Wednesday, February 1, 2023
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Sebi extends relaxation for cos’ to send hard copies of annual reports to shareholders

Capital markets regulator Sebi on Thursday prolonged the relief to listed firms whereby they will not be required to dispatch bodily copies of the annual reviews to their shareholders until September this 12 months. Earlier, the regulator had given comparable relaxations to listed firms until December 2022.

The contemporary resolution has been taken after Sebi acquired representations from listed firms, searching for dispensation from necessities of sending laborious copies of annual reviews to the shareholders.

In opposition to this backdrop, the watchdog has determined to offer rest until September 30, 2023, from LODR (Itemizing Obligations and Disclosure Necessities) Rules, pertaining to dispatching of laborious copies of the annual report back to shareholders, in keeping with a round.

The LODR guidelines require listed firms to dispatch a tough copy of the assertion containing salient options of all of the paperwork — financial statements, board’s report, auditor’s report — to these shareholders who haven’t registered their electronic mail addresses.

Nonetheless, Sebi mentioned listed entities are required to ship laborious copies of full annual reviews to these shareholders who request the identical.

Additional, the discover of the annual basic assembly (AGM) printed by commercial below the norms would disclose the net hyperlink to the annual report in order to allow shareholders to have entry to the total annual report.

Individually, the regulator has eased the principles for entities, which listed their non-convertible securities, from dispatching laborious copies of annual reviews to debenture holders. The relaxations have been prolonged until September 2023. Earlier such relaxations got until December 2022.

The newest transfer additionally comes after the Ministry of Company Affairs (MCA) on December 28 final 12 months prolonged the relaxations from dispatching bodily copies of monetary statements to the shareholders for the AGMs performed until September 30, 2023.

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