Background
SEBI had, on 5 October 2011, amended Clause 41 of the Equity Listing Agreement relating to submission of financial results of listed entities. Listed entities were required to submit audited financial results for the entire financial year within 60 days from the end of the financial year. The issuer was also required to submit the audited financial results in respect of the Q4 period along with the results for the entire financial year with a note that the figures of the last quarter are balancing figures.
Relaxation
Considering the representations received from the listed entities and the auditing fraternity regarding difficulties faced in submission of annual financial results along with Q4 results and first time adoption of the revised Schedule VI to the Companies Act 1956, SEBI on 11 April 2012, as a onetime measure, for the purpose of submission of FY 2011-12 financial results, has restored the earlier provisions relating to submission of last quarter / annual audited financial results.
Accordingly, in respect of the last quarter of FY 2011-12 and annual audited results for FY 2011-12, listed entities will continue to have an option to either:
Submit limited reviewed results for the last quarter (Q4) within 45 days from end of the quarter followed by submission of annual audited results as soon as they are approved by the Board of Directors;
OR
Submit annual audited results within 60 days from the end of 4th quarter along with results for the last quarter (Q4) which would be a balancing figure.
Conclusion
The above relaxation gives the much needed relief to listed entities. SEBI will review and come out with the requirements for subsequent year(s) at a later stage.
Source: SEBI letter CFD/DIL/LA/SK/AT/8278/2012 dated 11 April 2012 issued by SEBI.
SEBI had, on 5 October 2011, amended Clause 41 of the Equity Listing Agreement relating to submission of financial results of listed entities. Listed entities were required to submit audited financial results for the entire financial year within 60 days from the end of the financial year. The issuer was also required to submit the audited financial results in respect of the Q4 period along with the results for the entire financial year with a note that the figures of the last quarter are balancing figures.
Relaxation
Considering the representations received from the listed entities and the auditing fraternity regarding difficulties faced in submission of annual financial results along with Q4 results and first time adoption of the revised Schedule VI to the Companies Act 1956, SEBI on 11 April 2012, as a onetime measure, for the purpose of submission of FY 2011-12 financial results, has restored the earlier provisions relating to submission of last quarter / annual audited financial results.
Accordingly, in respect of the last quarter of FY 2011-12 and annual audited results for FY 2011-12, listed entities will continue to have an option to either:
Submit limited reviewed results for the last quarter (Q4) within 45 days from end of the quarter followed by submission of annual audited results as soon as they are approved by the Board of Directors;
OR
Submit annual audited results within 60 days from the end of 4th quarter along with results for the last quarter (Q4) which would be a balancing figure.
Conclusion
The above relaxation gives the much needed relief to listed entities. SEBI will review and come out with the requirements for subsequent year(s) at a later stage.
Source: SEBI letter CFD/DIL/LA/SK/AT/8278/2012 dated 11 April 2012 issued by SEBI.
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WHAT WILL BE TIME LIMIT FOR submission of annual audited results as soon as they are approved by the Board of Directors
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