The regulator has extended a month for filing quarterly corporate governance report amid the virus scare.
Addressing the concern amid coronavirus pandemic, the Securities and Exchange Board of India (SEBI) has given relaxation to the companies. The regulator has extended a month for filing quarterly corporate governance report amid the virus scare. “Developments arising due to the spread of the virus warrant the need for temporary relaxations in compliance requirements for listed entities,” SEBI said in a statement. Accordingly, SEBI has decided to grant certain relaxations from compliance stipulations specified under the SEBI Regulations, 2015 to listed entities, it added. This circular has come into force with immediate effect.
The relaxation has been given to compliance certificate on share transfer facility, statement of investor complaints, secretarial compliance report, corporate governance report, shareholding pattern, and cases relating to financial results. SEBI has also advised the stock exchanges to bring the provisions of this circular to the notice of all listed entities.
SEBI said that the Covid-19 virus has hit populations around the world and has resulted in many restrictions, including free movement of people, thereby hampering businesses and day to day functioning of companies. Businesses and trade across the world have come to a standstill and the governments of various nations including India are advising people to avoid unnecessary coming out of their homes. This pandemic has not only hampered the businesses in real-time, but the projections in the coming months are also pessimistic.
Meanwhile, almost all sectors of India are facing turbulence in demand and especially the travel and tourism industry is facing the maximum hit. Indigo airlines has announced a salary cut of its employees by around 15-25 per cent, making the common man facing the direct impact of the pandemic.