Limited Review for Newly Listed Company
This query is : Resolved
13 May 2021
We are on the verge of getting listed in September 2021. Can someone please help us regarding the quarter from which the limited review will be applicable? If so, please help with the clause for the newly listed company?
09 July 2024
For a company that is preparing to get listed in September 2021, the applicability of the limited review for quarterly financial results will typically depend on the regulatory requirements of the stock exchange where the company is seeking listing. Here’s a general guideline:
1. **SEBI (Securities and Exchange Board of India) Regulations:**
- SEBI mandates that listed companies must submit quarterly financial results within specified timelines after the end of each quarter.
- For newly listed companies, SEBI regulations often require compliance with these reporting requirements from the first quarter following listing.
2. **Clause for Newly Listed Companies:**
- The clause regarding the limited review or audit requirement for quarterly financial results for newly listed companies can typically be found in the listing agreement with the stock exchange.
- This clause will specify:
- The frequency of reporting (quarterly).
- The requirement for a limited review or audit of these quarterly results.
- The timeline within which these results must be submitted post the end of each quarter.
3. **Compliance Timeline:**
- Generally, newly listed companies are expected to comply with these reporting requirements starting from the first quarter post-listing.
- For example, if your company gets listed in September 2021, the first quarter for which you may need to submit quarterly financial results with a limited review could be the quarter ending December 31, 2021.
- The specific timeline and details should be carefully reviewed based on the listing agreement and SEBI regulations applicable at the time of listing.
### Recommendations:
- **Consult with Advisors:** It’s advisable to consult with your company’s legal advisors, compliance officers, or auditors who are familiar with SEBI regulations and listing requirements.
- **Review Listing Agreement:** Carefully review the listing agreement and associated clauses provided by the stock exchange where your company is getting listed. This document will outline the specific obligations and timelines for financial reporting.
- **SEBI Guidelines:** Stay updated with SEBI guidelines and circulars regarding reporting requirements for newly listed companies to ensure timely compliance and avoid any penalties or non-compliance issues.
By ensuring clarity on these requirements and seeking appropriate guidance, your company can smoothly transition into meeting its regulatory obligations as a newly listed entity.
1. **SEBI (Securities and Exchange Board of India) Regulations:**
- SEBI mandates that listed companies must submit quarterly financial results within specified timelines after the end of each quarter.
- For newly listed companies, SEBI regulations often require compliance with these reporting requirements from the first quarter following listing.
2. **Clause for Newly Listed Companies:**
- The clause regarding the limited review or audit requirement for quarterly financial results for newly listed companies can typically be found in the listing agreement with the stock exchange.
- This clause will specify:
- The frequency of reporting (quarterly).
- The requirement for a limited review or audit of these quarterly results.
- The timeline within which these results must be submitted post the end of each quarter.
3. **Compliance Timeline:**
- Generally, newly listed companies are expected to comply with these reporting requirements starting from the first quarter post-listing.
- For example, if your company gets listed in September 2021, the first quarter for which you may need to submit quarterly financial results with a limited review could be the quarter ending December 31, 2021.
- The specific timeline and details should be carefully reviewed based on the listing agreement and SEBI regulations applicable at the time of listing.
### Recommendations:
- **Consult with Advisors:** It’s advisable to consult with your company’s legal advisors, compliance officers, or auditors who are familiar with SEBI regulations and listing requirements.
- **Review Listing Agreement:** Carefully review the listing agreement and associated clauses provided by the stock exchange where your company is getting listed. This document will outline the specific obligations and timelines for financial reporting.
- **SEBI Guidelines:** Stay updated with SEBI guidelines and circulars regarding reporting requirements for newly listed companies to ensure timely compliance and avoid any penalties or non-compliance issues.
By ensuring clarity on these requirements and seeking appropriate guidance, your company can smoothly transition into meeting its regulatory obligations as a newly listed entity.
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