Revised Formats for Financial Results and Implementation of Ind-AS by Listed Entities
SEBI Circular:
Circular No: CIR/CFD/FAC/62/2016
dated July 5, 2016
Applicability:
To All Listed Entities
Crux of the Circular
The circular mainly covers the
following:
a. Revision in the formats of financial
results
b. Implementation of Ind – AS
c. Relaxation in the timeline and
format of submitting the financial results for a limited period
d. Clarification on issues related to
Ind – AS implementation
Highlights of the
circular
The following are the broad
highlights of the circular
i.
The
unaudited/ audited financial results of the company shall be presented in compliance
with the AS providing minimum information: Segment revenue, results, assets and
liabilities, along with the Ind- AS compliant financial results till the period
ended December 31,2016.
ii.
Limited
review/ audit of the same is not mandatory for the quarter/ period ended June
30, 2016 and September 30, 2016.
iii.
The
unaudited/ audited financial results of the company along with the respective
annexure in the prescribed format for the period ended June 30, 2016 shall be
submitted by September 14, 2016 and for the period ended September 30, 2016
shall be submitted by December 14, 2016. Also, the financials shall be
published in the prescribed format
iv.
For
the period ended September 30, 2016 the Ind AS compliant financials has to be
provided for the corresponding year to date and for the quarter ended September
30, 2016.
v.
While
submitting the results for the period ended June 30, 2016 and September 30, 2016,
the submission of the compliant financial results for the respective previous
year is not mandatory
However,
management has to disclose that it has exercised adequate due diligence to
ensure that the financial results provide a true and a fair view of its
affairs.
vi.
If
a company chooses to provide the financial results in compliance with Ind AS
then limited review or audit is mandatory
vii.
The
company can opt for submission of consolidated financial results in the second
quarter instead of first quarter
viii.
Unaudited/
audited financial results for the period/ quarter ended on or after March 31,
2017 shall be presented in the revised format.
Source:
SEBI updates for the month of June 2016
Clarification regarding grandfathering of ODI
issuers and modification of replies of FAQ 70 and FAQ 71 of SEBI FAQs to SEBI
(FPI) Regulations, 2014
SEBI Circular:
Circular No: CIR/IMD/FPI&C/61/2016 dated June 29, 2016
Applicability:
To All Foreign Portfolio Investors
Through their Custodians of
Securities/DDPs
Crux of the Circular
-
SEBI has published clarifications to certain queries raised by the Foreign Portfolio Investors issuing ODIs
SEBI has published clarifications to certain queries raised by the Foreign Portfolio Investors issuing ODIs
-
In this regard the replies given to the question no 70 and 71 of SEBI FAQs to SEBI (FPI) Regulations, 2014 shall stand modified and this circular shall be effective from August 2016
In this regard the replies given to the question no 70 and 71 of SEBI FAQs to SEBI (FPI) Regulations, 2014 shall stand modified and this circular shall be effective from August 2016
-
Query 1: ODIs have been issued to unregulated funds under the FII Regulations. Whether these ODI positions can continue under the FPI regime? Whether the existing ODI subscribers can continue to subscribe to ODIs?
Query 1: ODIs have been issued to unregulated funds under the FII Regulations. Whether these ODI positions can continue under the FPI regime? Whether the existing ODI subscribers can continue to subscribe to ODIs?
Clarification:
o
The ODI subscribers who have
subscribed to ODIs under FII Regulations can continue to subscribe to ODIs
under the FPI regime, subject to comply with Regulation 22 of SEBI FPI
Regulations, 2014 and meet the eligibility criteria as laid down in the SEBI
circular CIR/IMD/FIIC/20/2014 dated November 24, 2014 along with other norms
which may be notified by SEBI from time to time.
o
Those ODI subscribers who do not
meet the aforementioned norms, including unregulated funds whose investment manager
is appropriately regulated, can continue to hold the position till the date of
expiry of such positions or till December 31, 2020, whichever is earlier. Such
subscribers cannot take fresh positions or renew the old positions.
- Query 2: Whether an ODI issuer can issue ODIs
to existing entities, which were registered as clients but did not have
positions as on January 07, 2014?
Clarification:
o
Fresh ODIs can be issued to those
entities which comply with SEBI circular CIR/IMD/FIIC/20/2014 dated November
24, 2014 along with other conditions that may be notified by SEBI from time to
time read along with Regulation 22 of SEBI FPI Regulations, 2014
Source:
