**Summary:**
SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/162, dated September 30, 2023, announces an extension to the implementation timeline for mandatory verification of market rumors by listed entities, as per Regulation 30(11) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR Regulations").
The circular extends the original effective date for the top 100 listed entities (by market capitalization) from October 1, 2023, to February 1, 2024. Similarly, the effective date for the top 250 listed entities (by market capitalization) is extended from April 1, 2024, to August 1, 2024.
This circular is issued under the authority of Section 11 of the Securities and Exchange Board of India Act, 1992, in conjunction with Regulation 101 of the LODR Regulations.
The circular is available on the SEBI website under the Legal/Circulars section (www.sebi.gov.in).
For further information, contact Raj Kumar Das, Deputy General Manager, Corporation Finance Department, Policy and Development at rajkd@sebi.gov.in or by phone at 912226449253.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body for securities markets in India, referred to through its acronym SEBI.
SEBI Listing Obligations and Disclosure Requirements Regulations, 2015: A set of regulations by SEBI governing the listing obligations and disclosure requirements for listed entities, often abbreviated as LODR Regulations.
Regulation 30(11) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015: Specific regulation within the LODR Regulations pertaining to verification of market rumours by listed entities.
Section 11 of the Securities and Exchange Board of India Act, 1992: Section of the SEBI Act, 1992, that confers powers to SEBI.
Regulation 101 of the LODR Regulations: Regulation within the LODR Regulations mentioned in conjunction with Section 11 of the SEBI Act, 1992.
All listed entities: Refers to all companies listed on recognized stock exchanges.
All Recognized Stock Exchanges: Refers to all stock exchanges in India that are recognized by SEBI.
Raj Kumar Das: Deputy General Manager, Corporation Finance Department, Policy and Development at SEBI. Signatory of the circular.
CIRCULAR
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/162 September 30, 2023
To,
All listed entities
All Recognized Stock Exchanges
Madam / Sir,
Sub: Extension of timeline for verification of market rumours by listed entities
1. The proviso to Regulation 30(11) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“LODR Regulations”) inter-alia requires top 100 listed
entities by market capitalization with effect from October 1, 2023 and top 250 listed entities by
market capitalization with effect from April 1, 2024 to mandatorily verify and confirm, deny or
clarify market rumours.
2. It has been decided to extend the effective date of implementation of the proviso to regulation
30(11) of the LODR Regulations for top 100 listed entities by market capitalization, to
February 1, 2024 and for top 250 listed entities by market capitalization, to August 1, 2024.
3. This Circular is issued in exercise of the powers conferred under Section 11 of the Securities
and Exchange Board of India Act, 1992 read with Regulation 101 of the LODR Regulations.
4. This Circular is available at www.sebi.gov.in under the link “LegalCirculars”.
Yours faithfully,
Raj Kumar Das
Deputy General Manager
Corporation Finance Department
Policy and Development-2
+91-22-26449253
rajkd@sebi.gov.in
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