SEBI SAST Reg. relaxations _ due to COVID19

SEBI RELAXATION w.r.t. SAST Regulation 2011, DUE TO COVID19

Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic. ".

Applicability : with immediate effect.

Relaxations:

1. The disclosure filings under Regulations 30(1), 30(2) and 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations), require the shareholders to compile, collate, and disseminate information of their consolidated shareholding as on March 31, 2020, to the company and the stock exchanges within seven working days from the end of the financial year. These report as per the 2020 calendar are required to be filed by April 15, 2020.

2. temporary relaxations in compliance with certain deadlines in SAST Regulations is warranted due to the prevailing travel restrictions and various other logistical challenges.

3. It has been decided to extend the due date of filing disclosures, in terms of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for the financial year ending March 31, 2020 to June 01, 2020.

Detailed Press Release is available at:

https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-from-compliance-with-certain-provisions-of-the-sast-regulations-2011-due-to-the-covid-19-pandemic_46442.html 

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RBI governor on COVID19 - Relaxations 27.03.2020

RBI governor speech gist dated 27.03.2020 !! Press Conference

1. Repo rate reduce - 0.75% : new rate 4.4%

2. Reverse repo rate reduce by 0.90%

3.CRR reduced by 100 basis points to 3%. ₹ 1.37 trillion of liquidity to be injected

4. Home loans - 3 months relaxation

5. Much awaited 3months  Moratorium on term loan across all financial institutions

6. OMOs are ongoing, LTROs are done. Regulatory moratoriums are done.

7. ₹ 1,00,000 crore 3 month bill auctions, first tranche of ₹25,000 crore auction starts today.

8. ₹3,74,000 lakh crore into the system.

9. Min daily CRR balance reduced from 90% - 80% till 30/06/2020

10. Total liquidity injection 3.4% of GDP

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CARO 2020 notified by MCA in NIOG - dt. 26.03.2020

Company Auditor's Report Order (CARO), 2020 notified on 26.03.2020.

·       Overview

MINISTRY OF CORPORATE AFFAIRS (MCA) vide notification / Gazette id No. CG-DL-E-26032020-218923 and S.O. 1219(E) issued dated 25^th March, 2020 and published dated 26^th March, 2020, has published Company Auditor's Report Order (CARO), 2020.

·       Applicability:

They shall come into force on the date of their publication in the Official Gazette, i.e. 26^th day of March, 2020.

Notification Text:

In the order of the Government of India in the Ministry of Corporate Affairs number S.O. 849(E), dated the 25^th  February, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 25^th  February, 2020, in paragraph “2. Auditor’s report to contain matters specified in paragraphs 3 and 4”, for the words and figures “1st April, 2019”, the words and figures “1st April, 2020” shall be substituted.

·       Change via this amendment

Rule 2. Auditor's report to contain matters specified in paragraphs 3 and 4. -

Before Amendment	After Amendment
Every report made by the auditor under section 143 of the Companies Act on the accounts of every company audited by him, to which this Order applies, for the financial years commencing on or after the 1st April, 2019, shall in addition, contain the matters specified in paragraphs 3 and 4, as may be applicable:	Every report made by the auditor under section 143 of the Companies Act on the accounts of every company audited by him, to which this Order applies, for the financial years commencing on or after the 1st April, 2020, shall in addition, contain the matters specified in paragraphs 3 and 4, as may be applicable:

Read full notification / gazette at :

http://egazette.nic.in/WriteReadData/2020/218923.pdf

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SEBI Further Relaxation DT. 26.03.2020 in Compliance Norms w.r.t. SEBI (LODR) Regulations, 2015

SEBI Relaxation in Compliance Norms w.r.t. SEBI (LODR) Regulations, 2015

·         Overview

Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/48 issued and publish dated 26^th March 2020, has published Further relaxations from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and the SEBI circular dated January 22, 2020 relating to Standard Operating Procedure due to the CoVID -19 virus pandemic".

