November 04, 2019
Summary of Circular issued by SEBI and NSE dated 31/10/2019 and 01/11/2019
1. Listed Banks to disclose divergences in the asset classification and provisioning beyond specified threshold to Stock Exchanges within 24 hours under Regulation 30 of SEBI(LODR), 2015.
Disclosures in respect of divergence in provisioning beyond specified threshold, as mandated by the RBI, being in the nature of material events / information and price sensitive, shall be made to the Stock Exchanges within 24 hours upon the receipt of Reserve Bank’s Final Risk Assessment Report (RAR). This substitutes the earlier provision where disclosure was to be made immediately upon the receipt of published annual financial statements.
Disclosures, for which format is also specified in the circular, are to be made in either or both of the following cases:
a. the additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and contingencies for the reference period, and
b. the additional gross NPAs identified by RBI exceed 15 per cent of the published incremental Gross NPAs for the reference period.
2. NSE to accept XBRL forms filed with MCA, under Regulation 34 of SEBI(LODR),2015, aiding in elimination of duplication of efforts by Listed Entities.
To eliminate redundancy NSE now allows Listed Entities to upload the XBRL Form filed with MCA to comply with the provision to file Annual Report in XBRL mode under Regulation 34. NSE has also detailed out the steps in this connection in the circular.