Regulation 33: Financial Results and Their Deadlines

Regulation 33 explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.

Four filings a year, two deadlines, and a set of conditions around them that decide whether the filing is accepted as made or treated as defective.

Regulation 33 is where a listed company's calendar actually lives. Everything else — board meeting intimation, newspaper publication, the deviation statement, the annual report — hangs off these dates.

Quarterly results within 45 days of the quarter end; annual audited results within 60 days of the financial year end. Quarterly results carry a limited review by the statutory auditor. On an annual basis, at least 80% of each of consolidated revenue, assets and profits must have been subjected to audit or limited review. A modified opinion requires a separate Statement on Impact of Audit Qualifications filed with the annual results.

The two deadlines

There is no separate fourth-quarter filing. The last quarter is subsumed into the annual audited results, which is why the year-end deadline is longer.

Results are approved at a board meeting, and the board meeting itself needs prior intimation to the exchange at least five days in advance, excluding the date of intimation and the date of the meeting. That intimation is a separate compliance from the result, and missing it is a separate breach. Prior intimation of board meetings →

Both standalone and consolidated results are submitted where the entity has subsidiaries. A cash flow statement goes with the half-yearly and annual results.

Who may audit or review

Only an auditor who has subjected himself to the peer review process of the Institute of Chartered Accountants of India and holds a valid certificate issued by the Peer Review Board may conduct the limited review or the audit of a listed entity's financial results.

This is a condition on the firm, not on the engagement, and it is a live question at appointment. A listed entity whose auditor's peer review certificate has lapsed has a defective filing, not merely an administrative gap.

The 80% rule for group accounts

The requirement that gets missed in group structures: on an annual basis, the listed entity must ensure that at least 80% of each of consolidated revenue, assets and profits has been subjected to audit or, in the case of unaudited results, to limited review.

Three separate tests — revenue, assets and profits — each at 80%. It is not an average.

A group with many small overseas subsidiaries, none individually significant, can pass the revenue test and fail the assets test. That has to be planned at the start of the year, because it determines which component auditors are engaged and on what scope, and it cannot be fixed in June.

Where the parent has subsidiaries whose accounts are not audited by the parent's auditor, the parent's auditor relies on the component work — and the 80% coverage is what makes that reliance defensible.

When the auditor gives a modified opinion

A modified opinion — qualified, adverse or a disclaimer — on the annual audited results does not simply get reported and forgotten.

The listed entity must file a Statement on Impact of Audit Qualifications along with the annual audited results, in the prescribed form, signed by the CEO or managing director, the CFO, the audit committee chairperson and the statutory auditor.

The statement sets out, for each qualification: the audited figure, the adjusted figure after giving effect to the qualification, the details of the qualification, the type (whether it recurs from earlier years), the frequency, and management's views.

Where the impact is not quantifiable, management must state why — and the auditor must review that explanation and state whether it is appropriate. "The impact is unascertainable" written by management and left unexamined is not a complete answer; the auditor's view on that assertion is part of the filing.

Recurring qualifications receive particular attention, because a qualification that has appeared for several years without resolution says something about the company's willingness to fix it rather than about the difficulty of the item.

Entities that have not begun operations

A listed entity that had not commenced commercial production or commercial operations during the reporting period does not simply file blank results. It discloses the specified line items instead — capital expenditure, income from other sources, expenditure on employee benefits, and the other items prescribed — so that the market can see what the company is spending while it waits to start.

The deviation statement under Regulation 32

Related, and often filed late because it is not thought of as part of the results package.

Where an entity has raised funds through a public issue, rights issue, preferential issue or qualified institutions placement, it files a quarterly statement of deviation or variation in the use of proceeds against the objects stated in the offer document. The statement is reviewed by the audit committee and submitted along with the quarterly results.

It continues until the proceeds are fully utilised, or the stated objects have been achieved — not for a fixed number of quarters.

An annual statement of funds utilised for purposes other than those stated in the offer document must be certified by the statutory auditor, and placed before the audit committee. A deviation the company is comfortable with is a deviation it should be able to have certified; one it is not comfortable certifying is one it should not have made.

Debt-listed entities

An entity with listed non-convertible securities and no listed equity is not on a lighter annual cycle any more. Results for debt-listed entities are now quarterly, on the same 45-day rhythm, with a limited review — the half-yearly regime that used to apply is gone.

Where an entity has both listed equity and listed non-convertible securities, Regulation 63 stops the same information being filed twice under two chapters. Filing under Chapter IV is enough; it need not be repeated under Chapter V. Applicability by chapter →

Key takeaways

• 45 days quarterly, 60 days annual. No separate Q4 filing.
• The board meeting needs five days' prior intimation — a separate compliance from the result.
• Only a peer-reviewed auditor may audit or review a listed entity's results.
• 80% of consolidated revenue, assets and profits, each — three tests, not an average.
• A modified opinion triggers the Statement on Impact of Audit Qualifications.
• An unquantifiable impact still needs an explanation, and the auditor must assess it.
• The Regulation 32 deviation statement runs until the money is fully used.

Read next

• Regulation 34: The Annual Report and BRSR
• Regulation 29: Prior Intimation of Board Meetings
• Regulation 18: The Audit Committee of a Listed Entity
• SEBI Compliance Calendar for Listed Companies

Disclaimer: Positions stated as on 5 September 2026. Filing timelines and the periodicity applicable to particular classes of listed entity are amended periodically — verify the current text on sebi.gov.in before relying on any deadline.