SEBI, vide circular no SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020 had provided relaxation from compliance with certain provisions of the LODR. It has been decided to grant the following further relaxations from the LODR:

Ø  SEBI Circular dated 19^th March, 2020 and 23^rd March, 2020 – Relaxation 

https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-from-compliance-with-certain-provisions-of-the-sebi-listing-obligations-and-disclosure-requirements-regulations-2015-due-to-the-covid-19-virus-pandemic_46360.html

https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-from-compliance-with-certain-provisions-of-the-sebi-listing-obligations-and-disclosure-requirements-regulations-2015-and-certain-sebi-circulars-due-to-the-covid-19-virus-pandemic-cont-_46395.html

·         Applicability:

They shall come into force on the date of their publication, i.e. 26^th day of March, 2020.

Relaxation given under various Regulations:

1. Filings

Sl No.	Compliance Particulars	Due Date	Extended  Due Date
1	Half Yearly : Regulation  40  (9) relating to Certificate from Practicing Company Secretary on timely issue of share certificates	30.04.2020	31.05.2020
2	Annual: Regulation 44(5) relating to holding of AGM by top 100 listed entities by market capitalization for FY 19-20	31.08.2020	30.09.2020

2.  Conduct of Committee meetings

Nomination and Remuneration Committee, Stakeholders Relationship Committee and Risk Management Committee:

Yearly Compliance :

Sl. No.	Compliance Particulars	Due Date	Extended Date
1	Regulation 19(3A) The nomination and remuneration committee shall meet at least once in a year	31.03.2020	30.06.2020
2	Regulation 20(3A) The Stakeholders Relationship committee shall meet at least once in a year.
3	Regulation 21(3A) The Risk Management Committee shall meet at least once in a year.

3. Relaxation of the operation of the SEBI circular on Standard Operating Procedure dated January 22, 2020

SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/12 January 22, 2020 shall now come into force with effect from compliance periods ending on or after June 30, 2020. It may be noted that the SoP circular dated May 03, 2018 would be applicable till such date.

4. Regulation 47: Publication of advertisements in the newspapers:

It has been decided to exempt publication of advertisements in newspapers as required under regulation 47 for all events scheduled till May 15, 2020

Source:

https://www.sebi.gov.in/legal/circulars/mar-2020/-further-relaxations-from-compliance-with-certain-provisions-of-the-sebi-listing-obligations-and-disclosure-requirements-regulations-2015-lodr-and-the-sebi-circular-dated-january-22-2020-relatin-_46436.html

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Govt. Relief Package due to COVID 19 26.03.2020 _ Brief Overview

Relief Package Announcement due to COVID-19

Applicable : w.e.f. 01^st da of April 2020

1. Rs. 1.7 lakh crore financial package.

The 'Prime Minister Gareeb Kalyan Scheme' will be of Rs 1.7 lakh crore.

2. FM has announced medical insurance cover of Rs 50 lakh per health worker.

3. PM Gareeb Kalyan Yojana’ will include cash transfers to the poor and migrants.

4. Food-related announcements* : 80 crore people will come under the ‘Pradhan mantra Gareeb Kalyan Ana Yojana (food scheme)’. Every one under this scheme will get 5 kg of wheat/rice for free in addition to what they are already getting. We will also give one kg of one choice of pulse to each household under this scheme for the next three months. They can take it in two installments also.

5. For farmers*: They receive Rs 6,000 per annum through the PM-KISAN scheme. We will now be giving the first instalment upfront. Around 8.69 crore farmer will get immediate benefit out of this.

6. For daily workers*: Wage increase under MNREGA will benefit 5 crore families. Wage increase will result in additional income of Rs 2,000 per worker.

7. Poor senior citizens, widows and 'divyangs'* to receive Rs 1,000 over the next three months.

8. Women Jan Dhan account holders* to get Rs 500 per month for the next three months. 

9. 8.3 crore families below poverty line* will get free LPG cylinders for three months.

10. 63 lakh self-help groups for women* in the country. They get up to Rs 10 lakh collateral-free loans right now. We are doubling that to Rs 20 lakh.

11. Announcements for the organized sector*: Centre will pay the EPF contribution both, of the employer and of the employee (12 percent each) for the next three months. This is for all those establishments that have up to 100 employees and 90 percent of whom earn under Rs 15,000 per month.

12. Provident scheme regulations will be amendment to allow non-refundable advance of 75 percent or three months’ wages, whichever is lower. This will benefit 4.8 crore workers who are registered with the EPF.

13. For construction workers*: There is a Buildings and Other Construction Workers’ Fund. We are giving directions to states to release those funds.

Source : News

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