SEBI clarifies timelines, applicability and disclosure requirements for quarterly and annual financial results under Regulation 33 of LODR Regulations

The Securities and Exchange Board of India (“SEBI”) has released a set of Frequently Asked Questions (“FAQs”) providing practical clarifications on compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). The FAQs address the timelines and obligations relating to quarterly, half-yearly and annual financial results, including requirements for newly listed entities, SME-listed entities, entities migrating between SME and Main Board and companies listed pursuant to a Scheme of Arrangement. The FAQs also clarify obligations relating to consolidated financials, segment reporting, and submission of revised XBRL filings.

Key Highlights:

1. Newly listed companies must submit financial results for the quarter or year immediately following the period disclosed in the offer document, within the standard Regulation 33 of timelines or within 21 days of listing, whichever is later.
2. SME-listed entities voluntarily filing quarterly results must nonetheless mandatorily provide half-yearly figures, as required under Regulation 33.
3. SME companies whose post-issue paid-up capital exceeds Rs. 25 crore are required to submit quarterly results if the allotment occurs before the due date for that period. If the allotment occurs after the due date, the obligation applies from the next quarter.
4. Entities migrating from SME Board to the Main Board must comply with quarterly financial result submissions under Regulation 33, depending on whether the migration occurs before or after the due date for the relevant quarter.
5. Entities listed pursuant to a Scheme of Arrangement are also required to submit financial results according to Regulation 33, based on when listing takes place relative to the due date.
6. Listed entities with subsidiaries must submit consolidated financial results in addition to standalone results, and any exclusion of subsidiaries, associates, or joint ventures must be explained in the notes to the financial results.
7. Entities operating in a single segment must still disclose segment information, confirming single-segment operations as per the applicable Accounting Standards.
8. Entities submitting only standalone results must include a note stating that no subsidiary, associate, or joint venture exists for the period. If such entities do exist but consolidated results are not submitted, a detailed explanation is required.
9. Where standalone and consolidated financial results reflect identical figures, companies must clarify the reasons in the notes to the financial statements.
10. For the last quarter of a financial year, the entity must provide a note stating that the last quarter figures are the balancing figures between audited yearly results and year-to-date results up to the third quarter.
11. Revised XBRL filings are required in case of any mismatch with PDF submissions, revision of financial results, restated financials, or voluntary corrections, along with detailed revision remarks.

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Source: Securities and Exchange Board of India