Sebi notifies disclosure rules; asks cos to confirm or deny market rumour

To streamline the disclosure requirements, Sebi has notified rules asking the top 100 listed companies by market capitalisation to confirm, deny or clarify any market rumour reported in the mainstream media from October 1.

Further, for the top 250 listed entities, the rule will kick in from April 1, 2024, the Securities and Exchange Board of India (Sebi) said in a notification.

These companies will have to "confirm, deny or clarify any reported event or information in the mainstream media which is not general in nature and which indicates that rumours of an impending specific material event" are circulating amongst the investing public, within 24 hours from the reporting of the information.

To strengthen the corporate governance at listed entities, Sebi came out with a framework to address the issue of certain shareholders enjoying special rights perpetually.

Any special right granted to the shareholders of a listed entity will be subject to the approval of the shareholders in a ..