SEBI’s Extended Relaxation on Compliance with LODR Regulations - MMJC

SEBI’s Extended Relaxation on Compliance with LODR Regulations

• The Securities and Exchange Board of India (‘SEBI’) has issued a new circular dtd October 3,2024 extending certain compliance relaxations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’) for listed entities.
• SEBI had previously issued relaxations on October 7, 2023, for:
  • Regulation 36(1)(b): Pertains to the requirement of sending physical copies of financial statements, Board reports, Auditor’s reports, and other associated documents for Annual General Meetings (AGMs).
  • Regulation 44(4): Involves the requirements for general meetings held electronically, specifically concerning the need to dispatch physical copies of voting documents and other materials to shareholders.
• These relaxations were initially applicable for AGMs held until September 30, 2024, and now SEBI has extended the above-mentioned relaxations under Regulation 36(1)(b) and Regulation 44(4) of the LODR Regulations until September 30, 2025.
• This relaxation is applicable only to specified securities i.e. listed entities that have listed equity and convertible securities. For listed entities that have listed debt securities there is no extension as yet.
• The extended relaxations are aligned with the provisions of the Companies Act, 2013, and its relevant rules.

Link to the circular:

https://www.sebi.gov.in/legal/circulars/oct-2024/relaxation-from-compliance-with-certain-provisions-of-the-sebi-listing-obligations-and-disclosure-requirements-regulations-2015_87323.html