Corporate Laws

NEW MSME SCHEME – DISTRESSED ASSETS FUND–SUB-ORDINATE DEBT FOR MSMES

Securities Exchange Board of India (SEBI) vide Notification No. SEBI/HO/CFD/CMD1/CIR/P/2020/109 dated 25th June, 2020 has come out with Further extension of time for submission of Annual Secretarial Compliance Report by listed entities due to the continuing impact of the CoVID-19 pandemic in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 101 of the SEBI (LODR) Regulations, 2015.

The Circular was issued to:

  1. All listed entities
  2. All Recognized Stock Exchanges

Previous Extension:

  1. Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020 (Regulation 33 of SEBI LODR)

Link: 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

Sl no. Regulation and associated filing Filing Relaxation w.r.t. the quarter / financial year ending March 31, 2020
Frequency Due within Due Date Extended date Period of  relaxation
 

 

 

1

Regulation  24A  read

with    circular    No

CIR/ CFD/CMD1/27/2019  dated  February  8,  2019    relating    to Secretarial  Compliance Report

 

 

 

 

Yearly

60 days from the end of Financial Year  

 

 

30.05.2020

 

 

 

30.06.2020

 

 

 

1 month

Reason behind further extension from 30th June 2020 to 31st July 2020.

Various representation has been received by SEBI from listed entities, Institute of Company Secretaries of India (ICSI), and industry bodies/associations seeking further extension of time for submission of the Annual Secretarial Compliance Report in view of the :

  1. difficulties and challenges faced by listed entities and
  2. Practicing Company Secretaries

due to the continuing impact of the CoVID-19 pandemic.

Further Relaxation from SEBI

SEBI has decided to:

  1. SEBI has further extended the timeline for submission of the ASC Report by one more month, t, to July 31, 2020, for the Financial Year ended 31st March 2020.
  • Applicability of this Circular: shall come into force with immediate effect.

Link of the Circular:

https://www.sebi.gov.in/legal/circulars/jun-2020/further-extension-of-time-for-submission-of-annual-secretarial-compliance-report-by-listed-entities-due-to-the-continuing-impact-of-the-covid-19-pandemic_46933.html

Brief note on ASCR:

  1. Applicable Laws: Regulation 24A of SEBI (LODR), Regulations, 2015 & SEBI Circular dated Feb. 8, 2019
  1. As per Regulation 24A: Secretarial Audit

Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be prescribed with effect from the year ended March 31, 2019.”

  1. Reporting Requirement under Annual Secretarial Compliance Report:

It is a compliance check mechanism of all applicable SEBI Regulations and circulars/ guidelines issued thereunder, consequent to which, the PCS (Practicing Company Secretary) shall submit a report to the listed entity in the manner specified in SEBI circular dated 08.02.2019.

  1. Applicability:

applicable to listed entities, with effect from the financial year ended March 31, 2019 onwards.

Link of SEBI Circular on ASCR:

https://www.sebi.gov.in/legal/circulars/feb-2019/format-for-annual-secretarial-audit-report-and-annual-secretarial-compliance-report-for-listed-entities-and-their-material-subsidiaries_42015.html


Disclaimer: 

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.

CS Lalit Rajput

Company Secretary having 5 years of post-qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms, and LLP. I have a keen interest in Corporate Governance and Compliance Management and the soaring craving to learn every day. The aim is to dive deep into the Corporate Governance sphere and help the industry with knowledge and practical exposure. Mail:- [email protected] Phone: +91 8802581290

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