Industry Standards on verification of market rumours
Summary
This circular introduces industry standards formulated by the Industry Standards Forum to facilitate the verification of market rumors under Regulation 30(11) of the LODR Regulations. It mandates that listed entities adhere to these standards, with applicability phased for the top 100 entities starting June 2024 and the next 150 entities starting December 2024. Stock exchanges are instructed to notify their listed entities and ensure compliance with these requirements.
Text
The Industry Standards Forum comprising representatives from ASSOCHAM, CII and FICCI has formulated industry standards for effective implementation of the requirement to verify market rumours under Regulation 30(11) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The industry associations which are part of ISF (ASSOCHAM, FICCI, and CII) and the stock exchanges shall publish the industry standards note on their websites.
The listed entities shall follow the aforesaid industry standards to ensure compliance with Regulation 30(11) of LODR Regulations.
The requirement to verify market rumours under Regulation 30(11) of LODR Regulations shall be applicable to top 100 listed entities with effect from June 01, 2024 and to top 250 listed entities (i.e., next top 150) with effect from December 01, 2024 as specified by SEBI circular dated January 25, 2024.
The Stock Exchanges are advised to bring the contents of this circular to the notice of their listed entities and ensure its compliance.
Source: SecMarx — Industry Standards on verification of market rumours. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.