SEBI Eases Rules For Intimation To Exchanges About Board Meetings

The Securities and Exchange Board of India on Friday eased compliance rules for listed companies with regard to prior intimation to stock exchanges about board meetings amid the extended nationwide lockdown to tackle coronavirus pandemic.

The regulator has also relaxed rules pertaining to intimation to stock exchanges for loss of share certificates as well as issue of duplicate certificates.

SEBI has been giving relaxation to listed companies and other market intermediaries as part of efforts to ease their compliance burden.

In a circular, the regulator said it has decided to grant relaxation from the provisions of listing norms in the face of challenges faced by listed entities due to the Covid-19 pandemic.

SEBI said prior intimation to stock exchanges shall be reduced to two working days for board meetings held till July 31,2020.

Under the norms, stock exchanges need to be provided prior intimation about meetings of the board at least five days before the meeting if financial results are to be considered and two working days in other cases.

SEBI has also given relaxation to companies for submission of information regarding loss of share certificates and issue of duplicate certificates to the stock exchange.

The norms require listed entities to submit such information within two days of them getting information.

It has been decided that any delay beyond the stipulated time will not attract penal provisions. This relaxation is for intimations to be made between March 1 to May 31, the regulator added.

SEBI has also decided to exempt publication of advertisement in newspapers, as required under the listing norms for entities which list Non-Convertible Debentures and Non-Convertible Redeemable Preference Shares, till May 15.

With regard to the use of digital signature, SEBI said authentication of any submission made to exchanges will be done using digital signature certifications till June 30, 2020.