Report the impact on Corona's business: SEBI

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(Commercial Representative) Mumbai Ta. 20 May 2020, Wednesday

The Securities and Exchange Board of India (SEBI), the regulatory body, has directed the listed companies to issue the relevant disclosures in a timely manner to inform investors and stakeholders about the impact of the Corona epidemic-Covid-19 on their business.

In a circular, SEBI said that listed companies should inform investors by assessing their business, performance and financial impact of Covid-19 both qualitatively and quantitatively. SEBI further said that listed companies should refrain from making selective disclosures while providing material information on the impact of Covid-19. The Corona epidemic and the consequent lockdown by the government have affected businesses not only in India but around the world.

Along with this, SEBI has also given a lot of leeway in filing various reports or disclosures under Listing Obligations and Disclosure Requirements-LODR. SEBI has said that such lockdowns and disruptions are unpredictable and out of the control of companies so that such incidents could lead to market disruptions due to lack of information on the performance of listed companies. It is important to ensure that information on the impact of these events on the company is available and that investors and stakeholders are notified in a timely manner.

SEBI has noted that many companies have issued disclosures under LODR regulations. However, a number of companies have announced that the financial impact will be less. According to SEBI, listed companies around the world are disclosing the impact of the epidemic on their financial condition, performance results, future operations, capital and financial resources, liquidity, assets, internal financial control, disclosure control and impact on demand for processing, products or services. So SEBI is encouraging companies to make complete and accurate disclosures about this potential impact.

In addition, SEBI allows listed companies to operate smoothly against the epidemic and to assess future impact, profitability, sources, liquidity status, debt repayment and other financial provisions, assets, internal financial reporting and control, supply chain and their supply chain. It also insisted that the measures taken for the effect be made public.

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