**Summary:**
SEBI Circular SEBI/HOCFDD/CR1/CIR/P/2020/49, issued March 27, 2020, provides a relaxation regarding compliance with specific provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations) due to the COVID-19 pandemic. The circular addresses all listed entities, recognized stock exchanges, and registered merchant bankers. Specifically, the due date for filing disclosures under Regulations 30(1), 30(2), and 31(4) of the SAST Regulations for the financial year ending March 31, 2020, has been extended from the original date of April 15, 2020, to June 01, 2020. This extension is granted in view of travel restrictions and logistical challenges arising from the COVID-19 pandemic. The circular, effective immediately, is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992, read with regulation 33 of the SAST Regulations. Stock exchanges are advised to disseminate the circular's provisions to all stakeholders, including listed entities, and post the information on their websites. Further information can be obtained from Rajesh Gujjar, General Manager, Division of Corporate Restructuring, Corporation Finance Department, via email at rajeshg@sebi.gov.in or by phone at 91 22 2644 9232. The circular is available on the SEBI website under the category 'Legal Circulars'.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): Regulatory body issuing the circular.
SEBI Substantial Acquisition of Shares and Takeovers Regulations, 2011: Regulations pertaining to substantial acquisition of shares and takeovers, compliance with which is being relaxed.
COVID19: The pandemic that prompted the relaxation of regulations.
March 31, 2020: End date of the financial year for which relaxations are being provided.
June 01, 2020: Extended due date for filing disclosures under the regulations.
Securities and Exchange Board of India Act, 1992: Act under which SEBI's powers are conferred.
All listed entities: Addressees of the circular
All recognized stock exchanges: Addressees of the circular
CIRCULAR
SEBI/HO/CFD/DCR1/CIR/P/2020/49 March 27, 2020
To,
All listed entities
All recognized stock exchanges
All registered merchant bankers
Madam / Sir,
Sub: Relaxation from compliance with certain provisions of the SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the
COVID-19 pandemic.
1. The disclosure filings under Regulations 30(1), 30(2) and 31(4) of the SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST
Regulations), require the shareholders to compile, collate, and disseminate
information of their consolidated shareholding as on March 31, 2020, to the
company and the stock exchanges within seven working days from the end of the
financial year. These report as per the 2020 calendar are required to be filed by
April 15, 2020.
2. In view of the developments arising due to the spread of the COVID-19 pandemic,
a need for temporary relaxations in compliance with certain deadlines in SAST
Regulations is warranted due to the prevailing travel restrictions and various other
logistical challenges.
3. It has therefore been decided to extend the due date of filing disclosures, in terms
of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for the financial
year ending March 31, 2020 to June 01, 2020.
4. This circular shall come into force with immediate effect. The stock exchanges are
advised to bring the provisions of this circular to the notice of all the stakeholders
including the listed entities and also disseminate on their websites.
5. The circular is issued in exercise of the powers conferred under Section 11(1) of
the Securities and Exchange Board of India Act, 1992 read with regulation 33 of
the SAST Regulations.
6. The circular is available on SEBI website at www.sebi.gov.in under the category -
'Legal - Circulars'.
Rajesh Gujjar
General Manager
Division of Corporate Restructuring-1
Corporation Finance Department
Email id: rajeshg@sebi.gov.in
+91-22 2644 9232