CIRCULAR
SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/52 May 21, 2024
To,
All listed entities
All the recognized Stock Exchanges
The Associated Chambers of Commerce and Industry of India (ASSOCHAM)
Federation of Indian Chambers of Commerce and Industry (FICCI)
Confederation of Indian Industry (CII)
Dear Sir/Madam,
Sub: Industry Standards on verification of market rumours
1. In order to facilitate ease of doing business, the Industry Standards Forum (“ISF”)
comprising of representatives from three industry associations, viz. ASSOCHAM,
CII and FICCI, under the aegis of the Stock Exchanges, on a pilot basis, has
formulated industry standards, in consultation with SEBI, for effective
implementation of the requirement to verify market rumours under Regulation
30(11) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (“LODR Regulations”). 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.
2. The listed entities shall follow the aforesaid industry standards to ensure
compliance with Regulation 30(11) of LODR Regulations.
3. 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 (link).
4. The Stock Exchanges are advised to bring the contents of this circular to the
notice of their listed entities and ensure its compliance.
5. This circular is issued in exercise of the powers conferred under Section 11(1)
and 11A of the Securities and Exchange Board of India Act, 1992 read with
regulation 101 of LODR Regulations.
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6. This circular is available on SEBI website at www.sebi.gov.in under the category:
‘Legal → Circulars’.
Yours faithfully,
Raj Kumar Das
Deputy General Manager
Corporation Finance Department
Tel. No.: +91 22 2644 9253
Email id: rajkd@sebi.gov.in
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