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SEBI relaxes compliance requirement pertaining to Mutual Funds, REITs and InvITs

SEBI, vide its circular dated 23 March 2020 (SEBI/HO/IMD/DF3/CIR/P/2020/47) has provided for the following relaxations in compliance requirement with respect to mutual funds.

A. Relaxations specified in SEBI (Mutual Funds) Regulations, 1996 and circulars issued thereunder:

  1. All schemes (NFO) which are yet to be launched but where observation letter was issued by SEBI shall remain valid for a period of 1 year from the date of such SEBI letter.
  2. All new schemes (NFO) where final observation letter is yet to be issued shall remain valid for a period of 1 year from the date of the SEBI letter.
  3. Timelines for disclosures have also been relaxed, as follows:

Particulars of disclosure/ Regulation/ CircularFrequencyOriginal Due DateExtended Date
Half yearly disclosures of unaudited financial results as required under Regulation 59 of SEBI (Mutual Funds) Regulations, 1996Half yearly
1 month from the close of the half year, i.e, 31 March 2020.		30 April 202031 May 2020
Disclosure of commission paid to distributors as required under Point 2(a) of SEBI circular No. SEBI/HO/IMD/DF2/CIR/P/2016/42 dated 18 March 2016Half yearly
Within 10 days from the half year end i.e. 31 March 2020		10 April 202010 May 2020
Yearly disclosure of investor complaints with respect to Mutual Funds as required under Point 4 (b) of SEBI circular No. Cir/IMD/DF/2/2010 dated 13 May 2010Yearly
Within 2 months of the close of the financial year i.e. 31 March 2020		31 May 202030 June 2020

B.     Extension in the date of implementation for certain policy initiatives:

CircularParticularsOriginal Due DateExtended Date
Risk management framework for liquid and overnight funds and norms governing investment in short term deposits dated 20 September 2019Liquid funds shall hold at least 20% of its net assets in liquid assets1 April 20201 May 2020
Review of investment norms for mutual funds for investment in Debt and Money Market Instruments dated 1 October 2019Existing open ended mutual fund schemes shall comply with the revised limits for sector exposure1 April 20201 May 2020
Review of investment norms for mutual funds for investment in Debt and Money Market Instruments dated 1 October 2019Maximum investment in unlisted NCDs as % of the debt portfolio of the scheme.15% – 31 March 202015% – 30 April 2020
Valuation of money market and debt securities dated 24 September 2019Amortization based valuation shall be dispensed with and irrespective of residual maturity, all money market and debt securities shall be valued in terms of paragraph 1.1.2.2 of the Circular.1 April 20201 May 2020

Further, SEBI issued a circular on 23 March 2020 (SEBI/HO/DDHS/CIR/P/2020/42), extending the due date for regulatory filings and compliances for REITs and InvITs for the period ending 31 March 2020 by 1 month, over and above the timelines prescribed under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 and SEBI (Real Estate Investment Trusts) Regulations, 2014 and related circulars.

SEBI grants extension for filings related to listing of NCDs and more

In continuation of the circular of 19 March 2020, SEBI issued a circular on 23 March 2020 (SEBI/HO/DDHS/ON/P/2020/41) further relaxing certain timelines with respect to listed entities.

ParticularFrequencyDate of available Audited FinancialsOriginal Date of IssuanceRelaxation PeriodExtended Date of Issuance
Cut-off date for issuance of NCD/ NCRPS/ CPWithin 6 months of the date of the latest audited financials30 September 2019On or before 31 March 202060 daysOn or before 31 May 2020

2.    Extension of timeline for filings under SEBI (LODR) Regulation 2015

Regulation and FilingsFrequencyOriginal Due DateRelaxation PeriodExtended Date
Large Corporate-Initial Disclosure and Annual Disclosure (SEBI Circular HO/DDHS/CIR/P/2018/144 dated November 26, 2018)Yearly


Initial Disclosure – within 30 days from the beginning of Financial Year30 April 202060 days30 June 2020
Annual Disclosure – within 45 days from the end of Financial Year
15 May 202045 days30 June 2020
Non-Convertible Debentures (NCDs) / Non-Convertible Redeemable Preference Shares (NCRPS)
Regulation 52 (1) and (2) relating to Financial ResultsHalf Yearly/ Yearly


45 days from the end of the Half Year15 May 202045 days30 June 2020
60 days from the end of Financial Year for Annual Financial Results30 May 202030 days30 June 2020
Common obligations prescribed under Chapter-III of SEBI (LODR) Regulations, 2015As prescribed in SEBI Circular SEBI/HO/CFD/CMD1/CIR/P/2020/38
Commercial Papers (CPs)
Financial ResultsHalf yearly/Yearly


45 days from the end of the Half Year15 May 202045 days30 June 2020
60 days from the end of Financial Year for Annual Financial Results30 May 202030 days30 June 2020

3.    Extension of timeline for filings prescribed for Issuers of Municipal Debt Securities

Regulation and FilingsFrequencyOriginal Due DateRelaxation PeriodExtended Date
Investor Grievance Report as per Municipal BondHalf YearlyWithin 30 working days from end of the Half Year45 days30 June 2020
Financial ResultsHalf Yearly
60 days from the end of Financial Year for Annual Financial Results		30 May 202030 days30 June 2020
Accounts maintained by Issuers under ILDM RegulationsQuarterly
45 days from end of quarter

SEBI relaxes Filing and Meeting requirements

On 19 March 2020, SEBI issued a circular (SEBI/HO/CFD/CMD1/CIR/P/2020/38) providing relaxations in filing timelines under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”). They are as follows:

Reg no. Nature of filing Frequency Original due date Relaxation period Extended due date
7(3) Compliance certificate on share transfer facility Half yearly
One month from the end of each half of    the financial year		 30 April 2020 1 month 31 May 2020
13(3) Statement of Investor complaints Quarterly
21 days from the end   of each quarter		 21 April 2020 3 weeks 15 May 2020
24A [1] Secretarial Compliance Report Yearly
60 days from the end of the financial year 		 30 May 2020 1 month 30 June 2020
27(2) Corporate Governance Report Quarterly
15 days from the end of the quarter		 15 April 2020 1 month 15 May 2020
31 Shareholding Pattern Quarterly
21 days from the end of the quarter		 21 April 2020 3 weeks 15 May 2020
33 Financial Results Quarterly
45 days from the end of the quarter		 15 May 2020 45 days 30 June 2020
Annual
60 days from the end of Financial Year 		 30 May 2020 1 month 30 June 2020

Regulations 17(2) and 18(2)(a) of the LODR require listed entities to conduct a minimum of 4 board and audit committee meetings each year, with a gap of no more than 120 days between two successive meetings. SEBI relaxed this requirement vide its circular (SEBI/HO/CFD/CMD1/CIR/P/2020/38) stating that although the Board and Audit Committee must meet no less than 4 times each year, listed companies are exempted from the need to observe the stipulated time lapse of 120 days between 2 successive meetings. This concession applies only to meetings that are to be held between 01 December 2019 and 30 June 2020.

[1] Read with circular No CIR/CFD/CMD1/27/2019 dated 08 February 2019

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