03 Jan 2025

Is-a-listed-company-required-to-submit-newspaper-publications-of-its-quarterly-financial-results-to-the-stock-exchanges

Is-a-listed-company-required-to-submit-newspaper-publications-of-its-quarterly-financial-results-to-the-stock-exchanges

Is a listed company required to submit newspaper publications of its quarterly financial results to the stock exchanges?


The answer is "NOT REQUIRED".
This can be clarified by examining the relevant Regulation under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR).


Applicability:
47(1) The listed entity shall publish the following information in the newspaper:
b)financial results, as specified in regulation 33, 


47(3)The listed entity shall publish the information specified in sub-regulation (1) in the newspaper simultaneously with the submission of the same to the stock exchange(s).


Provided that financial results at clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved.


Analysis:
The regulation clearly mandates that all information specified in sub-regulation (1) must be published in the newspaper. Additionally, the financial results must be published within 48 hours of board approval. Nowhere does the regulation require the submission of the actual newspaper clippings to the exchanges. 


Even the other information specified under reg 47 (1) must be published simultaneously on submission of same to Stock Exchange.


The word "same" mentioned here is sometimes misunderstood with newspapers, but it only denotes the information specified in 47(1). So newspaper publications need not be submitted to Stock Exchanges.
Under Regulation 46, the listed entity is only required to disclose the newspaper publications made under Regulation 47 on its website within two working days of publication.

Conclusion:
In summary, there is no obligation under SEBI LODR to submit newspaper clippings to the stock exchanges, though the publication itself must occur within the specified timeframe and be made available on the company's website.

 

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From the desk of CS Sharath