November 27, 2015
All Listed Entities
All the Recognized Stock Exchanges
Sub: Format for financial results for listed entities which have listed their debt securities and/or non-cumulative redeemable preference shares
1. In order to enable investors to make well-informed investment decisions, timely, adequate and accurate disclosure of financial results on a periodical basis is critical. At the same time, to ensure comparability, uniformity and parity in disclosures made by listed entities across stock exchanges, is essential.
2. Towards this end, Regulations 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “the Listing Regulations, 2015”), has prescribed various disclosures to be filed under various provisions contained therein, in the formats as may be specified by the Board.
a) The half yearly financial results shall be presented in the format prescribed at Annexure I for companies other than banks and Non-Banking Financial Companies (NBFCs)
b) The half yearly financial results shall be presented in the format prescribed at Annexure II for Banks and NBFCs.
c) Manufacturing, trading and service companies, which have followed functional (secondary) classification of expenditure in the annual profit and loss account published in the most recent annual report or which proposed to follow such classification for the current financial year may furnish the half-yearly financial results in the alternative format given in Annexure III (i.e. alternative format) . However it may be noted that the alternative format can be used only if such format is used consistently from the first half-year of the financial year.
d) The limited review report shall be presented in the format prescribed at Annexure IV for companies other than banks and NBFCs
e) The limited review report shall be presented in the format prescribed at Annexure V for Banks and NBFCs.
f) Annual audited financial results shall be in the format as is applicable to half yearly financial results.
4. Regulation 52(3)(a) prescribes that the listed entity shall submit audit financial results along with and either Form A (for audit report with unmodified opinion) or Form B (for audit report with modified opinion). The Listed Entity shall submit form A or form B in formats as prescribed under regulation 33(4) of Listing Regulations.
5. The Stock Exchanges are advised to bring the provisions of this circular to the notice of Listed Entity and also to disseminate the same on its website. This circular shall come into force on December 01, 2015.
6. This circular is issued under regulation 52 read with regulation 101(2) of Listing Regulations, 2015.
7. This circular is available on SEBI website at www.sebi.gov.in under the categories Legal Framework and “Corp Debt Market”.
Richa Goel Agarwal
Deputy General Manager