Disclose reasons for delay in submission of financial results to stock exchanges within a day: SEBI tells cos

New Delhi: SEBI on Monday asked listed companies to disclose detailed reasons for the delay in submission of financial results to the stock exchanges within one working day of the stipulated deadline. In case a company decides to delay the announcement of results prior to the due date, reasons have to be disclosed within one working day of taking such a decision, according to a circular. [caption id=“attachment_4254843” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] Under the SEBI rules, the quarterly and annual financial results are to be submitted by listed entities to stock exchanges within 45 days and 60 days from the end of the quarter and financial year, respectively. The latest circular comes into effect immediately, the Securities and Exchange Board of India (SEBI) said. “The listed entity shall disclose detailed reasons for such delay to the stock exchanges within one working day of the due date of submission for the results,” the regulator noted. SEBI noted that there have been delays in the submission of financial results by certain listed entities in the past, but the reasons were not brought out clearly. In such cases, the investors were often left unaware as to the reasons for such delays which may have had an impact on their investment decision, it added. Hence, a need for disclosure of reasons for the delay in submission of financial results arises, it said. Accordingly, the regulator has asked that “the listed entity shall disclose detailed reasons for such delay to the stock exchanges within one working day of the due date of submission of the results.”