SEBI relaxes compliance under LODR regulation & other applicable circulars

Last updated: 01 May 2021

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The Securities and Exchange Board of India (SEBI) has announced relaxations for listed entities concerning the Listing Obligations and Disclosure Requirements (LODR) Regulations. These changes are in response to the ongoing second wave of the COVID-19 pandemic and its impact on compliance timelines. The circular provides extended deadlines for submitting half-yearly and annual financial results, as well as statements on the use of funds, for various types of listed debt securities, including bonds and commercial paper. Additionally, entities can use digital signatures for submissions until December 31, 2021.

Securities and Exchange Board of India

CIRCULAR

No. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2021/557

April 29, 2021

All entities that have listed their debt securities/bonds

All Recognized Stock Exchanges

Madam / Sir,

Sub: Relaxation from compliance with certain provisions of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 / other applicable circulars due to the CoVID-19 pandemic

1. SEBI is in receipt of representations from listed entities, professional bodies, industry associations, market participants requesting extension of timelines for various filings and relaxation from certain compliance obligations under the LODR Regulations inter- alia due to ongoing second wave of the CoVID-19 pandemic and restrictions imposed by various state governments.

2. After consideration, it has been decided to grant the following relaxations from compliance with certain provisions of the LODR Regulations / other applicable circulars:

Sl. No	Regulation	Requirement	Due date	Extended deadline for the quarter / half year / year ending March 31, 2021
	For entities that have listed their debt securities under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008, SEBI (Issue and Listing of Non-convertible Redeemable Preference Shares Regulations, 2013, and SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008
1.	Regulation 52 (1) – Half-yearly financial results Regulation 52 (2) – Annual audited financial results	Forty – five days from end of the quarter / Sixty days from end of the financial year	May 15, 2021 / May 30, 2021	June 30, 2021
2.	Regulation 52 (7) read with SEBI circular no. SEBI/HO/DDHS/08/2020 dated January 17, 2020 on Statement of deviation or variation in use of funds	Along with the financial results (within 45 days of end of each quarter / 60 days from end of the financial year)	May 15, 2021 / May 30, 2021	June 30, 2021
	For entities that have listed their bonds under the SEBI (Issue and Listing of Municipal Bonds) Regulations, 2015
3.	Requirements as per circular no. SEBI/HO/DDHS/CIR/P/134/2019 dated November 13, 2019 Annual audited financial results	Sixty days from end of the financial year	May 30, 2021	June 30, 2021
	For entities that have listed Commercial Paper
4	Requirements as per SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated October 22, 2019 Half Yearly financial results Annual audited financial results	Forty-five days from end of the Half Year / Sixty days from end of the financial year	May 15, 2021 / May 30, 2021	June 30, 2021

3. Listed entities are permitted to use digital signature certifications for authentication/ certification of filings/submissions made to the stock exchanges under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for all filings until December 31, 2021. Entities that have listed their municipal bonds may also opt to use digitally signed documents for making filings with Stock Exchanges in terms of SEBI circulars CIR/IMD/DF1/60/2017 dated June 19, 2017 and SEBI/HO/DDHS/CIR/P/134/2019 dated November 13, 2019. Entities that have listed Commercial Paper may also opt to use digitally signed documents for making filings with Stock Exchanges in terms of SEBI circular no. SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated October 22, 2019.

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

Yours faithfully,

Pradeep Ramakrishnan
General Manager
Department of Debt and Hybrid Securities
+91-22-26449246
pradeepr@sebi.gov.in

FAQ :

SEBI is relaxing compliance rules due to the ongoing second wave of the COVID-19 pandemic and the restrictions imposed by various state governments, following representations from listed entities and market participants.

The relaxations apply to Regulation 52 (1) and 52 (2) regarding half-yearly and annual financial results, and Regulation 52 (7) concerning the statement of deviation or variation in use of funds.

For entities that have listed their debt securities, the deadline for half-yearly financial results ending March 31, 2021, is extended to June 30, 2021. The deadline for annual audited financial results is also extended to June 30, 2021.

Yes, listed entities are permitted to use digital signatures for authentication and certification of filings made to stock exchanges under the LODR Regulations until December 31, 2021.

Yes, entities that have listed their municipal bonds have an extended deadline of June 30, 2021, for their annual audited financial results, and they can also opt to use digitally signed documents for filings.