Description

BSE issues comprehensive FAQs clarifying submission requirements and timelines for financial results under Regulation 33 of SEBI LODR Regulations for newly listed entities, SME companies, and entities migrating between segments.

Summary

BSE has issued comprehensive Frequently Asked Questions (FAQs) to clarify the requirements for submission of financial results under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The FAQs address specific scenarios including newly listed entities through IPO, SME companies submitting voluntary quarterly results, and SME companies whose paid-up capital increases beyond ₹25 crores.

Key Points

  • Newly listed entities through IPO must submit financial results for the quarter/year immediately succeeding the period disclosed in the offer document within specified timelines or 21 days from listing date, whichever is later
  • SME companies voluntarily submitting quarterly results must mandatorily provide half-yearly figures in their submissions
  • SME companies whose post-issue paid-up capital increases beyond ₹25 crores must submit quarterly financial results as per Regulation 33(3) timelines
  • The submission requirement for SME companies depends on whether the date of allotment occurs before or after the quarter-end and due date
  • Standard timelines are 45 days for quarterly results and 60 days for annual results from the end of the period

Regulatory Changes

No new regulatory changes are introduced. This circular provides clarifications and guidance on existing provisions under:

  • Regulation 33 of SEBI (LODR) Regulations, 2015
  • Regulation 280 of SEBI (ICDR) Regulations, 2018
  • Master circular for compliance with SEBI (LODR) Regulations, 2015

Compliance Requirements

For Newly Listed Entities (IPO):

  • Submit financial results for the quarter/financial year immediately succeeding the period covered in the offer document
  • Timeline: 45 days (quarterly) or 60 days (annual) from period end, OR 21 days from listing date, whichever is later
  • Example: If listed on August 10th, Q1 results (April-June) due by August 31st (21 days from listing) rather than August 14th (45 days from quarter end)

For SME Companies (Voluntary Quarterly Reporting):

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

For SME Companies (Capital > ₹25 Crores):

  • If allotment date increasing capital beyond ₹25 crores occurs during the quarter but before the due date: Must submit quarterly results for that period
  • If allotment date occurs after both quarter-end and due date: Results submission applies from next quarter
  • Must comply with timelines under Regulation 33(3) clause (a) or (d)

Important Dates

Standard Due Dates:

  • First Quarter (April-June): August 14th (45 days)
  • Second Quarter (July-September): November 14th (45 days)
  • Third Quarter (October-December): February 14th (45 days)
  • Fourth Quarter/Annual (January-March): May 30th (60 days)

For Newly Listed Entities:

  • 21 days from date of listing OR standard due date, whichever is later

Date Format Requirement:

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

Impact Assessment

Market Impact: This clarification ensures consistent and timely disclosure of financial information by newly listed companies and SME entities, enhancing market transparency and investor confidence.

Operational Impact:

  • Newly listed companies need to plan financial reporting immediately post-listing, potentially requiring accelerated audit and board approval processes
  • SME companies must ensure systems capture both quarterly and half-yearly data even when reporting quarterly on voluntary basis
  • SME companies planning capital raises beyond ₹25 crores must prepare for transition to quarterly reporting requirements based on allotment timing
  • Corporate finance and secretarial teams must carefully track allotment dates relative to quarter-ends and due dates to determine applicable reporting obligations

Compliance Impact: The FAQs reduce ambiguity in interpretation of regulatory requirements, helping listed entities avoid inadvertent non-compliance and potential penalties. Clear examples provided for various scenarios enable better compliance planning.

Impact Justification

Provides critical clarifications on financial results submission requirements affecting newly listed companies and SME entities, ensuring proper compliance with regulatory timelines