**Summary:**
This circular, reference number SEBI/HOC/CFD/CFD-PoD-2/CIR/2024/7, issued by the Securities and Exchange Board of India (SEBI) on January 25, 2024, announces an extension to the implementation timeline for the mandatory verification of market rumors by listed entities, as outlined in Regulation 30(11) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 (LODR Regulations).
Specifically, the circular extends the effective date for:
* The top 100 listed entities by market capitalization from February 1, 2024, to **June 1, 2024**.
* The top 250 listed entities by market capitalization from August 1, 2024, to **December 1, 2024**.
The extension is granted due to ongoing finalization of industry standards and necessary amendments to the LODR Regulations required for the effective implementation of the original provision outlined in Circular no. SEBI/HOC/CFD-PoD-1/CIR/2023/162 dated September 30, 2023.
This circular is issued under the authority of Section 11 of the Securities and Exchange Board of India Act, 1992, read with Regulation 101 of the LODR Regulations. The circular is accessible on the SEBI website under the Legal/Circulars section (www.sebi.gov.in).
For further information, contact Vimal Bhatter, Deputy General Manager, Corporation Finance Department, Policy and Development-1, at vimalb@sebi.gov.in or by phone at 91 22 26449386.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): Regulatory body overseeing the securities market in India.
SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 (LODR Regulations): Regulations governing the listing obligations and disclosure requirements for listed entities.
Regulation 30(11) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015: Specific regulation within the LODR Regulations pertaining to verification of market rumors by listed entities.
All Listed Entities: Refers to all companies listed on recognized stock exchanges in India.
Recognized Stock Exchanges: Stock exchanges in India that are recognized by SEBI.
Top 100 Listed Entities by Market Capitalization: The 100 largest listed companies in India, ranked by their market capitalization.
Top 250 Listed Entities by Market Capitalization: The 250 largest listed companies in India, ranked by their market capitalization.
Securities and Exchange Board of India Act, 1992: Act of the Parliament of India that established the Securities and Exchange Board of India (SEBI).
CIRCULAR
SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/7 January 25, 2024
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 and thereafter the top 250 listed entities by market
capitalization to mandatorily verify and confirm, deny or clarify market rumours from the
date as may be specified by SEBI. Further, SEBI vide Circular no. SEBI/HO/CFD/CFD-
PoD-1/P/CIR/2023/162 dated September 30, 2023, has made the said provision
applicable to top 100 listed entities by market capitalization from February 1, 2024 and to
top 250 listed entities by market capitalization from August 1, 2024.
2. Considering the fact that the industry standards are under finalization and certain
amendments to LODR Regulations are required for implementation of the aforesaid
provision, it has been decided to extend the timeline for effective date of implementation
of the proviso to regulation 30(11) of the LODR Regulations for top 100 listed entities by
market capitalization, to June 1, 2024 and for top 250 listed entities by market
capitalization, to December 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,
Vimal Bhatter
Deputy General Manager
Corporation Finance Department
Policy and Development-1
+91-22-26449386
vimalb@sebi.gov.in