Review of LODR Regulations (Ease of Doing Business)

Author: Corporate Practice Team

SEBI releases a consultation paper proposing LODR changes to reduce burden on listed entities — includes QR/web-link reporting for debenture holders and timelines for financials.

On July 25, 2025, SEBI released a consultation paper with a proposal to amend the terms of the Listing Obligations and Disclosure Requirements. Regulations, 2015 (“LODR Regulations”) to promote ease of doing business (“Consultation Paper”). The Consultation Paper was released to invite comments from the general public, which are to be shared with SEBI not later than August 15, 2025. The issues for consideration under the Consultation Paper are as follows: ???????????????????????????????????????????? ???????? ???????????????? ???? ???????????????? ???????????????? ???????? ???????????? ???????????????????????? ???????????????????????? ???????? ???????????? ???????????????????????????????????? ???????????????????????????? As per the LODR Regulations, the entities having listed non-convertible debentures are required to send physical copies of their annual reports to the debenture holders who have not registered their email address either with the listed entity or with any depository. Given that the financials are accessible on the public domain, and to promote sustainability, it is proposed to amend the LODR Regulations such that a letter containing a web link and a quick response code to access the financials can be shared with debenture holders whose email addresses are not available to the listed entities. ???????????????????????????????????? ???????????? ???????????????????????????? ???????????????????????????????????? ???????????????????????????????????? ???????? ???????????????????????????? ???????? ????????????-???????????????????????????????????????????? ???????????????????????????????????????? For the entities having listed specified securities, the timelines with respect to sending a copy of financials to the debenture holders are specified under the Companies Act, 2013. However, for the entities having securities that are not governed under the Companies Act (such as listed non-convertible securities), it is proposed to specify that the financial statements will have to be issued at least 21 days before the date of the annual general meeting.