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COVID-19: SEBI relaxes Time gap between two Board / Audit Committee Meetings

Audit committee Meetings - SEBI - Taxscan

The Securities Exchange Board of India (SEBI) relaxed the requirement of the maximum stipulated time gap of 120 days between two meetings of the board and Audit Committees of listed entities, as is required under Regulation 17(2) and 18(2)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). This relaxation is provided for the meetings held/proposed to be held between the period December 1, 2019, and June 30, 2020.

It is further extended till July 31, 2020. However, the board of directors and audit committees of listed entities shall ensure that they meet at least four times a year, as stipulated.

SEBI vide circular dated June 24, 2020, had extended the timeline for submission of financial results under Regulation 33 and 52 of the LODR Regulations, to July 31, 2020. SEBI is in receipt of requests from listed entities to extend the relaxation mentioned above, till July 31, 2020.

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