January 20, 2020
Summary of the circular issued by SEBI on 17/01/2020
1. Listed entities to submit to Stock Exchange a Statement indicating Deviation or Variation in the use of proceeds of issue of listed non-convertible debt securities or listed non-convertible redeemable preference shares (NCRPs) on half-yearly basis:
Through this circular, SEBI requires listed entities which have issued non-convertible debt securities or NCRPs, to submit a statement in the format prescribed in Annexure A of any deviation or variation in the usage of funds raised on a half yearly basis, within 45 days from the end of the half year till such time the funds raised are fully utilised or purpose for which they were raised are achieved. Further, this deviation report is required to be placed before the Audit Committee or the Board of Directors, as the case may be, for their comments, which is required to be incorporated in the deviation report before submitting it to the Stock Exchange.
This circular shall come into effect from the half year ending 31/03/2020.