New Delhi [India], October 2 : Industry bodies FICCI, CII and ASSOCHAM welcomed the market regulator's move to extend the timeline for implementation of regulation relating to verification of market rumours by listed Indian companies.
Under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the top 100 listed entities by market capitalization were with effect from October 1, 2023 and top 250 listed entities by market capitalization with effect from April 1, 2024, were to mandatorily verify and confirm, deny or clarify market rumours.
Now, SEBI has decided to extend the effective date of implementation for top 100 listed entities by market capitalization, to February 1, 2024, and for the top 250 listed entities by market capitalization, to August 1, 2024.
The three apex business chambers expressed their gratitude to K V Kamath, Chairperson of the Industry Standards Forum for leading and guiding the draft recommendations.
“We appreciate the unique initiative taken by SEBI to form the Industry Standards Forum and involve industry bodies to design the implementation standards for various regulations. It is a constructive and inclusive approach designed to foster collaboration and enhance ease of doing business, thereby leading to better compliance. We look forward to further consultations with industry,” said Ajay Singh (President, ASSOCHAM); R Dinesh (President, CII) and Subhrakant Panda (President, FICCI), in a joint statement.
In the month of August, SEBI had invted the three leading industry associations together to work in consultation with SEBI to assist in designing the implementation standards for various regulations on a pilot basis in coordination with the Stock Exchanges, the joint statement by the industry body noted.
ASSOCHAM, CII and FICCI came together and constituted an Industry Standards Forum under the Chairmanship of K V Kamath.