Indian companies get more time to file results

INDIA’s market regulator Securities and Exchange Board of India (SEBI) on Thursday (19) gave a 45-day relaxation for companies to file their fourth quarter results as well as an additional one-month time to submit their annual results.

In India both financial year and Q4 end on March 31.

Besides, the market watchdog has relaxed the time-gap required between two board meetings of a company.

These decisions have been taken in the wake of coronavirus pandemic which claimed four lives in the country.

Companies have also been provided one-month relaxation till May 15 for filing their quarterly governance reports.

"Development arising due to the spread of the virus warrant the need for temporary relaxation in compliance requirement of listed entities," SEBI said in a circular.

With respect to quarterly financial results, companies have been given 45 days till June 30, 2020 to file their March quarter results.

As per rules, firms are required to file their financial results within 45 days from the end of a quarter. As per that time frame, the deadline is May 15.

In the case of submitting results for the year ending March 31, the watchdog has extended the time till June 30.

Normally, listed companies are required to file their annual results within 60 days from the end of a financial year.

"The board of directors and the audit committee of the listed entity are exempted from observing the stipulated time gap between two meetings for the meeting held or proposed to be held between the period December 1, 2019 and June 30, 2020," SEBI said.

As per the norms, board of directors or audit committee need to meet at least four times a year, with a maximum gap of 128 days between any two meetings.