Reg 47 newspaper advertisement with a QR code
A newspaper advertisement carrying a QR code and the webpage details for the financial results, published within 48 hours of the board meeting that approved them.
48 hours
Counted from conclusion of the board meeting at which the financial results were approved
- SEBI
- SEBI events and governance
- Not specified
- 2026-09-01
Forty eight hours from the conclusion of the board meeting that approved the financial results. What has to go in the newspaper is an advertisement carrying a QR code and the webpage details where the full results and any modified audit opinion sit. Publishing the results themselves in the newspaper became optional with effect from 13 December 2024.
This is the change people get backwards in both directions. Some checklists still require the full results in the newspaper, which stopped being mandatory on 13 December 2024. Others treat Reg 47 as gone, which it is not: the QR-code advertisement within forty eight hours of the board meeting is a live requirement, and Reg 47(4) still fixes which newspapers.
Deadlines counted from an event
Within forty eight hours of the conclusion of the board meeting at which the financial results were approved, publish an advertisement in the newspapers carrying a QR code and the details of the webpage where the financial results and any modified opinion or reservation of the auditor can be accessed. Reg 47(1) was substituted with effect from 13 December 2024. Nothing prevents the entity from also publishing the full results, which is now optional rather than required.
The rule
Within forty eight hours of the conclusion of the board meeting at which the financial results were approved, publish an advertisement in the newspapers carrying a QR code and the details of the webpage where the financial results and any modified opinion or reservation of the auditor can be accessed. Reg 47(1) was substituted with effect from 13 December 2024. Nothing prevents the entity from also publishing the full results, which is now optional rather than required.
Who must comply
- Every entity with specified securities listed on a recognised stock exchange
- Reg 47(4): one English language national daily with electronic editions circulating in substantially the whole of India, and one daily newspaper in the regional language where the registered office is situated
- Reg 47(4) carries an exemption for an entity whose securities are listed on the SME Exchange.
- Reg 47(2), the cross-reference to the website and exchange links, and Reg 47(3), the requirement that publication be simultaneous with the submission to the exchanges, were both omitted with effect from 13 December 2024.
Statutory basis
Before you file
- Publish the full financial results on the entity's website first, so the QR code has a target.
- Generate the QR code pointing at that webpage.
- Include the path to any modified opinion or reservation of the auditor.
- Book space in one English national daily and one regional-language daily where the registered office is.
- Confirm whether the SME Exchange exemption applies.
How to file
- Note the time the board meeting closed.
- Prepare the advertisement with the QR code and the webpage details.
- Publish it in the two newspapers within forty eight hours of the meeting closing.
- Keep the tear sheets for the compliance record.
- Submit the newspaper publication to the exchanges as part of the entity's disclosures.
Newspaper publication, with the clipping filed to the exchanges
If you miss it
No per-day exchange fine is asserted here, because this provision is not on the fine table we have verified. SEBI adjudicates a late or missed disclosure under section 15A(b) of the SEBI Act, which reaches ₹1 lakh for each day the failure continues and is capped at ₹1 crore. Section 23E of the Securities Contracts (Regulation) Act is the other head, at not less than ₹5 lakh and up to ₹25 crore for a breach of listing conditions. Orders in this area normally land in lakhs rather than near the ceiling.
- The exchange records the default in the entity's compliance history, and a repeated default feeds SEBI's decision to adjudicate
- The disclosure still has to be made after the deadline passes, and it has to carry an explanation for the delay
- Disclosing favourable events on time while letting unfavourable ones slip is charged as a breach of Reg 4(1)(d) in its own right, alongside the specific provision
Recent changes affecting this
Relaxation from SEBI Master Circular for Minimum Public Shareholding Non-Compliance
Master Circular for compliance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 by listed entities
Master Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper
Common questions
Was Reg 47 abolished?
No. It was relaxed. The mandatory item changed from publishing the results to publishing an advertisement with a QR code and the webpage details, within forty eight hours of the board meeting. Reg 47(2) and Reg 47(3) were omitted, but Reg 47(1) and Reg 47(4) are still live.
Can we still print the full results?
Yes. Reg 47(1) says nothing precludes it. It is simply no longer required.
Which newspapers?
One English language national daily with electronic editions circulating in substantially the whole of India, and one daily in the regional language where the registered office is situated. An entity listed on the SME Exchange is exempt.