Apex Business Chambers thank SEBI for extending the timeline for implementation of regulation relating to verification of market rumors by listed companies

Oct 02, 2023

NEW DELHI, 02 October 2023: FICCI, CII and ASSOCHAM thank SEBI for extending the timeline for implementation of regulation relating to verification of market rumours by listed companies. The three apex business chambers expressed their gratitude to Mr K V Kamath, Chairperson of the Industry Standards Forum for leading and guiding the draft recommendations. The Forum worked on pilot basis on some of the provisions of SEBI LODR Regulations and submitted the first set of draft recommendations yesterday. The engagement will continue to include consultations with industry members, facilitated by the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

After the receipt of draft recommendations of the Industry Standards Forum, SEBI has decided to postpone the implementation of the provision pertaining to rumour verification, which was to come into effect from October 1, 2023 and has issued a circular to this effect. The consultation process with the Regulator on the draft recommendations will now continue further.

The apex business chambers thank SEBI for taking on board industry inputs through the Industry Standards Forum, which will facilitate compliance in collaboration with industry. In a joint statement, Mr Ajay Singh (President, ASSOCHAM); Mr R Dinesh (President, CII) and Mr Subhrakant Panda (President, FICCI) said, “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.”

In the month of August, SEBI had invited 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. Pursuant to the invitation, ASSOCHAM, CII and FICCI came together and constituted an Industry Standards Forum under the Chairmanship of Mr K V Kamath.