SEBI Update: (1) Streamlining of SCORES procedure and (2) Revised Formats for Limited Review/ Audit Report for issuers of non-convertible securities

(1) Streamlining procedure for obtaining SCORES credential

✓ SEBI vide circular dated 14th October, 2021 modified process to obtain SCORES, thereby introducing an online mechanism for obtaining SCORES credentials.

✓ It is pertinent to note that, Companies intending to list their securities on SEBI recognised stock exchange are required to register on SCORES platform to redress investor grievances before listing.

✓ Modified Process shall be as follows:

1. Declaration signed by Compliance Officer to be attached with the online form on www.scores.gov.in

2. Companies intending to list:

~ On Main Board - Declaration stating that the DRHP has been submitted with SEBI.

~ On SME/Debt Platform - Declaration stating that an application to list securities has been submitted with stock exchange/in-principal approval to list securities has been obtained.

✓ Thereafter, SCORES credentials will be sent to Compliance/ Dealing Officer on their contact mail ID.

✓ Hence, physical submission no longer required to obtain SCORES credentials in accordance with SEBI Circular dated December 18, 2014.

✓ To refer the SEBI Circular, please click here.

(2) Revised Formats for Limited Review/ Audit Report for issuers of non-convertible securities

✓ SEBI through amendment dated 7th Sep. 2021, has mandated the Companies having their listed non-convertible securities to disclose financial results on quarterly basis as per Reg. 33 of SEBI Listing Regulations, including assets and liabilities, cash flows.

✓ Hence, in that regard, revised format for Limited Review Report/ Audit Report prescribed by with this Circular is as follows:

✓ To refer the format in detail, please click here.