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Sebi directs top 100 listed firms to give clarification on market rumours from Oct 1

Sebi,

Markets controller Sebi in an executive gathering on Wednesday requested the main 100 recorded elements in wording from market upper casing to clear market tales from October 1, 2023. From April 1, 2024, this will be extended to the top 250 listed companies. This step has been taken to get more prominent straightforwardness material occasions and ideal revelation of data by the organizations recorded on the trades.

“Market rumors may be verified and confirmed, refuted or clarified by the top 250 listed entities with effect from October 1, 2023, as the case may be,” the regulator stated in a statement. “Market rumors may be verified and confirmed, refuted or clarified by the top 100 listed entities by market capitalization with effect from October 1, 2023.” April 1, 2024.”

In order to increase transparency, the board of SEBI on Wednesday approved a number of amendments regarding the disclosure of material events or information by listed entities.

In addition, SEBI directed the introduction of a quantitative threshold for determining events’ or information’s “materiality.”

In addition, the market watchdog demanded a stricter disclosure timeline for significant events and information that originate from the listed entity and for which decisions were made during the Board of Directors meeting (within 12 hours). have also been mandated for certain agreements that are binding on listed entities to provide disclosure.

Reliance Industries (RIL) leads the BSE’s top 100 listed companies in terms of market cap, with a valuation of more than Rs. 15.12 lakh crore, Tata Consultancy Services (TCS) and HDFC Bank, both of which have a market capitalization of more than Rs. 11.48 lakh crore and 8.86 lakh crore by March 29, 2023, respectively. Bharti Airtel, ICICI Bank, HUL, Infosys, HDFC, ITC, and SBI are among the other listed companies in the top 10.

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