The National Stock Exchange of India (NSE) issued Circular Ref No: NSE/CML/2024/16 on June 03, 2024, addressed to all listed companies’ Company Secretaries/Compliance Officers. The circular pertains to the verification of market rumours and outlines the submission path for compliance.
Detailed Analysis:
The circular references SEBI Circulars no.SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/52 and SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/51 dated May 21, 2024, along with NSE Circulars no. NSE/CML/2024/12, NSE/CML/2024/13, and NSE/SURV/62122 dated the same day. These circulars, along with industry standards, establish guidelines for the verification of market rumours under Regulation 30(11) of SEBI LODR.
From June 01, 2024, the provisions were applicable to the top 100 listed entities, and from December 01, 2024, they extend to the next top 150 listed entities. Listed entities are urged to adhere to industry standards for compliance with Regulation 30(11) of SEBI LODR.
To facilitate compliance, the Exchange has introduced a new subject titled ‘Rumour verification – Regulation 30(11)’ under the Announcement module. This feature, effective from June 01, 2024, can be accessed at NEAPS > Compliance > Announcements > Announcements/Corporate Action > Create Announcement. Listed entities are mandated to utilize this subject and path for submitting announcements related to market rumour verification.
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National Stock Exchange of India
Circular
Department: Listing
Circular Ref No: NSE/CML/2024/16 Date: June 03, 2024
To,
The Company Secretary/ Compliance Officer,
All Listed Companies
Subject: Verification of Market Rumours- path for submission
Dear Sir/ Madam,
This is in reference to the SEBI Circular no. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/52 and SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/51 dated May 21, 2024, NSE Circular no. NSE/CML/2024/12, NSE/CML/2024/13 and NSE Circular no. NSE/SURV/62122 dated May 21, 2024 along with the Industry Standards note on verification of market rumours under Regulation 30(11) of SEBI LODR, wherein the said provision were made applicable to top 100 listed entities with effect from June 01, 2024, and to top 250 listed entities (i.e., next top 150) with effect from December 01, 2024 and the listed entities were advised to follow the aforesaid industry standards to ensure compliance with Regulation 30(11) of SEBI LODR.
In order to comply with the said circular, the Exchange has introduced subject titled ‘Rumour verification – Regulation 30(11)’ (effective from June 01, 2024) under the Announcement module which can be accessed at the path NEAPS > Compliance > Announcements > Announcements/Corporate Action> Create Announcement.
The listed entities shall use the above-mentioned subject and path for submission of the announcements related to verification of market rumours.
The listed entities are requested to take note and comply accordingly.
Yours faithfully,
For National Stock Exchange of India Limited
Ajit Mahadik
Manager – Listing Compliance
