Baba Food Processing (India) Limited, an emerging company listed on the SME Platform of the National Stock Exchange of India Limited (NSE EMERGE), has confirmed that the Annual Secretarial Compliance Report under Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) is not applicable for the financial year ending March 31, 2025.

This announcement, made in a formal letter addressed to the Listing Compliance Department at the National Stock Exchange (NSE), highlights the company’s understanding of its obligations under the regulatory framework governing listed entities in India.

Key Regulatory Background:

Regulation 15(2)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 outlines the exemptions for companies listed on the SME Exchange (a platform for small and medium enterprises). Specifically, it provides that the provisions of various regulations, including Regulation 24A, are not applicable to companies listed on the SME Exchange. As a result, the Annual Secretarial Compliance Report—a requirement for larger companies listed on the main board—is not mandatory for those listed on NSE EMERGE.

Non-Applicability of Annual Secretarial Compliance Report:

According to Regulation 24A of the Listing Obligations and Disclosure Requirements (LODR), companies listed on the main board are required to submit an Annual Secretarial Compliance Report to the stock exchanges, which provides a certification on the company’s compliance with the applicable laws, regulations, and provisions related to listing requirements.

However, Baba Food Processing (India) Limited, as a company listed on the SME Platform of NSE EMERGE, is exempt from this requirement due to the provisions under Regulation 15(2)(b). This exemption is aimed at easing the compliance burden on smaller companies that are not subject to the same extensive regulations as larger, main-board listed companies. The company has duly communicated this position in its filing with the National Stock Exchange of India Limited.

Confirmation from the Company Secretary:

In the letter, Sonal Agarwal, the Company Secretary & Compliance Officer of Baba Food Processing (India) Limited, has confirmed that as per the provisions outlined in Regulation 15(2)(b) of the Listing Obligations, the submission of the Annual Secretarial Compliance Report under Regulation 24A does not apply to the company. The company, therefore, does not need to submit the report for the financial year 2025.

Conclusion:

In conclusion, Baba Food Processing (India) Limited has officially clarified that the requirement for submitting an Annual Secretarial Compliance Report under Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable to them due to their listing status on the SME Platform of NSE EMERGE. The company’s proactive communication with the National Stock Exchange ensures transparency and demonstrates their adherence to the SEBI regulations applicable to SMEs.

This confirmation allows Baba Food Processing to remain in compliance with the regulatory framework while maintaining their focus on business operations. The exemption from this reporting requirement underlines the tailored approach SEBI has taken to facilitate the growth of smaller companies in the Indian market.

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