BASILIC Fly Studio Limited, a company listed on the NSE EMERGE (SME) platform, recently issued a declaration stating that it is exempt from submitting the Corporate Governance Report for the quarter ending 31st December 2024. This exemption is in accordance with Regulation 15(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation specifies that entities listed on the SME Exchange are not bound by certain compliance requirements, including the Corporate Governance Report submission under Regulation 27.

The company's decision highlights a key aspect of SME Exchange regulations, where companies listed on this platform are subject to reduced regulatory compliance compared to larger listings. This exemption applies specifically to provisions outlined in Regulations 17, 17A, 18, 19, 20, and others, which are typically applicable to larger, more established companies on mainline exchanges. For entities like BASILIC Fly Studio, these relaxed compliance norms ensure a smoother regulatory process, helping them focus on growth and operations without the extensive corporate governance obligations.

It is important to note that the NSE EMERGE platform provides an excellent opportunity for small and medium-sized enterprises (SMEs) to list their securities while adhering to a simpler, more streamlined regulatory framework. This move by BASILIC Fly Studio is consistent with the provisions for companies operating on the SME Exchange, where Regulation 27 of SEBI LODR does not apply. By taking this step, BASILIC Fly Studio aligns itself with the expectations set for SME-listed companies, ensuring compliance without the additional burden of submitting detailed corporate governance reports.

For investors and stakeholders, this update signifies a continued focus on SME listings and their regulatory flexibility, helping SMEs scale up their operations while maintaining transparency in their financial and operational disclosures. This exemption, however, does not undermine the commitment of BASILIC Fly Studio to corporate governance and transparency. It simply reflects the unique regulatory environment under which SMEs operate on the NSE EMERGE platform.

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