Description

Comprehensive FAQ document clarifying requirements for listed entities and SME companies regarding submission of quarterly and annual financial results under SEBI LODR regulations.

Summary

BSE has issued a comprehensive FAQ document addressing common questions regarding the submission of financial results as per Regulation 33 of SEBI (LODR) Regulations, 2015 and the Master Circular. The document clarifies timelines and requirements for newly listed entities post-IPO, SME companies transitioning to main board, and voluntary quarterly reporting obligations.

Key Points

  • Newly IPO-listed entities must submit financial results for the quarter/year immediately succeeding the period disclosed in offer document within specified timelines or 21 days from listing date, whichever is later
  • SME companies voluntarily submitting quarterly results must still provide mandatory half-yearly figures
  • SME companies whose paid-up capital exceeds ₹25 crores post-allotment must comply with quarterly submission requirements based on allotment timing
  • Timeline compliance depends on whether allotment occurs before or after the quarter-end and submission due date
  • For Q1 (Apr-Jun): 45/60 days deadline is August 14th
  • For Q2 (Jul-Sep): 45/60 days deadline is November 14th
  • For Q3 (Oct-Dec): 45/60 days deadline is February 14th
  • For Q4/Annual (Jan-Mar): 60 days deadline is May 30th

Regulatory Changes

This is a clarificatory FAQ document reinforcing existing requirements under:

  • Regulation 33 of SEBI (LODR) Regulations, 2015
  • Regulation 33(3)(j) for post-IPO listing requirements
  • Proviso to Regulation 280 of SEBI (ICDR) Regulations, 2018 for SME companies

No new regulatory changes are introduced; the document provides interpretation and examples for existing regulations.

Compliance Requirements

For Newly Listed Entities (Post-IPO):

  • Submit financial results for quarter/year immediately after the period covered in IPO offer document
  • Comply with timeline per Regulation 33(3)(a) or 33(3)(d) OR within 21 days from listing date, whichever is later

For SME Companies (Voluntary Quarterly Reporting):

  • Must include mandatory half-yearly figures even when submitting voluntary quarterly results
  • Required fields: 3-month period, preceding 3-month period, corresponding 3-month previous year, 6-month period (mandatory), preceding 6-month period (mandatory), year-to-date current period, year-to-date previous year, previous year ended

For SME Companies (Paid-up Capital Exceeding ₹25 Crores):

  • If allotment date (crossing ₹25 crore threshold) falls after quarter-end but before submission due date: Must submit quarterly results for that quarter
  • If allotment date falls during the quarter before quarter-end: Must submit quarterly results for that quarter
  • If allotment date falls after the submission due date: Not required for that quarter, but required from next quarter onwards

Important Dates

Standard Quarterly Submission Deadlines:

  • Q1 (April-June): August 14th (45/60 days from quarter-end)
  • Q2 (July-September): November 14th (45/60 days from quarter-end)
  • Q3 (October-December): February 14th (45/60 days from quarter-end)
  • Q4/Annual (January-March): May 30th (60 days from year-end)

Post-IPO Listing:

  • Later of: Standard deadline OR 21 days from listing date

Date Format Requirement:

  • All dates must be in DD/MM/YYYY format

Impact Assessment

Market Impact: Medium - This is a clarificatory document that does not change existing obligations but provides clearer guidance

Operational Impact: High - Critical for:

  1. Companies recently listed via IPO needing clarity on first results submission timing
  2. SME companies planning to migrate to main board or raise capital beyond ₹25 crores
  3. SME companies opting for voluntary quarterly reporting
  4. Compliance teams managing submission deadlines across different scenarios

Compliance Impact: High - Provides definitive interpretation with examples that help companies:

  • Avoid non-compliance penalties
  • Plan allotments and capital raises with awareness of financial reporting triggers
  • Understand conditional requirements based on timing of corporate actions

The FAQ format with practical examples (including specific dates) significantly improves understanding of complex timeline calculations, particularly for edge cases involving IPO listings and SME capital threshold crossings.

Impact Justification

Critical guidance document affecting all listed entities and SME companies regarding mandatory financial results submission timelines and requirements under SEBI regulations