SEBI extends AGM by Top 100 Listed Entities by Market Capitalization



Quick Summary
The Securities and Exchange Board of India (SEBI) has granted an extension for the Annual General Meeting (AGM) deadline for the top 100 listed companies based on market capitalisation. These entities will now have six months from the closing of the financial year 2020-21 to hold their AGM, an increase from the previous five-month period. This decision was made following representations from listed entities and the Institute of Company Secretaries of India, citing reasons related to the COVID-19 pandemic.

The Securities and Exchange Board of India has extended the timeline to hold the Annual General Meeting by Top 100 Listed Entities by Market Capitalisation. Accordingly, such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-21. Read the official announcement below:

CIRCULAR
SEBI/HO/CFD/CMD1/P/CIR/2021/602 July 23, 2021

To
All listed entities that have listed their specified securities
All Recognized Stock Exchanges
Madam / Sir,

Sub: Holding of Annual General Meeting (AGM) by top 100 listed entities by market capitalization - Reg.

1. Regulation 44(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘SEBI LODR’/ ‘LODR’) requires top 100 listed entities by market capitalization to hold their AGM within a period of five months from the date of closing of the financial year.

2. SEBI is in receipt of representations from listed entities and the Institute of Company Secretaries of India (ICSI) requesting extension of time to the top 100 listed entities for holding their AGM inter-alia due to the CoVID-19 pandemic.

SEBI Extends AGM Deadline for Top 100 Listed Firms

3. After consideration, it has been decided to extend the timeline for conduct of AGM by top100 listed entities by market capitalization. Accordingly, such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-21.

4. This Circular shall come into force with immediate effect. 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 Regulations 101 and 102 of the LODR and the relaxations contained herein are subject to the provisions of the Companies Act, 2013 and rules made thereunder.

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

Yours faithfully,
Amy Durga Menon
Deputy General Manager
Corporation Finance Department
Compliance and Monitoring Division-1
+91-22-26449584
amydurga@sebi.gov.in

 

FAQ :

SEBI has extended the timeline for the top 100 listed entities by market capitalisation to hold their Annual General Meeting (AGM).

The top 100 listed entities by market capitalisation must now hold their AGM within six months from the date of closing of the financial year for 2020-21.

The extension was granted after SEBI received representations from listed entities and the Institute of Company Secretaries of India, citing the COVID-19 pandemic as a reason for the request.

Previously, Regulation 44(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 required the top 100 listed entities by market capitalisation to hold their AGM within five months from the date of closing of the financial year.

This circular comes into force with immediate effect.




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