Market Regulator, the Securities and Exchange Board of India (SEBI) has further extended the deadline for the listed companies till July 31, 2020, to disclose their fourth-quarter (Q4) financial results and also financial results for the year ended March 31, 2020.
The relief comes amid the COVID-19 pandemic, making it for the second time when the market regulator has extended the deadline for filing of results. Earlier, in a circular in the month of March, the market regulator extended the deadline to file the March quarter and full-year results by 45 days and 30 days respectively to June 30, 2020.
Even after the extensions, the market participants approached Sebi seeking a further extension.
In a release, the market regulator said that it’s received representations from the listed companies, chartered accountants, and industry bodies seeking an extra extension of your time for preparations, finalization, and submission of the final financial results for the March quarter, half-year and FY20.
Sebi further said on Wednesday that “due to several reasons, such as the ongoing lockdown, subsidiaries and associates situated in containment zones and red zones are making the audit process challenging and difficult due to the coronavirus pandemic.”
Earlier in the same month, Sebi also extended the deadline for filing half-yearly and annual results for entities that have listed non-convertible debentures (NCDs), non-convertible redeemable preference shares (NCRPs) and commercial papers (CPs) to July 31, 2020.
At the same time, the Ministry of Corporate Affairs (MCA) has also extended the relaxation date till September 30, 2020, for conducting all board meetings to approve financial statements through video conferencing (VC) or any other audiovisual means (OAVM).
Meanwhile, industrial bodies have too approached the market regulator for a complete waiver from filing June quarter results due to the disruption caused by the coronavirus outbreak. They requested that the listed companies must be given the option to file their June quarter results with the September quarter.