Markets regulator Sebi on Friday relaxed compliance norms pertaining to shareholding disclosures in the wake of coronavirus pandemic.
Now, shareholders can disclose information of their consolidated shareholding as of March 31, 2020, to the company and the stock exchanges till June 1, the Securities and Exchange Board of India (Sebi) said in a circular.
These disclosures were required to be made by April 15. The SAST (Substantial Acquisition of Shares and Takeovers) Regulations, require the shareholders to compile, collate, and disseminate information of their consolidated shareholding as on March 31, 2020, to the company and the stock exchanges within seven working days from the end of the financial year.
These reports as per the 2020 calendar are required to be filed by April 15, 2020. In view of the developments arising due to the spread of the COVID-19 (coronavirus) pandemic, a need for temporary relaxations in compliance with certain deadlines in SAST Regulations is warranted due to the prevailing travel restrictions and various other logistical challenges, Sebi said.
Accordingly, the regulator has extended the due date of filing disclosures, in terms of the SAST Regulations for the financial year ending March 31, 2020 to June 1, 2020 .
This circular would come into force with immediate effect.
In a separate circular, the regulator said it has eased operational procedure for takeover.
The regulator said merchant bankers and other intermediaries can submit all relevant documents in PDF form through e-mail to Sebi and also pay the fees online to its account through banking channels like RTGS or NEFT. On Thursday, the regulator eased operational procedure for share buyback.
First Published: IST