Coronavirus impact: SEBI extends deadline to file Q4 results till June 30, relaxes disclosure norms
BusinessToday.In March 19, 2020
Amidst coronavirus outbreak, capital market regulator Securities and Exchange Board of India (SEBI) has extended the deadline to file the fourth quarter results till June 30.
The market regulator has taken this decision in wake of fast-spreading coronavirus which has forced businesses to shutdown offices across the world. It has also factored in the travel restrictions and free movement of people, which is likely to impact businesses and the day-to-day functioning of companies, SEBI notified on Thursday.
Apart from this, SEBI has relaxed the listing obligations and disclosure requirements for the listed companies. It has provided relaxation of one month on half-yearly compliance certificate on share transfer and filing of quarterly corporate governance report; relaxation of three weeks on the quarterly statement of investor complaints and release of quarterly shareholding pattern.
Companies are facing an unprecedented crisis amid growing fears of economic slowdown due to Covid-19 pandemic. Indian stock markets have witnessed heavy sell-off in the last few weeks, in line with global peers. With rising number of coronavirus cases across the world and global markets crumbling, Indian benchmark indices (Sensex and Nifty) saw correction of over 30 per cent in the last one month and may slide further.
According to market experts, the economic impact of coronavirus is yet to be evaluated but it will have a major impact on India Inc's earnings in the March quarter as well as in the next financial year 2020-21.
By Chitranjan Kumar