Introduction

Edition 2/20-21

Week – July 27th to 31st

We welcome you to our weekly newsletter for this week!

As part of our knowledge sharing and growth, we launched our inaugural edition of ‘Swift e-Bulletin’ - weekly newsletter last week, which is specifically designed to cover all regulatory updates and critical judgement passed during the week. We hope that you liked our first edition and found it to be of great value in its content. We want this newsletter to be valuable for you so, please share your feedback and suggestions to help us improve.

In the wake of COVID-19, we all are witnessing many relaxations, exemptions and amendments to the various legislations by regulatory authorities to ease out the operations during this time of crisis.

Further, the Reserve Bank of India (“RBI”), the Ministry of Corporate Affairs (“MCA”) and the Securities and Exchange Board of India (“SEBI”) have been at the front foot in bringing significant regulatory changes in recent times. With a constant endeavor to cover all regulatory updates at one place, we have prepared a comprehensive summary for quick reference of such updates issued during the week of July 27, 2020 to July 31, 2020.

Thank you,

Swift Team

Table of Contents

REGULATORY UPDATES

SEBI UPDATES

1. SEBI introduces relaxation relating to procedural matters pertaining to Takeovers and Buy-backs vide circular dated July 27, 2020:

SEBI vide circular no. SEBI/CIR/CFD/DCR1/CIR/P/2020/83 dated May 14, 2020 granted one time relaxations from strict enforcement of certain regulations of SEBI (SAST) Regulations, 2011 and SEBI (Buyback of Securities) Regulations, 2018 pertaining to open offers and buyback through tender offers opening up to July 31, 2020. Based on the representations received from the market participants, the validity of relaxations, as provided by said circular dated May 14, 2020 is further extended and shall be applicable for open offers and buy-back through tender offers opening up to December 31, 2020. To read the circular, click on the link below:

Link: https://www.sebi.gov.in/legal/circulars/jul-2020/relaxations-relating-to-procedural-matters-takeover-and-buy-back_47152.html

2. SEBI extends the timeline for submission of Financial results for the quarter/half year/financial year ended June 30th 2020 vide circular dated July 29, 2020:

SEBI, vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/106 dated June 24, 2020, had extended the timeline for submission of financial results by listed entities for the quarter/half-year/financial year ended 31st March 2020 to July 31, 2020 due to the impact of the COVID-19 pandemic. Regulation 33 of the SEBI(LODR), Regulations 2015 requires a listed entity to submit its quarterly/half year/annual financial results within forty-five days or sixty days, as applicable, from the end of each quarter/half year/financial year. Accordingly, listed entities are required to submit the financial results for the quarter/half year ended June 30, 2020, on or before August 14, 2020. SEBI after receiving representations and after consideration, decided to extend the timeline for submission of financial results under Regulation 33 of the LODR Regulations, for the quarter/half year/financial year ended 30th June 2020, to September 15, 2020. To read the circular, click on the link below:

Link: https://www.sebi.gov.in/legal/circulars/jul-2020/extension-of-time-for-submission-of-financial-results-for-the-quarter-half-year-financial-year-ended-30th-june-2020_47183.html

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