In the backdrop of Coronavirus outbreak, the market regulator, Securities and Exchange Board of India (SEBI), has allowed listed companies to report their fourth quarter earnings and full year results by the end of June. Earlier deadline for March quarter results and full-year earnings was May 30.
“Developments arising due to the spread of the virus warrant the need for temporary relaxations in compliance requirements for listed entities,” SEBI said in its notification on Thursday.
The regulator noted the COVID-19 virus has hit populations around the world and has resulted in many restrictions, including free movement of people, thereby hampering businesses and day to day functioning of companies.
“It is a well-timed action from the regulator, which will help both businesses and auditors to fulfill compliance in an adequate manner,” commented Keyur Dave, a Mumbai-based chartered accountant.
Earlier, the ministry of corporate affairs in a separate notification allowed board meets to be held via video conference for three months.