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ARTICLE · 05 JUNE 2024

Industry Standards For SEBI Rumour Verification Requirement

Khaitan & Co.
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Amendments to the LODR last year, by way of SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023...

IndiaCorporate/Commercial Law
Sudhir Bassi
Sudhir Bassi
Abhishek Dadoo
Abhishek Dadoo
Vaibhav Mittal
Vaibhav Mittal
Saranya Mishra
Saranya Mishra
Shruti Kunisetty
Shruti Kunisetty
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Introduction

Amendments to the LODR last year, by way of SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023 (2023 Amendment) (discussed here and here) to the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) 2015 (LODR) marked a paradigm shift in the disclosure requirements for listed entities. Pursuant to the adoption of this highly contested amendment, Regulation 30(11) of the LODR included the first proviso expanding and crystalizing the obligation of certain listed entities (i.e., the top 100 or the top 250 listed entities from 1 June 2024 and 1 December 2024, respectively) to respond to market rumours. Regulation 30(11) of the LODR was amended recently pursuant to the Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) (Amendment) Regulations, 2024,1 and now reads as follows:

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