In June 2023, SEBI introduced a proviso to Regulation 30(11) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”), requiring specified listed entities to verify certain market rumours reported in the mainstream media.
Two recent developments have now set the stage and put in place a framework for implementation of the rumour verification requirements under Regulation 30(11) with effect from June 1, 2024 for the top 100 listed companies based on market capitalization, and thereafter with effect from December 1, 2024 for the top 250 listed companies based on market capitalization