Mumbai (Maharashtra) [India], March 30 : Financial markets regulator Securities and Exchange Board of India (SEBI) has asked the top 100 listed compes by market capitalization (size) effective from October 1, 2023, to verify and confirm, deny or clarify in case of any market rumours.
Accordingly, for the top 250 listed entities, it will come into effect from April 1, 2024.
The decision taken by the SEBI board on Wednesday was to bring more transparency and to ensure timely disclosure of material events or information by listed entities.
"Stricter timeline for disclosure of material events/information for which decision has been taken in the meeting of the board of directors (within 30 minutes) and which are emanating from within the listed entity (within 12 hours)," SEBI said.
Meanwhile, on Wednesday, SEBI chairperson Madhabi Puri Buch, in her first press appearance since the Ad-Hindenburg issue rocked the country, categorically said the regulator will not comment on it as the matter is sub-judice.
On March 2, the Supreme Court set up an expert committee amid the controversy arising out of a report by US short-seller Hindenburg Research on the Ad Group. It directed SEBI to investigate whether there has been a violation of Section 19 of SEBI rules and any mpulation of stock prices.
"We never comment on entity-specific matters and on top of that, the matter is before the Supreme Court. We never comment on sub-judice matters," Buch said at a press conference after its board meeting.
"We will follow the advice of the Supreme Court. We are duty-bound to follow whatever the Supreme Court has said," she said, adding, "We will follow the Supreme Court order in letter and spirit."
The January 24 Hindenburg report alleged stock mpulation and accounting fraud by the conglomerate. Over the past few weeks since the Hindenburg report, share prices of most compes in the Ad Group have dropped significantly, though in varying degrees.
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