SEBI Clarification Related to Trading Window Closure
·
Overview:
SEBI vide its Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated
March 19, 2020 had relaxed the compliance with respect to certain provisions of
the SEBI (LODR) Regulations, 2015 due to the CoVID-19 virus pandemic.
The said relaxations inter alia included relaxation in the
timeline for filing of Annual Financial Results by listed entities upto June
30, 2020.
·
Stakeholders
Requests received by SEBI
In light of the said relaxation, SEBI had received requests
seeking relaxation in trading restriction period applicable in terms of Clause
4(2) of Schedule B to SEBI (Prohibition of Insider Trading) Regulations, 2015.
The said clause 4 (2) of Schedule B to the PIT Regulations, inter alia, states
as follows:
“Trading restriction period shall be made applicable from the
end of every quarter till 48 hours after the declaration of financial results.
The gap between clearance of accounts by audit committee and board meeting
should be as narrow as possible and preferably on the same day to avoid leakage
of material information.”
·
SEBI Reply on
seeking relaxation in trading restriction period
No Extension, SEBI has informed the Exchange that these requests seeking
relaxation in applicability of trading window restrictions with regard to
financial results for Quarter / FY ending March 31, 2020, have not been
acceded to.
All Listed entities are requested to take note of the same and
comply accordingly.
Link: https://www.bseindia.com/corporates/Displaydata.aspx?Id=e149deab-edf0-4c95-9336-2d3eb35f2ac3&Page=cir
Link: https://www.bseindia.com/corporates/Displaydata.aspx?Id=e149deab-edf0-4c95-9336-2d3eb35f2ac3&Page=cir
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