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All relaxations provided by SEBI a) General b) Exchanges and market infra c) listed companies d) takeover regs e) funds (MF/AIF/PMS/FPI), f) intermediaries (rating, offers and takeovers) - organised by theme not date. 1/n
General relaxations by SEBI of Margin penalties, NISM certification compliance, call recording mandate of brokers, debt mutual fund exposure limits. See circular for details. 2/n
https://www.sebi.gov.in/media/press-releases/mar-2020/sebi-s-decisions-to-reduce-compliance-burden-on-market-participants_46414.html
Exchanges - restrictions on Market Wide Position Limit, margin increases and short positions etc. (discussed previously) 3/n
https://www.sebi.gov.in/media/press-releases/mar-2020/regulatory-measures-taken-by-sebi-in-view-of-ongoing-market-volatility_46389.html
All listed entities - various filings under Listing Regulations (LODR) relaxed. AGM by 30 Sept. Committee meetings of Board - 3 months relaxation for date of meeting. See circulars for details. 4/n
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-relating-_46436.html
Also under LODR - relaxation of Secretarial compliance report (1 month), Shareholding pattern (3 wks), financial results (45 days for Q/30 days for Annual), Board/Audit meeting freq 5/n 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
All Mutual Funds and AMCs - extension of date for NFO, half yearly disclosure dates (by 1 month), some new policies on investments etc (by 1 month). See circular for details. 9/n
https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-in-compliance-with-requirements-pertaining-to-mutual-funds_46419.html
Relaxation for Portfolio Managers - monthly reporting date extended and 13 Feb 2020 Circular extended by 2 months (30 March) 12/n
https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-in-compliance-with-requirements-pertaining-to-portfolio-managers_46460.html
Rating Agency - Based on moratorium offered by RBI for loan servicing, default should be based on application of mind. Ext till period of moratorium. Also rating action can be delayed and 30 day delay in annual and semi-annual disc. 14/n
https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-from-compliance-with-certain-provisions-of-the-circulars-issued-under-sebi-credit-rating-agencies-regulations-1999-due-to-the-covid-19-pandemic-and-moratorium-permitted-by-rbi-_46449.html
All intermediaries - specially those filing offer documents under ICDR Regulations - can file electronically. 15/n
https://www.sebi.gov.in/filings/public-issues/mar-2020/easing-of-operational-procedure-division-of-issues-and-listing-cfd_46443.html
All intermediaries filing reports under takeover regulations can make such filings through email [email protected] 16/n
https://www.sebi.gov.in/filings/takeovers/mar-2020/easing-of-operational-procedure_46440.html
Overall - SEBI had done a great job in relaxing several key deadlines and filings. It remains on its toes and will opportunistically introduce further rationalisations. Any further ideas? Pl add them below -will be happy to pass them on. END 17/n
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