BIG DECISION! SEBI extends timeline for top 100 companies to hold AGM

The Securities and Exchange Board of India (SEBI) on Friday extended the timeline for the top 100 companies to hold their Annual General Meetings (AGM) due to the ongoing pandemic situation.

In a circular, the capital market regulator said that such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-21.

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The SEBI said that it is in receipt of representations from listed entities and the Institute of Company Secretaries of India (ICSI), requesting extension of time to the top 100 listed entities for holding their AGM inter-alia due to the Covid-19 pandemic.

After consideration, it has been decided to extend the timeline for conduct of AGM by top-100 listed entities by market capitalisation, it said.

Regulation 44(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 requires top 100 listed entities by market capitalisation to hold their AGM within a period of five months from the date of closing of the financial year.

The circular comes into force with immediate effect.