October 14, 2021
To,
Listed entities (whose non-convertible securities are listed)
Recognized Stock Exchanges
Madam/ Sir,
1. Vide notification dated September 07, 2021, Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 (‘Listing Regulations’) were amended, inter-alia, mandating entities that have listed nonconvertible securities to disclose financial results on a quarterly basis, including assets & liabilities and cash flows as well as requiring certain changes in the line items in the financial results. Accordingly, this circular provides the revised formats for limited review report / audit report.
Formats of Limited Review/ Audit Reports (to be submitted to Stock Exchanges and placed on listed entity’s website):
a. The formats for limited review/ audit reports on financial information to be adopted by listed entities other than insurance companies has been given in the Annexure, as under:
Annex I – Limited Review Report for quarterly standalone financial results for entities other than Banks, NBFCs
Annex II – Limited Review Report for quarterly standalone financial results for Banks and NBFCs.
Annex III – Audit Report for quarterly standalone financial results for entities other than Banks, NBFCs
Annex iv – Audit Report for quarterly standalone financial results for Banks and NBFCs
Annex V – Audited Annual consolidated Financial Results for entities other than Banks, NBFCs
Annex VI – Audited Annual consolidated Financial Results for Banks and NBFCs
The format for audit report for annual audited standalone financial results shall be in line with the Annexure III or IV, as applicable.
b. Insurance companies shall disclose limited review/audit reports as per the formats specified by IRDAI.
c. This circular shall come into immediate effect and supersedes the earlier circulars No. CIR/IMD/DF1/19/2015 dated November 27, 2015 and No.CIR/IMD/DF1/69/2016 dated August 10, 2016 issued to listed entities for disclosure of financial results that have listed non-convertible debt securities and non-convertible redeemable preference shares.
2. Stock Exchanges are advised to bring the provisions of this circular to notice of the listed entities and disseminate it on their websites. The circular is issued in exercise of the powers conferred under section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with regulations 52 and 101 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The circular is available on
SEBI website at www.sebi.gov.in under the category ‘Legal->Circulars’.
Pradeep Ramakrishnan
General Manager
Department of Debt and Hybrid Securities
+91–022 2644 9246
pradeepr@sebi.gov.in
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