SEBI relief to listed banks, insurance companies

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(Commercial Representative) Mumbai on 12 May 2020, Tuesday

The now-listed banks and insurance companies have also been exempted from the norm of publishing consolidated financial results for the June quarter by the Securities and Exchange Board of India (SEBI), the capital market regulator, in the wake of the Koro epidemic.

SEBI has also exempted listed companies from giving public notice of their board meetings, financial results and other events in newspapers till June 30, 2020. Earlier, the relief was given till May 15, 2020. The regulator said that the current continuous lockdown and its aftermath have been hampered by the press newspaper fairs, which have been exempted from publishing public news in newspapers for all events till June 30, 2020. SEBI has also relieved the shareholders of the requirement to comply with the norms for sending hard copy-physical copy of the annual report, warrant of dividend or checks for the general meeting.

SEBI has clarified that listed entities which are banking and or insurance companies or their subsidiaries and banking and or insurance companies can voluntarily submit consolidated financial results for the quarter ended June 30, 2020. Of course these companies will have to present financial results on a standalone basis. SEBI has clarified that if such listed companies choose to publish only standalone financial results, they will have to give reasons for not presenting consolidated results.

Listed companies, including banks and / or insurance companies, have sought relief from SEBI in the current epidemic situation, saying it would be challenging for companies belonging to the same group to prepare consolidated financial results taking into account various accounting criteria with financial results as per Ind-AS. Ind-AS is currently applicable to all listed companies excluding those in the banking and insurance sectors. The Reserve Bank of India and IRDA have not yet approved the date of implementation of Ind-AS for banks and insurance companies.

For listed companies, their AGM for the calendar year 2020 (until December 2020) has exempted shareholders from the need to send physical copies of the annual report. In addition, the need for compliance with dividend warrants or checks has been relaxed. In case it is not possible to use electronic mode for payment as per the standards, it is necessary to issue payable at par warrants or checks.

In addition, if the amount payable for dividend is more than Rs. 1500, payable at par warrants or checks have to be sent by speed post. SEBI has asked the postal services to comply with the norm. However, in cases where the e-mail address is available to the shareholders, the listed companies should get their bank account details and use electronic mode for payment, the SEBI said in a circular. SEBI has clarified that this circular will be implemented with immediate effect.

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