SEBI, by its Circular dated January 17, 2020, has prescribed a format for the statement required to be made by entities with listed non-convertible debt securities or listed non-convertible redeemable preference shares (‘NCRPS’) to the stock exchanges under Regulation 52(7) of the SEBI LODR, setting out the variation in the use of proceeds of issue of such non-convertible debt securities or NCRPS from the objects set out in the offer documents. This statement is required to be placed before the audit committee (or the board of directors, in case of entities which are not required to have an audit committee) of the listed entity for their review. The statement is required to be submitted on a half-yearly basis within 45 days of the end of the half year, until such funds are fully utilised or the purpose for which these proceeds were raised has been achieved. The first submission is required to be made for the half year ended March 31, 2020.