The Securities and Exchange Board of India (“SEBI”) has rolled out a Circular pertaining to Industry Standards on verification of market rumours. To streamline business operations, the Industry Standards Forum (ISF), comprising representatives from three major industry associations – Associated Chambers of Commerce and Industry of India (“ASSOCHAM”), Confederation of Indian Industry (“CII”), and Federation of Indian Chambers of Commerce & Industry (“FICCI”), in collaboration with Stock Exchanges, has developed industry standards. These standards aim to effectively implement the requirement for verifying market rumors under Regulation 30(11) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). The ISF, along with the participating industry associations and stock exchanges, will publish the industry standards document on their respective websites.
The listed entities must follow the aforesaid industry standards to comply with Regulation 30(11) of LODR Regulations. The requirement to verify market rumours under Regulation 30(11) of LODR Regulations must be applicable to top 100 listed entities with effect from June 01,2024 and to top 250 listed entities (i.e., next top 150) with effect from December 01, 2024, as specified by SEBI circular dated January 25, 2024.
Source: Securities and Exchange Board of India
