CAIRR Update April 20, 2020

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CAIRR Update April 20, 2020

April 20, 2020
 
Summary of the circulars and notifications issued by NSE, SEBI and IBBI on 17/04/2020
 
1. Additional relaxations in compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’) due to the COVID-19 pandemic
 
Below is the summary of relaxations granted by SEBI under the regulations indicated hereunder:
S. No. Regulation  Relaxation  Original Provision
1.  Prior intimation to Stock Exchanges about Board Meetings under Regulation 29(2) 2 days before the board meeting, for meetings held till July 31, 2020.  At least 5 days before the meeting if financial results are to be considered;
2 working days in other cases. 
 2. Submission of information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange under Regulation 39(3) For intimations to be made between March 1, 2020 to May 31, 2020, any delay in submission of information doesn’t attract penalty Within two days of receipt of information by the company 
 3. Publication of Advertisement in newspapers by entities that have listed NCDs and NCRPs under Regulation 52(8) Exempted till May 15, 2020 

Further, SEBI has also clarified that authentication / certification of any filing / submission made to stock exchanges under LODR may be done using digital signature certifications until June 30, 2020.

The notification is integrated in our free-to-use website ca2013.com for your ready reference.

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2. SEBI relaxes strict enforcement of specified regulations to boost technological innovation in the Indian Securities Markets ecosystem

Though the introduction of Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020, SEBI has amended the specified regulations to encourage technological innovation in the securities markets, where the applicants, upon satisfying the criteria specified by the Board, may be exempted from enforcement of all or any of the provisions of the list of SEBI regulations specified in the said regulation for a period as may be specified but not exceeding twelve months. During the exempted period, the approved applicant could engage in live testing (‘regulatory sandbox’) of new products, processes, services, business models, etc. and the same may be deployed on a limited set of eligible customers in the securities markets. 

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3. NSE issues revised deadlines for complying with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and SEBI (Depositories and Participants) Regulations, 2018 due to CoVID-19 pandemic

To enable Indian Corporates that have listed their shares with NSE in tracking the revised due dates so as to comply with various compliances under the aforesaid regulations, NSE has issued a revised compliance calendar, in line with the extensions in deadlines granted by SEBI. The compliance calendar issued by NSE is integrated in our free-to-use website ca2013.com for your ready reference.

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4. IBBI excludes lockdown period due to CoVID-19 pandemic for computation of timelines under Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016

Through this notification, IBBI has notified that the duration of lock-down period due to CoVID-19 pandemic shall be excluded for the purpose of computation of the time-line for any task that could not be completed due to such lockdown, in relation to any liquidation process under the aforementioned regulation.

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By | 2020-04-20T16:19:49+00:00 April 20th, 2020|ca2013.com|0 Comments

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