SEBI
circular for Disclosure of reasons for delay in submission of financial results
by listed entities
Regulation 33 of the Securities and
Exchange Board of
India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), inter-alia,
specifies timelines for
submission of financial results by listed entities.
Accordingly, the quarterly and
annual financial results are
to be submitted by listed entities to stock exchanges within forty-five/sixty days
from the end of the quarter/financial year, as the case may be. In
case of non-compliance of various provisions of the Listing Regulations
including non-submission / delayed submission of financial results, SEBI
has prescribed a standard operating procedure (providing for levy of penalties,
freezing of promoter
shareholding, suspension of
trading, etc.) through certain circulars, the latest being the circular
dated May 3, 2018.
Now, SEBI has issued another Circular
in this regard dated November 19, 2018, in view of the fact that whenever
there were delays in submission of financial results by certain listed entities
to the stock exchanges in the past, the fact of delay was intimated but the
reason for the delay was not disclosed or not brought out clearly. Due to this
investors were often left unaware as to the reasons for such delay.
Now, as per this Circular:
a. If any listed entity does not
submit its financial results in accordance with the timelines specified in
Regulation 33 ofthe Listing Regulations, the listed entity shall disclose
detailed reasons for such delay to the stock exchange within one working day of
the due date of submission of results as required under Regulation 33.
b. If the decision to delay the
result was taken by listed entity prior to due date, the listed entity shall
disclose the detailed reasons for such delay to the stock exchange to the stock
exchanges within one working day of such decision.
The said circular can be downloaded
from the following link:
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