SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “the listing Regulations, 2015”) come into effect from 1st December, 2015. Regulation 33 of the listing Regulations, 2015 has prescribed various disclosures to be filed under various provisions contained therein in the formats as may be specified by the Board.
Accordingly, SEBI, vide Circular No. CIR/CFD/CMD/15/2015 dated November 30, 2015 prescribes formats of quarterly financial results along with the formats of limited review/ audit reports.
Following are the salient features of the circular:
- The format for quarterly financial results and half-yearly statement of assets and liabilities is in line with the existing formats as prescribed under the erstwhile Listing Agreement.
- Requirement of filing specified forms with the annual financial results specifying the opinion in the audit report has been introduced in the listing Regulations, 2015. The circular prescribes the format for Form A (for audit report with unmodified opinion) and Form B (for audit report with modified opinion) which are also on the same lines as were being filed while submitting the annual report with the Stock Exchanges.
- Earlier, the financial results were published in the newspapers in the same form as were being filed with stock exchanges. Now, a condensed format for publishing the results in the newspapers has been specified with the following disclaimer :
“The above is an extract of the detailed format of Quarterly/Annual Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly/Annual Financial Results are available on the Stock Exchange websites. (URL of the filings)“
- The disclosure requirement in respect of shareholding pattern in the quarterly results have been dispensed with.
- The disclosure requirements in respect of complaints received/ addressed by the company have also been dispensed with in view of the fact the listing regulations, 2015 already provide for separate filing of complaints data with the stock exchanges within 15 days from the end of the quarter.
The complete circular can be accessed from SEBI website by clicking here.