Circular  is  issued  in  exercise  of  the  powers  conferred  under  Section  11(1)  of  the Securities  and  Exchange  Board  of  India  Act,  1992  read  with  Regulation  101 of the LODR Regulations and  is  subject to  the  provisions  of the  Companies  Act,  2013,  rules  made  and circulars issued thereunder.

6. This Circular is available at www.sebi.gov.in under the link “Legal→Circulars”.

Yours faithfully,

Pradeep Ramakrishnan
General Manager
Corporation Finance Department
Compliance and Monitoring Division-1
pradeepr@sebi.gov.in

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