Heard on the street! Sebi extends deadline for top corporates to either confirm or deny market rumours
Securities and Exchange Board of India (Sebi) has released a circular to extend the timeline to implement the rule for top companies for verification of market rumours. The listed entities were divided into two broad categories: top 100 and top 250 by market capitalisation. The regulator had ordered the top 100 listed entities by market capitalisation and thereafter the top 250 listed entities to mandatorily verify and confirm, deny or clarify market rumours.
Earlier, Sebi had ordered the top 100 listed companies to implement the provision by Feb 1, 2024 and top 250 entities by August 1, 2024. Now, the market regulator has extended the timeline for effective date of implementation to June 1, 2024 and December 1, 2024, respectively. “Considering the fact that the industry standards are under finalisation 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 capitalisation to June 1, 2024 and for top 250 listed entities by market capitalisation to December 1, 2024," reads the circular.
The latest circular for extending the deadline was released on Jan 25, 2024. It can be accessed at Sebi’s official portal under the link legal - circulars. In another news, Sebi recently released a framework for offer for sale (OFS) of shares to employees through stock exchanges.
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