SEBI vide its Notification No. SEBI/LAD-NRO/GN/2023/131 dated June 14, 2023 further amended the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR’). In order to bring more transparency and ensure timely disclosure of material events / information by listed entities, SEBI vide its Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 (‘Circular’) has provided further guidance w.r.t the disclosure requirements under Regulation 30 and 30A of SEBI LODR.
Circular provides for timelines within which disclosures will have to made to stock exchanges by listed entities. SEBI LODR now provides for disclosures timelines depending on source of event or information. Events or information emanating from listed entity are required to be disclosed in 12 hours and Events or information emanating from outside listed entity 24 hours.
It now needs to be checked whether listed entities are actually disclosing information within the timelines specified by SEBI depending on source of information.
Stock Exchanges have vide their circulars dt: July 14, 2023 have asked listed entities to mandatorily mention the Date & Time of occurrence of the event/information in all the PDF disclosures filed with the Exchange under Regulation 30. This will help exchanges track whether information is disclosed within the time period or not.
Exchanges have further stated that in case of any delayed submission, the listed entity shall ensure that the PDF disclosure filed specifies the reason of delay
Copy of the circular can be accessed at below-mentioned link:
Disclaimer: This article provides general information existing at the time of preparation and we take no responsibility to update it with the subsequent changes in the law. The article is intended as a news update and Affluence Advisory neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this article. It is recommended that professional advice be taken based on specific facts and circumstances. This article does not substitute the need to refer to the original pronouncement
