According to eased rules, stock exchanges need to be provided prior intimation about meetings of the board at least two days before the meeting.
The Securities and Exchange Board of India (SEBI) on Friday relaxed norms for listed companies with regard to prior intimation to stock exchanges about board meetings amid the extended nationwide lockdown over coronavirus pandemic.
According to eased compliance rules for listed companies, stock exchanges need to be provided prior intimation about meetings of the board at least two days before the meeting. Earlier, the companies have to send an intimation to the stock exchanges at least five days before the meeting if financial results are to be considered and two working days in other cases.
The relaxation will be available till July 31, 2020.
"It has been decided that the above requirement under Regulation 29 (2) of LODR of prior intimation of 5 days / 2 working days shall be reduced to 2 days, for board meetings held till July 31, 2020," a circular by the markets regulator to all stock exchanges said.
Rules pertaining to intimation to stock exchanges regarding loss of share certificates and issue of the duplicate certificates has also been relaxed. It has been decided that any delay beyond the stipulated time will not attract penal provisions, the circular said. The norms require listed entities to submit such information within two days of them getting information.
This relaxation is for intimations to be made between March 1 to May 31, the regulator said.
SEBI has been giving relaxation to listed companies and other market intermediaries as part of efforts to ease their compliance burden during the nationwide lockdown to battle COVID-19.
In two previous circulars on March 19 and 26, the regulator had provided relaxations from compliance with certain provisions of the Listing Obligations and Disclosure Requirements (LODR). The relaxations have been given in the face of challenges faced by listed entities due to the COVID-19 pandemic, the SEBI said.
With regard to the use of digital signatures, SEBI said that authentication and certification of any filing or submission made to stock exchanges may be done using digital signature certifications until June 30, 2020.
The regulator has also decided to exempt publication of advertisement in newspapers, as required under the listing norms for entities which list non convertible debentures (NCD) and non convertible redeemable preference shares (NCRPS), till May 15.
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