Regulation 32 - Statement of deviation(s) or variation(s) - Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Statement of deviation(s) or variation(s). 32. (1) The listed entity shall submit to the stock exchange the following statement(s) on a quarterly basis for public issue, rights issue, preferential issue etc. ,- (a) indicating deviations, if any, in the use of proceeds from the objects stated in the offer document or explanatory statement to the notice for the general meeting, as applicable; (b) indicating category wise variation (capital expenditure, sales and marketing, working capital etc.) between projected utilisation of funds made by it in its offer document or explanatory statement to the notice for the general meeting, as applicable and the actual utilisation of funds. (2) The statement(s) specified in sub-regulation (1), shall be continued to be given till such time the issue proceeds have been fully utilised or the purpose for which these proceeds were raised has been achieved. (3) The statement(s) specified in sub-regulation (1), shall be placed before the audit committee for review and after such review, shall be submitted to the stock exchange(s). (4) The listed entity shall furnish an explanation for the variation specified in sub-regulation (1), in the directors report in the annual report. (5) The listed entity shall prepare an annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice, certified by the statutory auditors of the listed entity, and place it before the audit committee till such time the full money raised through the issue has been fully utilized. (6) Where the listed entity has appointed a monitoring agency to monitor utilisation of proceeds of a 5 [ public issue or rights issue or preferential issue or qualified institutions placement ] , the listed entity shall submit to the stock exchange(s) any comments or report received from the monitoring agency 2 [ within forty-five days from the end of each quarter. ] (7) Where the listed entity has appointed a monitoring agency to monitor the utilisation of proceeds of a 5 [ public issue or rights issue or preferential issue or qualified institutions placement ] , the monitoring report of such agency shall be placed before the audit committee on 4 [ a quarterly basis ] , promptly upon its receipt. 3 [ Explanation. - For the purpose of sub-regulations (6) and (7), monitoring agency shall mean the monitoring agency as specified in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. ] 1 [(7A) Where an entity has raised funds through preferential allotment or qualified institutions placement, the listed entity shall disclose every year, the utilization of such funds during that year in its Annual Report until such funds are fully utilized.] (8) For the purpose of this regulation, any reference to quarterly/quarter in case of listed entity which have listed their specified securities on SME Exchange shall respectively be read as half yearly/half year . *************** NOTES:- 1 Inserted by the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, w.e.f. 1.4.2019. 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/22 dated 05-05-2021 3. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/22 dated 05-05-2021 before it was read as, Explanation.- For the purpose of this sub-regulation, monitoring agency shall mean the monitoring agency specified in regulation 16 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. 4. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/66 dated 24-01-2022 before it was read as an annual basis 5. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/103 dated 14-11-2022 before it was read as, public or rights issue