SEBI Circular On Disclosure Of Material Events By Listed Entities Under Regulations 30 And 30a Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

The circular, issued on July 13, 2023, aims to enhance transparency and ensure timely disclosure of crucial events or information by listed entities.

This recent circular by SEBI builds upon its earlier circular (CIR/CFD/CMD/4/2015) issued on September 9, 2015. The previous circular provided specific details that needed to be provided while disclosing events listed in Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Additionally, it offered guidance on determining when an event or information can be deemed to have occurred.

In order to bring more transparency and to ensure timely disclosure of material events or information by listed entities, the proposal to amend LODR Regulations was deliberated by the Primary Market Advisory Committee (PMAC) of SEBI and subsequently placed for public consultation for comment. Based on the above, pursuant to approval by the Board, amendments to the LODR Regulations were notified (link).

The circular comprises four annexures, each providing specific details and guidance on disclosure requirements under regulations 30 and 30A, which were inserted by the recent amendment to the LODR Regulations.

Annexure I outlines the detailed information to be provided while disclosing events listed in Part A of Schedule III.

Annexure II specifies the timeline within which the events listed in Part A of Schedule III must be disclosed by the listed entities.

Annexure III offers guidance on determining when an event or information can be considered to have occurred.

Annexure IV provides guidance on the criteria for determining the materiality of events and information.

This circular came into force from July 15, 2023.

Click HereTo Read/Download Notification