DCS/COMP/14/2016-17 November 28, 2016
Dear Sir/Madam,
Sub: Clarification by Submission of Limited Review on Consolidated Financials.
SEBI had notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) dated September 02, 2015.
Regulation 33 (3) mentioned about the manner to be adopted by the listed entities for submission of (Quarterly / Annual / Year to date) financial results to the Stock Exchanges.
However, it is seen that some companies have been submitting Limited Review Report only with unaudited (quarterly) Standalone Financial Results and only unaudited (quarterly) Consolidated Financial results (without the limited review report).
It is desirable that companies follow a uniform approach with regard to submission of Limited Review on Consolidated Financials. In view thereof, SEBI has issued the following clarification:
“The provisions under Regulation 33(3)(c)(i) of SEBI (LODR) Regulations, 2015 clearly state that in case the listed entity opts to submit Unaudited Financial Results, they shall be subject to Limited Review by the Statutory Auditors of the listed entity and shall be accompanied by the Limited Review Report. No specific exemption has been given from the requirement of submitting the Limited Review Report along with the Unaudited Consolidated Financial Results in case the Unaudited Standalone Financial Results have been accompanied by the Limited Review Report.”
Listed Companies are required to take note of the said clarification and comply accordingly.
Netra Sahani Abhijit Pai
DGM AGM
Listing Compliance Listing Compliance |