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.
 
Comments
IBBI Suspends Resolution Professional Anil Goel for 1 Year for Suppressing Information from MP RERA in AG8 Ventures Case
Moneylife Digital Team 20 May 2024
The Insolvency and Bankruptcy Board of India (Board/IBBI) has suspended the registration of Anil Goel, an insolvency professional (IP), for failing to provide information to Madhya Pradesh Real Estate Regulatory Authority (MP-RERA)...
Reliance Commercial Finance: NFRA Slaps Rs2.50 Crore Penalty on Shridhar & Associates and CA Ajay Vastani
Moneylife Digital Team 20 May 2024
Holding an audit firm and a chartered accountant (CA) guilty of professional misconduct, the national financial reporting authority (NFRA) imposed a penalty of Rs2.50 crore on them for showing negligence in the audit of Reliance...
RBI Slaps Rs59.10 Lakh Penalty on Karnataka Bank for Opening Deposit Accounts of Illegal Entities
Moneylife Digital Team 20 May 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs59.10 lakh on Karnataka Bank Ltd for violating directions on interest rate on deposits and prudential norms on income recognition, asset classification and provisioning pertaining...
Moneylife Impact: Maharashtra’s MahaRERA is the First to Regulate Retirement Homes
Moneylife Digital Team 17 May 2024
In a landmark move, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has become India's first and only housing regulatory body to issue detailed regulations for retirement housing projects after model guidelines were issued...
Array
Free Helpline
Legal Credit
Feedback