100 Top-listed Companies To Follow ISF from 1st June To Verify Market Rumours
Moneylife Digital Team 21 May 2024
Securities and Exchange Board of India (SEBI) has asked the top 100 listed companies to follow from 1 June 2024 the industry standards to verify market rumours under Regulation 30(11) of SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations. 
The market regulator says the Industry Standards Forum (ISF), comprising three industry associations ASSOCHAM, CII and FICCI, under the aegis of the stock exchanges, has formulated industry standards in consultation with SEBI, on a pilot basis for effective implementation of the requirement to verify market rumours.
"The industry associations which are part of ISF (ASSOCHAM, FICCI, and CII) and the stock exchanges will publish the industry standards note on their websites. Listed entities will follow the industry standards to ensure compliance with Regulation 30(11) of LODR Regulations," SEBI says in a circular.
In January this year, the SEBI board approved the facilitation of a uniform approach to verification of market rumours by equity-listed entities. It included specifying objective and uniformly assessed criteria for rumour verification in terms of material price movement of equity shares of the listed entity. 
Considering the unaffected price for transactions wherever pricing norms have been prescribed under SEBI regulations, the rumour about such transactions has been confirmed within 24 hours of the trigger of material price movement. 
Further, promoters, directors, key managerial personnel and senior management are mandated to promptly respond to verify market rumours. 
The SEBI board has said that unverified events or information reported in print or electronic media will not considered as 'generally available information' under SEBI (Prohibition of Insider Trading) Regulations, 2015.
After the ISF is followed by the top-100 listed companies, the top-250 companies (next top 150) will follow it from 1 December 2024.
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