The Securities and Exchange Board of India has issued an update regarding the implementation of the proviso of Regulation 30(11)* of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”).
As previously communicated (please refer to the trail mail), earlier the said provision required the top 100 listed entities by market capitalization to mandatorily verify and confirm, deny, or clarify market rumors, with effect from October 1, 2023. Additionally, the requirement extended to the top 250 listed entities by market capitalization from April 1, 2024.
However, SEBI has decided to extend the effective date of implementation for the proviso to Regulation 30(11) of the LODR Regulations. The updated timeline for compliance is as follows:
- Top 100 listed entities by market capitalization: The effective date for these entities will be extended to February 1, 2024.
- Top 250 listed entities by market capitalization: The effective date for these entities will be extended to August 1, 2024.
A Copy of the Notification is linked below for your ease of reference.
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*Regulation 30(11) of LODR Regulations: The listed entity may on its own initiative also, confirm or deny any reported event or information to stock exchange(s)
Provided that the top 100 listed entities (with effect from October 1, 2023) and thereafter the top 250 listed entities (with effect from April 1, 2024) shall confirm, deny or clarify any reported event or information in the mainstream media which is not general in nature and which indicates that rumours of an impending specific material event or information in terms of the provisions of this regulation are circulating amongst the investing public, as soon as reasonably possible and not later than twenty four hours from the reporting of the event or information:
Provided further that if the listed entity confirms the reported event or information, it shall also provide the current stage of such event or information.
Explanation –The top 100 and 250 listed entities shall be determined on the basis of market capitalization, as at the end of the immediately preceding financial year.
Source : Securities and Exchange Board of India
