SEBI extends deadline for listed firms to confirm or deny market rumours for second time

SEBI’s Regulation 30(11) of the LODR Regulations mandates top listed entities to verify, confirm, deny, or clarify market rumours. Originally applicable to the top 100 listed entities from February 1, 2024, and to the top 250 from August 1, 2024, SEBI, through Circular no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/162 dated September 30, 2023, extended this provision. However, considering ongoing industry standards finalization and necessary LODR Regulations amendments, the implementation deadline is now extended.

The effective date for the proviso to regulation 30(11) of the LODR Regulations for top 100 listed entities by market capitalization is postponed to June 1, 2024, and for top 250 listed entities, to December 1, 2024. This circular is issued under SEBI’s authority vested in Section 11 of the Securities and Exchange Board of India Act, 1992, in conjunction with Regulation 101 of the LODR Regulations.[1]

[1] https://www.sebi.gov.in/legal/circulars/jan-2024/extension-of-timeline-for-verification-of-market-rumours-by-listed-entities_80867.html