New Delhi (India): industry bodies FICCI, CII and ASSOCHAM welcomed the market regulatory action to extend the timeline for implementation of regulation relating to verification of market rumours by listed Indian companies.
Under SEBI regulations 2015, the top 100 listed entities by market capitalization were with effect from October 1, 2023 and the top 250 listed entities by market capitalization, with effect April 1, 2024, were to mandatorily verify and confirm, deny or clarification market rumours.
The effective date of implementation for the top 100 listed entities by market capitalization will be February 1, 2024, and for the top 250 listed entities by market capitalization will be 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.